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$700 Billion Bailout — Senators and Reps Earmarks

Posted by TopOfTheThread on October 5, 2008

The Bailout Bill passed! The Bailout Bill passed! us capitol congress

Hopefully market liquidity will increase and we can move onto address other financial issues.

As with all legislation, senators and representatives included irrelevant earmarks in the bill to buy the necessary votes. I guess it was naive on my part to believe this was a critical, internationally affecting event, and they would directly address the problem at hand. Yes, I was naive to believe there would NOT be earmarks. But at least it passed…

I had started going through the 451 page bill on and noticed on page 263 some interesting ADDITIONAL TAX RELIEF AND OTHER TAX PROVISIONS.

I then found a great article on that cited some of the earmarks and the responsible parties.

Wooden arrows: This tax break, backed by Oregon’s two senators, would benefit an Oregon manufacturer of wooden arrows for children by $2 million over 10 years.

Are the two responsible Oregon senators (from above) Gordon Smith (R) and Ron Wyden (D) ? (Please let me know.)

Racetracks: Earmark would allow auto racetrack owners to depreciate their facilities over seven years, saving the industry $100 million over two years.

Who is responsible for this incentive?

Rum: Offers rum producers in Puerto Rico and the Virgin Islands a rebate on excise taxes worth $192 million over two years.

Who is responsible for this incentive?

Wool: Reduces tariffs for U.S. makers of wool fabric that use imported yarn, worth $148 million over five years. The measure was pushed by Reps. Louise Slaughter, D-N.Y., and Melissa Bean, D-Ill.

Exxon Valdez: Plaintiffs in the suit over the 1989 oil spill could spread their tax payments on punitive damages over three years, cutting their tax bill by $49 million. The measure was backed by Rep. Don Young, R-Alaska.

American Samoa: Allows certain corporations to reduce their tax liability on income earned in American Samoa, at a cost of $33 million over two years.

Who is responsible for this incentive?

Hollywood: Extends a tax break for film and TV companies that keep their production in the United States, worth $478 million over 10 years. The provision was originally pushed by Rep. Diane Watson, D-Los Angeles.

So now we know some of the congress people whose votes were bought.

If anyone knows who are responsible for the (a) Racetrack, (b) Rum, and (c) American Samoa incentives, please let us know.

We realize this bill is not the total cure for our problems. Hopefully we are now headed in the right direction…



One Response to “$700 Billion Bailout — Senators and Reps Earmarks”

  1. Orlick said

    I saw we stop trading in money. just eliminate it altogether. find something else to trade.
    i want to go to Mad Max lifestyle. im kind of afraid that if america comes to that, i will be too old to win the food riots.

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