These are a few of my "credit crisis" things;
SEC. 54C. NEW CLEAN RENEWABLE ENERGY BONDS.SEC. 108. CREDIT FOR STEEL INDUSTRY FUEL.
SEC. 45Q. CREDIT FOR CARBON DIOXIDE SEQUESTRATION.SEC. 117. CARBON AUDIT OF THE TAX CODE
SEC. 201. INCLUSION OF CELLULOSIC BIOFUEL IN BONUS DEPRECIATION FOR BIOMASS ETHANOL PLANT PROPERTY
SEC. 205. CREDIT FOR NEW QUALIFIED PLUG-IN ELECTRIC DRIVE MOTOR VEHICLES.
SEC. 206. EXCLUSION FROM HEAVY TRUCK TAX FOR IDLING REDUCTION UNITS AND ADVANCED INSULATION.
SEC. 211. TRANSPORTATION FRINGE BENEFIT TO BICYCLE COMMUTERS.
SEC. 308. SPECIAL DEPRECIATION ALLOWANCE FOR CERTAIN REUSE AND RECYCLING PROPERTY.
and...
‘‘(9) GALLONS term ‘gallons PER CYCLE.—The per cycle’ means, with respect to a dishwasher, the amount of water, expressed in gallons, required to complete a normal cycle of a dishwasher.
Update: As anticipated, our readers find more...
Title III, SEC. 308. INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 305. Extension of 15-year straight-line cost recovery for qualified restaurant improvements;
And...
SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
Posted by Kate at October 1, 2008 4:07 PMAm i missing something?
This link did not work on my computer: http://www2.nationalreview.com/dest/2008/10/01/senaterescue.pdf
I just clicked on it here, and it came up just fine.
It's large - 451 pages and half a meg.
"SEC. 117. CARBON AUDIT OF THE TAX CODE"
I'm guessing that has nothing to do with reducing paperwork involved and/or a flat tax.
Posted by: K Stricker at October 1, 2008 4:07 PMThe story of how these attachments end up on seemingly unrelated bills is one of the great untold stories of modern government. Do U.S. legislators just have in-boxes full of this stuff, ready to append to anything coming up for a vote? Is there any threshold past which a bit of pork barreling or legal scale-tipping is considered ostentatious, even beyond the bounds of taste?
The public needs to know...
Posted by: rick mcginnis at October 1, 2008 4:09 PMWhen I see stuff like this I have to wonder if Mark has ever had any second thoughts about the country that he has chosen to emigrate to.
Posted by: Cal at October 1, 2008 4:11 PMI like this one...
Title III, SEC. 308. INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS
Sounds like it's christmas time in the senate.
A great lesson in economics. Any nation with taxation authority to pull in cash from the populace, well, will eternally have alot of people fighting to get a piece of that revenue stream. Ever tried to win a nomination race in a party's safe riding?
Since this is the case, why is anyone be surprised when they succeed?
Temporary nationalization of the banking system is like a timeout, sans dunce cap. But eventually, the money guys will get it back. Thanks to the taxpayers.
Posted by: hardboiled at October 1, 2008 4:33 PMIs the credit crisis a hoax? Before dismissing the idea, try this (about 440 pages fewer than the PDF link Kate provided). I mean Paulson (a Democrat, evidently) has admitted there was no "data point" of $700 billion -- that they just "picked a really high number".
"Barack Obama and the Strategy of Manufactured Crisis
Posted by: Me No Dhimmi at October 1, 2008 4:33 PMMight as well help communicate what this 'Emergency Stabilization Act' is achieving:
Sec. 205. Tax-free distributions from individual retirement plans for charitable
purposes.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 305. Extension of 15-year straight-line cost recovery for qualified restaurant improvements;
Posted by: hardboiled at October 1, 2008 5:08 PMAre "tax earmarks" not "tax breaks"?
Please clarify. Thanks
Posted by: wingwalker at October 1, 2008 5:08 PMDemocrats at work. Why would anyone be surprised?
And of course MSM will not mention this. Why would anyone be surprised?
