Posted on 10/01/2008 12:44:17 PM PDT by frogjerk
What does this have to do with the Financial Crisis at hand
Wooden arrows?
All right.
This isn’t serious.
There isn’t a crisis.
There isn’t an emergency.
There isn’t a problem.
This is a tax cut, not an earmark.
Merely reading this document should serve to remind us of what stupid people are serving in Congress.
So, that makes it OK?
Sec. 601. Secure rural schools and community self-determination program.This was inserted by some Republicans from Alabama or Oklahoma (I read it earlier today).
Sounds like some congressman’s brother-in-law is in the arrow business.
http://www.charlierangel.org/node/12
Chairman Rangel Introduces Renewable Energy and Job Creation Act of 2008
EXCERPT
III. Other Extenders
Extension of disclosures of certain tax return information. The bill would
permanently extend the current-law terrorist activity disclosure provisions.
This proposal estimated to have no revenue effect.
Extension of authority for undercover operations. The bill would
permanently extend the authorization for the IRS to engage in certain
activities related to undercover operations, such as purchasing property,
organizing business entities and use the proceeds from an undercover
operation to pay additional expenses incurred in the undercover operation.
This proposal is estimated to have a negligible revenue effect.
Extension of temporary increase in limit on cover over of run excise tax
revenues to Puerto Rico and the Virgin islands. The bill would for one year
(through 2008) extend the provision providing for payment of $13.25 per
gallon to cover over a $13.50 per proof gallon excise tax on distilled
spirits produced in or imported into the United States. This proposal is
estimated to cost $96 million over 10 years.
Additional Tax Relief
Change in refundable child credit. The bill would increase the eligibility
for the refundable child tax credit in 2008. The child tax credit is
refundable to the extent of 15 percent of the taxpayer’s earned income in
excess of approximately $12,050 as a result of inflation adjustments to the
original floor of $10,000. The bill would reduce this floor to $8,500 for
2008. This proposal is estimated to cost $3.129 billion over 10 years.
Provisions related to film and television productions. Under current law,
taxpayers have not been able to take full advantage of tax incentives that
are intended to encourage film and television companies to produce films
here in the United States rather than overseas because of a number of
technical issues. The bill would fix these issues. This proposal is
estimated to cost $468 million over 10 years.
Exemption of excise tax on certain wooden and fiberglass arrows designed for
use by children. Current law imposes an excise tax of 39 cents, adjusted
for inflation, on the first sale by the manufacturer, producer, or importer
of any shaft of a type used to produce certain types of arrows. The bill
would exempt from the excise tax certain wooden and fiberglass arrows
designed for use by children. This proposal is estimated to cost $6 million
over 10 years.
Modification of penalty on understatement of taxpayer’s liability by tax
return preparer. The bill would conform the penalty standards for return
preparers with the standards for taxpayers. For undisclosed positions, the
penalty standard for return preparers is reduced to substantial authority.
For disclosed positions, a return preparer generally must have a reasonable
basis for the position. For positions involving tax shelters and certain
reportable transactions, a return preparer must have a reasonable belief
that the position would more likely than not be sustained on the merits.
This proposal is estimated to cost $22 million over 10 years.
WTF is THIS?
Not necessarily, but if we can’t tell the difference between a tax cut and an earmark, we’re going to be in a lot of trouble.
Do you have a problem with tax cuts?
Since these arrows are not being used for hunting, the tax needs to be removed.
It makes perfect sense. Obama is the lord of the flys!
http://www.reuters.com/article/bondsNews/idUSN0150827420081001?sp=true
REVISIONS TO THE $700 BILLION ASSET RESCUE PLAN
* The bill would raise the Federal Deposit Insurance Corp’s current insurance limit to $250,000 per account from $100,000. The FDIC also would receive temporary unlimited borrowing authority from the Treasury under the bill. The measure is intended to boost banking system confidence and could be well-received in wealthier Republican congressional districts.
* Millions of middle-class taxpayers also would get relief in the plan from a one-year fix that will shield them from higher tax rates under the Alternative Minimum Tax. The issue comes up every year and temporary fixes routinely win broad support in Congress.
* The bill includes a package of tax credits and other incentives for renewable energy, such as wind and solar power, cellulosic ethanol and other alternative sources, as well as for purchases of plug-in electric vehicles.
* The bill includes extension of favorable business tax provisions, such as tax credits related to new markets and research and development as well as the tax treatment of costs for retail and restaurant improvements.
* Various other provisions are now included in apparent bids to secure specific votes. Among these are an exemption for excise taxes of certain wooden arrows designed for use by children and more favorable tax treatment of income from litigation over the 1989 Exxon Valdez oil spill in Alaska. The latter provision is aimed squarely at Rep. Don Young, an Alaska Republican who voted against the bill on Monday.
* The bill also gives the Securities and Exchange Commission authority to suspend “mark-to-market” accounting standards to protect investors and the public interest. It also authorizes a study on the advisability of modifications to the practice, which has been blamed for billions of dollars of write-downs by financial services firms, eroding their balance sheets, as they struggle with elusive valuations in an illiquid market.
Well, as reprehensibile as this is, I would hope McCain would not veto a rescue package over something this stupid.
Addressing the credit markets is urgent. This is the wrong time to make a stand.
You can shut down government for weeks and not have the kind of impact, not addressing the liquidity market will have in a day.
If Congress doesn’t weed this out before it goes to McCain then McCain needs to vote for it and then begin the embarrassment campaign campaign to try to get the earmarks removed.
And yes, I realize that McCain can’t veto anything yet. But y’all know the point I was making.
Sec. 401. Permanent authority for undercover operations.
Sec. 402. Permanent authority for disclosure of information relating to terrorist activities.
The only excise tax exemption I want to see in this bill is for imported feathers and imported tar.
This particular tax can be cut LATER. In a bill entitled “Elimination of idiotic taxes we never should have imposed in the first place and wouldn’t have if we’d bothered to read the bills before voting for them”.
:D
I wholeheartedly support that bill.
But do ya favor this one?
What the hell does this have to do with a liquidity crisis?
Subtitle B—Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008
Sec. 511. Short title.
Sec. 512. Mental health parity.
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