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| Senate Bailout; The Emperor Has New Clothes | |
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| Tweet Topic Started: Oct 2 2008, 10:25 AM (191 Views) | |
| md11flyer | Oct 2 2008, 10:25 AM Post #1 |
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Assistant Coach
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Let the pork begin. Now instead of 700,000,000,000 the price tag to the taxpayer is over 800,000,000,000. From tax breaks for Exxon-Valdes litigants to money to toy makers for wooden arrows, the Senate bill is full of lard to grease the you know what, as it is shoved in the you know where, and as usual the tax payer is bending over. I have already e-mailed my reps and let them know that adding pork to an already inflated spending bill is crazy. I would rather see the irresponsible players in this debacle file chapter 11 and consolidate than see us bail them out. Bailout or rescue plan, they both smell like dead fish. I am only 5 years from retirement and stand to take a hit on my 401k but I would rather take the hit now than have to saddle my kids and future grandkids with this mess. I still say let the market run it's course. It will be painful for a while but IMO, throwing good money after bad is not the way to fix things. Capitalism has worked pretty well for us over the past 2 centuries and moving FURTHER toward socialism is not in the best interest of our country.
Edited by md11flyer, Oct 2 2008, 10:26 AM.
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| hoosierinhogville | Oct 2 2008, 10:30 AM Post #2 |
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Coach
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:cheers: |
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| kstan223 | Oct 2 2008, 11:39 AM Post #3 |
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All-Star
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Amen :priest: |
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| IUCOLTFAN | Oct 2 2008, 03:07 PM Post #4 |
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Coach
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Nice post flyer! |
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| eelbor | Oct 2 2008, 03:29 PM Post #5 |
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Zen Master
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I couldn't agree more. Taxpayers--> boff <--- The Senate Bailout |
![]() "Liberal, shmiberal. That should be a new word. Shmiberal: one who is assumed liberal, just because he's a professional whiner in the newspaper. If you'll read the subtext for many of those old strips, you'll find the heart of an old-fashioned Libertarian. And I'd be a Libertarian, if they weren't all a bunch of tax-dodging professional whiners." - Berkeley Breathed Meat is Murder. Sweet, delicious murder. | |
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| HoosierLars | Oct 2 2008, 03:31 PM Post #6 |
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3 in a row
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I just hope the House doesn't sprinkle some sand over it... |
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| Mr Gray | Oct 2 2008, 03:40 PM Post #7 |
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Coach
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Don't forget about the $192,000,000 allocated to research Porto Rican Rum industry.......always much needed. |
![]() The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism. | |
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| eelbor | Oct 2 2008, 03:45 PM Post #8 |
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Zen Master
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We may need the reduction in excise taxes on Rum, if this thing clears the house. |
![]() "Liberal, shmiberal. That should be a new word. Shmiberal: one who is assumed liberal, just because he's a professional whiner in the newspaper. If you'll read the subtext for many of those old strips, you'll find the heart of an old-fashioned Libertarian. And I'd be a Libertarian, if they weren't all a bunch of tax-dodging professional whiners." - Berkeley Breathed Meat is Murder. Sweet, delicious murder. | |
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| Bobobinc | Oct 2 2008, 03:47 PM Post #9 |
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Scrimshanker
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Anybody know how to find out what individuals inserted this bullshit ? It's got to be proposed by a congress(wo)man doesn't it ? |
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| Mr Gray | Oct 2 2008, 03:53 PM Post #10 |
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Coach
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Bob, I plan on doing some digging this weekend to find out, but if anyone can find out ahead of time, that would be great. The freakin bill went from 3 pages by Paulson, to 453 pages by the time it ended up out of Senate. The most disappointing thing for me is that both McCain and Obama voted in favor.....so much for "cleaning up Washington"....shame on both of them, because they are ina quasi position of leadership right now, and could have shown it. |
![]() The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism. | |