Posted by: Johan i Kanada at October 1, 2008 5:20 PMplagiarist. plagiarist. plagiarist.
Posted by: dtizah at October 1, 2008 5:23 PMMND link @ 4:33 pm: Wow, I only read about the first quarter of the linked document, but if everything I read is true, US society and political culture is in as much trouble as our own here in Canuckistan.
I'll be digging further into this tonight.
Posted by: felis corpulentis at October 1, 2008 5:29 PMI picked a random section and spent about 30 seconds scanning titles
Division C
Section 203 Deduction for certain expenses of elementary and secondary school teachers
Section 314 Indian employment credit
section 602 ransfer to abondoned mine reclamation fund
section 704 Temporary tex exempt bond financing and low income housing tax relief for areas damaged by hurricane Ike
Nah, this isn't political.
Posted by: C_Miner at October 1, 2008 5:31 PMPlease pardon the typos (Transfer to..., Abandoned mine, Tax exempt) and others
Posted by: C_Miner at October 1, 2008 5:35 PMCal:
He's our's, now. You can't have him back (not that we deserve him).
Is it illegal in the US for Congress to pass a simple bill with no "me too" attachments? Four hundred and fifty one pages to just say they want to give the banks $7Billion?
What the hell do dishwashers, carbon sequestration, and race tracks have to do with emergency economic stabilization?
No bloody wonder the US government is such bad shape. A simple bill gets so loaded down with extraneous crap that nobody in their right mind would vote for it becasue they can't remember what they were voting for.
BTW, saw Obama's speach in the senate this afternoon. The guy is an egomaniac. His continual reference to the first person singular says he's not a team player. The only time he use "we" in a sentence was when he say "we" have to do this because "I" said so. If this bill passes, expect to see Obama telling everybody that "he" passed the bill rather than saying he "voted" for the bill.
Posted by: John Nicklin at October 1, 2008 6:08 PMMy favourite so far is from pg 300
( I am so relieved that this won't contribute to the crisis if the Senate passes the bill.)
SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN
21 WOODEN ARROWS DESIGNED FOR USE BY
22 CHILDREN.
I forgot to add that the exemption listed in the post above should be called "The Green Shaft Exclusion".
Posted by: Rich at October 1, 2008 6:26 PMFrom Hotair
http://hotair.com/archives/2008/10/01/senate-bailout-bill-hits-the-internet/
"The language Ed uses below here is very unhelpful and completely wrong from a fiscal conservative perspective.There is no such thing as a “tax earmark.” Earmarks are spending. There are appropriations earmarks. There are authorization earmarks. There are no “tax earmarks.” To claim that there are puts tax deductions and credits (which is what we’re talking about here) on the same par as bridges to nowhere. Was the creation of HSAs a “tax earmark?” How about the home mortgage interest deduction? One might call for lowering the rates and broadening the base, but we should not fall into the trap of equating tax cuts and spending increases. That’s how some Senate Republicans got in such massive trouble over health care last year and energy this year vis-à-vis taxes.
This is precisely the same logic that Treasury’s Steve Surrey used in the 1960s to create the “tax expenditure” concept. This faulty doctrine treats tax exclusions, adjustments, deductions, and credits as if they were the same as a federal appropriation. They are not. They might not be ideal tax policy, but they are federal revenue reductions—not budget increases.
I would exempt from my statement the outlay effects of refundable tax credits. Those are, indeed, spending and could rightly be sullied with the term “earmark.”
I’m sorry to be so firm about this, but it’s this confusion between tax cuts and spending increases that I’ve found is the number one cause of well-meaning offices slipping into Taxpayer Protection Pledge violations. When I see things communicated that would contribute to this confusion (and I know Ed meant no harm by it), I try to jump all over it."
insane.
the best case for a line item veto extant. Were I a congressman I would vote the bill down. The longer this goes on the worse it is for the dems and BO.
Posted by: Gord Tulk at October 1, 2008 7:02 PMI'm really disappointed with Section 503, How am I going to get break on my aluminum carbon composite arrows? Absolutely discriminatory!
