Bailout Balony
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Whether you be for or against the big bailout, you've got to admit that the bill finally passed has a bit of balony in it!
I'm so happy to hear that these items received attention while banks and stocks wallow in despair.
Check out such provisions as:
_Exempting wooden practice arrows used by children from an excise tax of 39 cents per arrow. Oregon's two senators and two Wisconsin representatives previously introduced legislation calling for the action, saying the tax was meant for more expensive archery arrows and is untenable for makers of toy arrows that may cost only about 30 cents apiece. The bill would affect about a half-dozen manufacturers nationwide, including one in Oregon; the Oregon senators said they didn't seek its addition to the bailout, however. Cost: $2 million.
_Extending for five years a program that reduces import duties on some wool fabrics. The tariff relief benefits U.S. worsted wool fabric producers that use imported fibers and yarns. Cost: $148 million.
_Increasing the single-year deduction in production costs, from $15 million to $20 million, that film and TV productions may take if the costs are incurred in economically depressed areas. In an effort to keep film and TV productions in the U.S., it also allows more companies to use a domestic production deduction. Cost: $478 million.
_Extending for one year a seven-year depreciation timetable that NASCAR and other motorsport racing facilities have had for some years, the same tax break that amusement parks enjoy. Without the extension, the tracks would have to depreciate the cost of their improvements over 15 years, raising their taxes by $100 million.
_Extending an expired provision that gives Puerto Rico and the Virgin Islands a rebate against excise taxes charged on imported rum. The rebate, at $13.50 per proof gallon, helps finance local infrastructure projects. The cost is $192 million.
Apparently there are some 44 more such provisions. The above come from here: Tax breaks big and small sweeten financial bailout.
Too bad there's no relief for rum-drinking, car-racing, wool-wearing, arrow-shooting, program-producing people.
Oh. Wait.
I'm so happy to hear that these items received attention while banks and stocks wallow in despair.
Check out such provisions as:
_Exempting wooden practice arrows used by children from an excise tax of 39 cents per arrow. Oregon's two senators and two Wisconsin representatives previously introduced legislation calling for the action, saying the tax was meant for more expensive archery arrows and is untenable for makers of toy arrows that may cost only about 30 cents apiece. The bill would affect about a half-dozen manufacturers nationwide, including one in Oregon; the Oregon senators said they didn't seek its addition to the bailout, however. Cost: $2 million.
_Extending for five years a program that reduces import duties on some wool fabrics. The tariff relief benefits U.S. worsted wool fabric producers that use imported fibers and yarns. Cost: $148 million.
_Increasing the single-year deduction in production costs, from $15 million to $20 million, that film and TV productions may take if the costs are incurred in economically depressed areas. In an effort to keep film and TV productions in the U.S., it also allows more companies to use a domestic production deduction. Cost: $478 million.
_Extending for one year a seven-year depreciation timetable that NASCAR and other motorsport racing facilities have had for some years, the same tax break that amusement parks enjoy. Without the extension, the tracks would have to depreciate the cost of their improvements over 15 years, raising their taxes by $100 million.
_Extending an expired provision that gives Puerto Rico and the Virgin Islands a rebate against excise taxes charged on imported rum. The rebate, at $13.50 per proof gallon, helps finance local infrastructure projects. The cost is $192 million.
Apparently there are some 44 more such provisions. The above come from here: Tax breaks big and small sweeten financial bailout.
Too bad there's no relief for rum-drinking, car-racing, wool-wearing, arrow-shooting, program-producing people.
Oh. Wait.
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