Arkansas Blog

Why the bail-out passed!

Click

Translation: I only see one solution left.

The server cut-off the translation:

"I only see one solution left . . ."

"Bomb Wall Street!"

Well, the Shrub's legacy is now complete: 9/11, a disastrous and endless war, Katrina and now the biggest financial disaster since Great Depression. But, there's still time, if he tries really hard between now and Jan 20, he could still go down as not only the Worst Prexy in US history...but the LAST !

Hmmmmm. I wish Vic Synder was running in the primary right now opposed.

Now millions of pensioners will not go begging for food during Christmas nor have their utilities
turned off in Jan.

It's sad news but there were some needed caveats inserted.
Oversight with an Inspector General of oversight.
Taxpayer equity in the bailed out firms.
No golden parachutes.

All Bushco did was postpone a crash long enough for him to exit. Of course with today's controls
a Great Crash will be curtailed quickly. Demos will need to use fiat money just as much as the Neo Cons have used it.

Now time for long term reform but first the TRIFECTA must play out.

.

Pass this on to 10 friends and win a prize. Seriously. Click.

So glad that while our economy was tanking our representatives were able to get $150 billion in pork before the crash. Crazy, but I think it's greed like that created the crap they're threatening us with now.

Grover Norquist must be dancing with glee.

"You've had an economy that's like a great athlete that's had a heart attack, cardiac arrest, and the paramedics that have come, (and are) arguing (about) who was at fault, the athlete should have been checking his blood pressure more carefully. The important thing is to apply the resuscitator. It doesn't help spending time worrying about who is to blame for the patient having the heart attack."
Warren Buffett
Oct 1

Top 10 Tax Sweeteners in the Bailout Bill

1. Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children

2.Sec. 317. Seven-year cost recovery period for motorsports racing track facility

3. 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.

4. 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. 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. 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.

7. 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.

8. 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.

9. 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.

10. 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. (move it from Ark to Samoa! Cheap labor and tax credits to boot.)

.

Watch in the next few weeks for Paulson to turn up missing. Then they'll discover he took 7 freight cars of cash with him. Keep your Google Map on Dubai. Sucks to be USA.