I have to wonder with stupid little details like childrens arrows; how long has this bill been in the making? I mean really, the melt down is only a week old and they've exempted kids archery equipment. This is truly bizarre.
Posted by: the bear at October 1, 2008 7:24 PMIf I was a Yank, I'd say screw the arrows and bring back my lawn darts!!!
And where's the tax break for the Goracle for using so much of Tennessee's power???
Harry Reid (D) is now complaining that car dealers in Nevada can't get financing to put new cars on their lots. Look for him trying to sneak car loans into the package before this is done with. Obama's ACORN is probably filling in applications right now!
21 WOODEN ARROWS DESIGNED FOR USE BY 22 CHILDREN.
Doesn't sound fair. How are 22 children going to use 21 arrows? And why just 22 children? Is that the total number of children the senators have? What about the other kids?
I didn't know that they made arrows specifically designed for 22 children.
Posted by: John Nicklin at October 1, 2008 8:32 PMI was watching CNN and it is not 700 billion, they want to add another 150 billion to it. That is 850 billion dollars. I hope the bloggers in USA are over this. Just how many other bills are added to this one "such as the posted one" being passed thru senate on this vote.
I agree with Gord, the longer that this bill is stalled the worse it is going to be for the Dems. After VP debates the ads are going to get mean, but will the truth ever surface.
I saw this elsewhere earlier and it included "wool research". Send me wool in worsted, DK and sock weights, toss in a few new needles and I'll do all the research they need.
Posted by: Kathryn at October 1, 2008 8:38 PMHet, keep your hands off my Rum! :@#!
Posted by: RW at October 1, 2008 8:50 PMHet, keep your hands off my Rum! :@#!
Posted by: RW at October 1, 2008 8:51 PMHas anybody bothered considering the consequences of the failure of a bailout on Canada, given that 80% of our trade is with them, or are we supposed to roll over quietly while the American fifth columnist claim a political victory and screw us, and the rest of the world, royally.
Posted by: hacksle at October 1, 2008 9:54 PMHas anybody bothered considering the consequences of the failure of a bailout on Canada, given that 80% of our trade is with them, or are we supposed to roll over quietly while the American fifth columnist claim a political victory and screw us, and the rest of the world, royally.
Posted by: hacksle at October 1, 2008 9:54 PMI dunno hacksle, have you ever considered what kind of failure the US economy WILL be with an additional 1 TRILLION dollar debt? Cause we all know, when it comes to politcians spending money, they ALWAYS LIE.
Of course, welfare is an entitlement that corporate america has always had at its beck & call.
Posted by: the bear at October 1, 2008 10:50 PMI'd include corporate canada in that as well.
Posted by: hardboiled at October 2, 2008 12:04 AMHey i read that TREES CUASE POLUTION so FIGHT POLUTION DO MORE LOGGING
Posted by: Spurwing Plover at October 2, 2008 12:37 AMHeard some comments about decorations on a christmas tree in regards to all the attachments.
Now I know what they mean.
http://www.youtube.com/watch?v=iMn2r_DQ4CE
Didn't anybody pick up on this:
Title III, SEC. 666. FUNDING FOR THE ANNEXATION OF ALBERTA AND SASKATCHEWAN PENDING UNFAVORABLE OUTCOME OF CANADIAN ELECTION.
Posted by: Texas Canuck at October 2, 2008 6:31 AMWhat a load of pork for a bill that supposedly will prevent economic collapse.
Regarding the 'wooden arrow' inclusion. NRO has a blurb on it:
http://tinyurl.com/4b73u2
Amazing what some congress critters will sell their vote for.
I just discovered why all of these bizarre items are in the bailout bill. According to the US Constitution, any bill that calls for spending has to originate in the House of Representative. The bill carrying all of these bizarre items passed through the House last week...similar bills for such tax exemptions are required every year. So the Senate took THAT bill and added the bailout provisions to it.
Posted by: Bruce at October 2, 2008 7:27 PMThese people are not serious.
At the same time they are trying to "save the economy" they do what they can to destroy it.
Posted by: RW at October 2, 2008 7:38 PM