I’m still trying to figure where exactly I stand on the bailout which started as a three page document from Paulson and grew into a 1000+ page bill. So what was it that made the Republicans finally vote yes? Stuff like….
An excise tax exemption for a very specific type of arrow used by child archers. Estimated cost two million over ten years. Oregon senators wrote this which will give $200 to Rose City Archery in Myrtle Point, OR.
A measure will allow employers to provide benefits to employees who ride bikes to work including help buying and maintaining a bike. Cost to taxpayers: ten million.
Production companies will be allowed to deduct the cost of making a film in the tax returns. This was done to give incentive to movie makers to keep movie production in the US. Cost to taxpayers: $478 million over ten years.
Motorsport race tracks
Race track owners will be allowed to keep their depreciation schedules at seven years as opposed to the new 15 year regulation. The cost: 100 million. (On first look, this seems to me to be a cash flow issue rather than a real increase in taxpayer expense).
The measure added extends an excise tax break to rum imported from Puerto Rico and the Virgin Islands. There’s a tax of 13.50 per barrel and they are getting a refund of $13.25 which has been extended to 2009. Cost to taxpayers: $192 million
The bill includes a measure that would help worsted wool makers and clothing manufacturers by extending provisions to 2014/2015. Cost to taxpayers: $148.
This is a lot to digest. I’m gonna put on my wool jacket, have some rum and ride my bike to see a movie about racing. I gotta get my money’s worth you know.
Oh this reminds me of another quote…
“”That’s how we’re going to get America moving again, and that’s exactly what I’m going to do. Thank you and again, I commend the House Republicans for acting in the best interest of our nation.””
John McCain on the passing of the bailout.