SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

Senate Resue Bill ^

[frogjerk]

What does this have to do with the Financial Crisis at hand

[dirtboy]

It looks to me like they’ve taken every tax-credit proposal awaiting senate vote and dumped it into this bill as a way of increasing liquidity.

I think they are taking every pet agenda and dumping it into this bill because they know it won't get vetoed.

[a real Sheila]

Um, like where is the part about

DISBANDING FREDDIE AND FANNIE and the COMMUNITY REINVESTMENT ACT since they are the reason we are in this mess?

[AndyJackson]

BTW a tax cut on tar and feathers is not an earmark. It is for the general welfare.

[AndyJackson]

Bernie Saunders is giving something of a communist speach, but he is right on that this is a transfer of wealth from everyone to a few.

[Mr. Know It All]

A tax cut for a special interest is the same as an earmark.

I can honestly say that I'd never thought I'd see someone attack tax cuts for anyone here. It's a strange time, I guess.

This may be the wrong place for the tax cut, but...

[Rebelbase]

The way that section reads it’s geared towards a certain manufacturer.

Why this kind of crap isn’t exposed on the senate floor is beyond me.

[calcowgirl]

Finished searching for:

  Fannie

Total instances found:

  0

The same goes for Community Reinvestment Act.

[calcowgirl]

Well... almost. I couldn’t find any derivation of the word “immigration” in the text. ;-)

[calcowgirl]

I can honestly say that I'd never thought I'd see someone attack tax cuts for anyone here. It's a strange time, I guess.

So, tax cuts for left-handed professors whose names begin with the letter "S" should be supported?

[Mr. Know It All]

Why not? Someone can’t get a tax cut unless you get one, too? A lot of tax cuts are targeted to stimulate economic growth. Some are just targeted to people with good lobbyists. If you really want to have a good debate about how tax cuts only seem to go to powerful special interests, that is quite a popular topic on either of these forums:

http://www.dailykos.com
http://www.democraticundergound.com

[calcowgirl]

It seems they have just taken various pending bills and lumped them into the bailout package. The Arrow Shaft legislation was introduced in both the House and Senate earlier this year:

S.3055 
Title: A bill to amend the Internal Revenue Code of 1986 to modify the rate of the excise tax 
on certain wooden arrows designed for use by children. 
Sponsor: Sen Wyden, Ron [OR] (introduced 5/22/2008)      Cosponsors (1) 
Latest Major Action: 5/22/2008 Referred to Senate committee. 
Status: Read twice and referred to the Committee on Finance.
COSPONSORS(1) Sen Smith, Gordon H. [OR] - 5/22/2008 



H.R.6564 
Title: To amend the Internal Revenue Code of 1986 to modify the rate of the excise tax 
on certain arrows designed for use by children. 
Sponsor: Rep Kind, Ron [WI-3] (introduced 7/22/2008)      Cosponsors (1) 
Latest Major Action: 7/22/2008 Referred to House committee. 
Status: Referred to the House Committee on Ways and Means.

COSPONSORS(1) Rep Ryan, Paul [WI-1] - 7/22/2008 

[calcowgirl]

Why not? Someone can’t get a tax cut unless you get one, too? A lot of tax cuts are targeted to stimulate economic growth.

The government meddling in markets is what creates the problems. I don't want the government choosing which industries or businesses should flourish or fail--it's anti-American. If you think that is a leftist view, I suggest you study Econ 101.

[mountainbunny]

What does this have to do with the Financial Crisis at hand?

Not a darned thing.

Now, for everyone who has said that a vote for anyone else (3rd party, for example) is a vote against everything we hold dear, and that if only people like me would wise up and vote for McCain, we'll be rewarded with a return to Conservatism after the election, what say you now?

They are so audacious and so sure of your unwavering support in the face of their blatant theft, that they are doing this before the election.

[a real Sheila]

LOL!

[Cboldt]

-- It seems they have just taken various pending bills and lumped them into the bailout package. --

See H.R.6049. That's the combination of all those bills you found. H.R.6049 was passed by the Senate on Sept 23, 2008, on a 93-2 vote. The two NAY votes were Democrats, Carper and Conrad.

[Mr. Know It All]

This isn’t meddling in a market. It’s a tax cut. Yes, it’s a tax cut that affects a specific market, but are you saying that cutting taxes on business is unwelcome government “meddling”?

[sergeantdave]

“Addressing the credit markets is urgent.”

Forget the credit market. We’re going to war against the criminal fascist syndicate occupying Washington.

[calcowgirl]

but are you saying that cutting taxes on business is unwelcome government “meddling”?

You got THAT from my post? Phew!

Try reading it again. 2nd time's a charm. ;-)

[calcowgirl]

That’s strange. Why would they load it up with law that has already been passed?

Are they trying to mask the more onerous provisions?

We went from a handful of pages to 451 pages. It’s crazy.

[Cboldt]

-- Why would they load it up with law that has already been passed? --

The House was going to kill H.R.6049, as passed by the Senate, by inaction. But the difference between what the Senate passed and what the House would accept was pretty small, and this fiscal bailout is a good opportunity to do both. The contents of H.R.6049 are attractive to House Republicans, and pulling a few of them over will result in passing the bailout.