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Text of Bail Out Bill

http://senateconservatives.files.wordpress.com/2008/10/ayo08c32_xml.pdf

New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)

Some of this stuff is mind boggling silly. Some of this stuff is just horrible.

created by holland on Oct 02, 2008 at 11:20:16 am     Comments: 7

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Comments ... #

Here is the best one -- no corruption for beltway insiders in this piece.

"SEC. 322. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA."

posted by TheAssHoleLawyer on Oct 02, 2008 at 01:57:52 pm     #



Handout, handout, handout.

Just dump plane loads of cash around the US. High white collar crime areas preferred.

Watch the dollar plummet... maybe enough to offset the high tariffs afforded to us by "trade partners."

posted by charlatan on Oct 02, 2008 at 02:07:57 pm     #



Interesting.

The language used in this isn't that hard per say, but the way everything references itself or other pieces of legislation is really confusing.

For example I looked up that motorway section out of curiosity.

3 (a) IN GENERAL.Subparagraph (D) of section
4 168(i)(15) (relating to termination) is amended by strik5
ing December 31, 2007 and inserting December 31,
6 2009.

So in essence it's renewing something from another (bill?) that had already expired till the end of next year.

posted by jshriver on Oct 02, 2008 at 04:48:00 pm     #



Another confusing one is the Rum section (308).
It's another piece that increases the time frame. Apparently this tax expired on Jan 1st of this year and they are extending it to Jan 1, 2010. However I don't understand if it's a tax cut or tax increase on importing.

posted by jshriver on Oct 02, 2008 at 04:50:44 pm     #



I just read elsewhere that these are tax breaks that have recently run out. This is way to "push" the bill through. Giving out little "benefits" to those who want them in order to vote for the bailout.

posted by hockeyfan on Oct 02, 2008 at 04:59:37 pm     #



It's a last ditch effort to extend what some people call the worst administration ever... It's an act of desperation.

Come late January, this whole thing will be rescinded either way.

posted by charlatan on Oct 02, 2008 at 05:51:33 pm     #



If we taxed consumption, it wouldn't be possible.

posted by babbleman on Oct 04, 2008 at 11:52:21 pm     #