- The limit on the amount of deposits that would be FDIC insured was raised from $100,000 to $250,000. That is an excellent idea and should quell a lot of hyper anxiety. No problems with this AND it's directly related to the original purpose of the bill. Nice choice.
- They are providing an extension of protections for those millions of middle class families who find themselves getting screwed by the AMT (alternative minimum tax). While this is a good idea, they were supposed to have BEEN doing this for at LEAST the past two years, most likely longer. The fact that they're throwing it in now when it shouldn't even be an issue (because it should already be done) annoys me. Still shouldn't be there.
- The bill provides $8 billion in tax relief for people in the Midwest, Louisiana and Texas who have been hit by natural disasters. No, you morons! Not the "natural" disasters! The "financial" disaster! We're talking about the financial disaster! And you go and throw this into the....ah, crap. Never mind. It doesn't belong in there.
- They also felt the need to extend being able to deduct state and local taxes in those states without income taxes (Florida, Texas, etc.). What does this have to do with the banking system? Oh, that's right. Nothing. Shouldn't be in there.
- They've added the extension of a tax break for homeowners who do not itemize their tax returns. How does someone own a home and not itemize their deductions? Hello? Mortgage interest? That's a HUGE deduction right there. How about instead of a tax break, you just tell them to itemize? How is that my problem? And what the hell is it doing in this bill?
- Provisions related to film and television productions. Allows up to $15 MILLION in deductions per film. It's supposed to (get this) "spur domestic production." Spur domestic production of the gazillion dollar film industry in this country!?!? Are you kidding me?!?! (This provision is actually two tax breaks and combined they are worth $478 million over the next ten years. To spur domestic production, mind you. Because if there's one thing we don't do enough of in this country, it's make movies.)
- My personal favorite: Exemption from excise tax for certain wooden arrows designed for use by children. Wait. Wait. I said WAIT!!! WHAT?! Yep. According to NPR, it's there to "help Rose City Archery Inc. in Oregon. It will save the company 39 cents per arrow." Is it the Civil War again? Do we NEED arrows in bulk?
- Income averaging for amounts received in connection with the Exxon Valdez litigation. The Exxon Valdez? That was in...1989? 19 years later and they're doing what? Never mind. I don't think my head can take it without exploding.
- Sec. 505. Certain farming business machinery and equipment treated as 5-year property. Oh, but only "certain" farming business machinery. Well, good, at least they were using their head here, because if they didn't specify, well, then it would just be wrong.
Hey, Senate! Do you even know HOW the bill helps the banking industry? Do you even know IF the bill helps the banking industry? Do you?! I bet you don't! No, I KNOW you don't! That's because you're too worried about your damn arrow tax and your 2 decade old oil spill and your tractor tax! I want to know who was behind the wooden arrow provision and I want them...mmmm....either hung or shot. I don't know which. But whichever one it is, I want it done publicly. You know, town square, villagers with pitchforks and torches, the whole bit. I'm sure that this is going to sound like the musing of some old geezer, but they have a lot of nerve. A lot of freaking nerve. (There. The 'freaking' part makes it sound less geezer-ish.)
In the meantime, below are all of the additional tax relief that was included in the TARP bill and all of the other tax provisions and breaks that were included. If you are not seething with anger and the end of the list, then you read it wrong. Just remember, a week ago, this document was TWO pages and NONE of these things even existed. NOW, there are 451 pages, everything below is included and you, you my friend (who am I? John McCain?), you get to pay for them.
- Tax breaks for those impacted by natural disasters
- A mental health parity provision providing insurance for mental illness
- A Two-year extension of the research-and-development tax credit
TITLE III—EXTENSION OF BUSINESS TAX PROVISIONS
- Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.
- Sec. 309. Extension of economic development credit for American Samoa.
- Sec. 310. Extension of mine rescue team training credit.
- Sec. 311. Extension of election to expense advanced mine safety equipment.
- Sec. 312 Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.
- Sec. 314. Indian employment credit.
- Sec. 315. Accelerated depreciation for business property on Indian reservations. (Casinos)
- Sec. 316. Railroad track maintenance.
- Sec. 317. Seven-year cost recovery period for motor sports racing track facility (This will save NASCAR track builders $109 million this year. Because it's very important to have tracks for a bunch of people turning left.)
- Sec. 318. Expensing of environmental remediation costs.
- Sec. 321. Enhanced deduction for qualified computer contributions.
- Sec. 322. Tax incentives for investment in the District of Columbia.
- Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds. (Sheep fur! SHEEP FUR! They're worried about SHEEP FUR! In other news, there is a wool research fund.)
Your tax dollars hard at work. All $700 billion plus of them.Sphere: Related Content