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| md11flyer | Oct 2 2008, 04:10 PM Post #11 |
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Assistant Coach
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I have spent the last hour trying to find who sponsored some of the lard but have had a hard time finding names. I will also keep digging as I sure want to know. The senators from my home state both voted for it and they will be hearing from me tonight. Wish it mattered to them what we thought! |
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| hoosierinhogville | Oct 2 2008, 04:24 PM Post #12 |
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Coach
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Well the reason it was 3 pages by Paulson, is because pretty much all it was was give me a bunch of money and unchecked power to spend it. I agree about Obama and McCain though. Instead of showing leadership they played politics, to look good with the voters. |
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| hoosierinhogville | Oct 2 2008, 04:26 PM Post #13 |
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Coach
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It will probably be hard to find anything right now, but I would give it until Monday then look again. Names will start coming out. |
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| kstan223 | Oct 2 2008, 05:23 PM Post #14 |
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All-Star
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1. Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children Current law places an excise tax of 39 cents on the first sale by the manufacturer, producer, or importer of any shaft of a type used to produce certain types of arrows. This proposal would exempt from the excise tax any shaft consisting of all natural wood with no laminations or artificial means to enhance the spine of the shaft used in the manufacture of an arrow that measures 5/16 of an inch or less and is unsuited for use with a bow with a peak draw weight of 30 pounds or more. The proposal is effective for shafts first sold after the date of enactment. The estimated cost of the proposal is $2 million over ten years, according to the Joint Committee on Taxation. The Oregon senators were the initial sponsors of the provisions. According to Bloomberg News, the provision would be worth $200,000 to Rose City Archery in Myrtle Point, Oregon. 2. Sec. 317. Seven-year cost recovery period for motorsports racing track facility Track owners want to be able write-off the cost of their facilities on their taxes over seven years - a depreciation timetable many of them have used for decades. But the IRS has wanted to stretch it to at least 15 years and has raised questions whether the increasingly popular tracks really belong in the same tax category as amusement parks. Auto track owners are simply trying to get out of paying more taxes - which they'd have to do if they deducted less every year. These owners have gotten plenty of tax breaks over the years from states and localities eager to get speedways. The provision would be extended 2 years till the end of 2009 and would cost $100 million. The provision encompasses all facilities including grandstands, parking lots and concession stands. 3. Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands Extends until December 31, 2009 a rebate against excise taxes charged on rum imported from Puerto Rico and the Virgin Islands. A $13.50 per proof gallon excise tax is applied to distilled spirits imported to the U.S. Under this provision a $13.25 rebate is returned to PR and the VI, and is retroactive back to January 1, 2008. Permanent law sets the rebate at $10.50 per proof gallon, but the PR and VI provisions have generally been in place since the first Clinton Administration. The most recent extension of the $13.50 rebate expired January 1, 2008. Cost is $192 million. 4. Sec. 301. Extension and modification of research credit The legislation reestablishes and extends the lucrative tax credit for companies doing research and experimentation in the United States. Companies that have benefited from this provision include Microsoft Corp., Boeing Co., United Technologies Corp., Electronic Data Systems Corp. and Harley-Davidson. The two-year extension is estimated to cost $19 billion. 5. Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation The bailout bill would give a tax break to Exxon Valdez plaintiffs, allowing them to average out their punitive damages awards over three years rather than suffer a one-time tax hit from the Internal Revenue Service, as well as other provisions. Rep. Don Young (R-AK) is a big supporter of this provision. Cost is estimated at $49 million. 