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turnage_gw

More on the Bailout Bill

turnage (8a TX)
15 years ago

I guess most know about all the wonderful things the Senate added to the TARP bill. Increase in FDIC coverage, etc. Here's some of the pork in the bill they don't mention on TV.

I'm cutting this from todays NY Daily News Money section:

Quote

The bill says manufacturers of energy-efficient appliances will qualify for up to $250 in federal tax credits for each machine they produce over the next three years. Total cost to taxpayers: $322 million over 10 years. In case your refrigerator is on the blink, you should note the bill says nothing about passing any savings on to the consumer.

Among other goodies in the Senate version:

- Two separate tax breaks for film companies that produce movies in the U.S.: the cost, almost $500 million.

- An extension of tax rebates to Puerto Rico and the Virgin Islands on rum duties: Another $192 million over 10 years.

- Six pages of earmarks to benefit Alaskan fishermen who were victims of the 1989 Exxon Valdez disaster. That break, worth $239 million, is clearly aimed at winning the vote of U.S. Rep. Don Young (R-Alaska), who voted against the bailout package last week.

- A $10 million credit to help employers defray the costs of storing the bicycles of their employees who commute to work!

End Quote

There are some add-on's that are probably worthwhile, like hurricane disaster relief, but all this stuff I listed above was added specifically to buy the vote of someone in the House. It just ain't right.

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