After much wrangling, political posturing, finger pointing, grandstand playing, and a failed version / vote in the House, the Senate passed H.R. 1424, their 451 page version of the economic bailout bill. One first glance, the bill will bolster the economy, free up loan capacities, prevent many financial institutions from going under, and hopefully, regain some stability and consumer confidence.
On second glance, it will extend many tax initiatives and incentives, especially with an eye towards our energy independence. All good things. But, in their usual legislative fashion, nothing is as initially billed.
The bill, H.R. 1424, which passed by a near two thirds margin (only Kennedy's not voted prevented it) was billed as follows... "to provide authority for the federal government to purchase and insure certain types of troubled assets for the purposes of providing stability to, preventing disruption in the economy and financial system, protecting the taxpayers, and to amend the Internal Revenue code of 1986." Now here is the kicker......."to provide incentives for energy production and conservation. to extend certain expiring provisions, to provide individual tax relief, and for other purposes."
On second glance, it will extend many tax initiatives and incentives, especially with an eye towards our energy independence. All good things. But, in their usual legislative fashion, nothing is as initially billed.
The bill, H.R. 1424, which passed by a near two thirds margin (only Kennedy's not voted prevented it) was billed as follows... "to provide authority for the federal government to purchase and insure certain types of troubled assets for the purposes of providing stability to, preventing disruption in the economy and financial system, protecting the taxpayers, and to amend the Internal Revenue code of 1986." Now here is the kicker......."to provide incentives for energy production and conservation. to extend certain expiring provisions, to provide individual tax relief, and for other purposes."
What are the "other purposes?" among other things...........
section 316 railroad track maintenance
section 319 extension of work opportunity tax credits for Hurricane Katrina employees
section 322 tax incentives for D.C. investments
section 325 duty suspension on wool products, and the wool research fund
section 502 provisions related to film and tv productions
section 503 exemption from excise tax for certain wooden arrows designed for use by children
section 601 the rural schools and community self-determination program
The Wellstone and Domenici Mental Health Parity and Addiction Equity Act of 2008
Heartland Disaster Relief and Hurricane Ike Disaster Relief funding
Temporary tax relief bond financing and low income housing tax relief
for areas damaged for Hurricane Ike
Although I am not opposed to the majority of the provisions in this bill, I can't help but wonder which Senators demanded the fluff listed above in exchange for their votes while the country held its collective breaths over the wellbeing of our economy. Isn't anything given a straight up and down vote any more?
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