6. Sec. 601. Secure rural schools and community self-determination program. Secure Rural Schools lead sponsors Reps. DeFazio (D-OR), Bill Sali (R-ID); Sens. Wyden (D-OR), Larry Craig (R-ID), are major boosters of this program that expired in 2006. In 1908 the federal government agreed to share logging revenue from Forest Service land with neighboring communities that could not tax the land because it was federal. As logging declined in the 1990s, the "county payments" program was initiated in 2000 to directly provide federal funding, more than half going to Oregon, to deal with the loss of revenue. The original version of this provision was introduced as a bill in early 2007 and was estimated to cost $2.2 billion when the OR and ID delegations came to agreement. To give the package more heft, Payment In Lieu of Taxes (PILT) was added to the package, bringing the total cost to $3.3 billion. PILT provides more general funding to counties for federal lands located within their borders. Sen. Reid (D-NV) talked about the PILT program being one of the important elements of the package when the Senate passed the bailout bill. 7. Sec. 201. Deduction for state and local sales taxes Allows residents of states that don’t pay income tax to deduct, from their federal taxes, sales tax paid over the course of the year. States that benefit include Texas, Nevada, Florida, Washington and Wyoming. The bailout bill extends this provision for 2 years at a cost of $3.3 billion. 8. Sec 502. Provisions related to film and television productions In an effort to keep film and television productions in the U.S, they would be eligible for a tax incentive program. Under this program, the cost of production of qualifying films would be permitted to be immediately expensed -- that is, fully deducted from income for tax purposes -- in the year the expenditures occur. This provision also makes permanent other favorable tax treatments for production. Historically Rep. Diane Watson (D-CA) has been a supporter (dating from its creation in the 2004 corporate tax bill). The cost is estimated at $478 million over 10 years. 9. Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds The tariff relief (duty savings) is intended to benefit U.S. worsted wool fabric producers that use imported fibers and yarns as inputs, as well as U.S. tailored clothing manufacturers that use imported fabrics as inputs. This provision was originally introduced as a bill in December 2007 by Reps. Louise Slaughter (D-NY) and Melissa Bean (D-IL). It extends current law provisions until 12/31/14, and in some cases to12/31/15. The 2010 to 2015 cost is estimated to be $148 million. 10. Sec. 309. Extension of economic development credit for American Samoa This extends by two years a previously approved tax credit, the American Samoa economic development credit. In general, this credit allows certain corporations operating in American Samoa a tax credit. The possessions tax credit allows these corporations to offset a portion of their U.S. tax liability on income earned in American Samoa from active business operations, sales of assets used in a business, or certain investments in American Samoa. The cost is $33 million, according to the Joint Committee on Taxation. Other Examples: Here are some other interesting provisions Sec. 201. Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol plant property Current law allows taxpayers to write-off 50% of the cost of any facility placed in service before January 1, 2013 that produces cellulosic ethanol. This provision expands the types of facilities that may be written-off to include production of other cellulosic biofuels in addition to cellulosic ethanol. Sec. 211. Transportation fringe benefit to bicycle commuters Allows employers to provide a benefit to employees for costs associated with bicycle commuting, including purchase and repair of a bicycle, bicycle improvements, and bicycle storage. This provision was proposed in 2007 in the Senate by Sen. Ron Wyden (D-OR) and in the House by Rep. Earl Blumenauer (D-OR). This provision is estimated to cost $10 million. Sec. 323. Enhanced charitable deductions for contributions of food inventory Extends by two years, until December 31, 2009, a provision allowing for deductions related to the charitable donation of “apparently wholesome food”—defined as food intended for human consumption that meets all quality and labeling standards imposed by law and regulations even though the food may not be readily marketable. This provision also changes the application of the law as it relates to donations by farmers and ranchers. The cost is $149 million, according to Joint Committee on Taxation. Sec. 324. Extension of enhanced charitable deduction for contributions of bookinventory Extends by two years, until December 31, 2009, a tax benefit for the contribution of books to public schools. The provision is worth $49 million. Sec. 602. Transfer to abandoned mine reclamation fund Transfers interest earned on money in the abandoned mine reclamation fund to the United Mine Workers of America Combined Benefit Fund, which helps pay health benefits for retired miners and their dependents who worked under collective bargaining agreements that promised lifetime health-care benefits. States with the most miners receiving benefits have historically been Pennsylvania, West Virginia, Kentucky, Virginia, and Ohio. This provision extends existing law to include a $9 million transfer for 2010 |
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| kstan223 | Oct 2 2008, 05:25 PM Post #15 |
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All-Star
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I know that was long but there are names of the people who sponsored some of these provisions, also can check out http://www.taxpayer.net/resources.php?category=&type=Project&proj_id=1429&action=Headlines%20By%20TCS |
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