The world financial markets are down sharply again today. And who can blame them when the leaders entrusted with guiding our country through these times seem so far out of touch with reality.
It would seem to me that a prudent person who discovered that their house was on fire would prioritize their actions and FOCUS on only the most important items. Such as insuring that you and your family are safely outside, that the fire department has been called, etc. Only AFTER the crisis has passed would you worry about, perhaps, replacing that old couch, or taking the family out for a nice dinner, or figuring out all the other ways you could spend your money on trivial pursuits.
Our leaders, it seems, have got it backwards. They have been told by their most high level advisers, Treasury Secretary Paulson and Fed Chairman Bernanke, that we are “days away from a complete financial meltdown. What do they do when faced with this knowledge? They get on their highest horses and proclaim that they will ride to our rescue with a bailout bill. Then they spend their time wheeling and dealing to see how much pork they can roast up before anyone notices.
So as a result, we have a “financial bailout bill” that includes some choice pork dishes on the menu such as the following:
Credit for new qualified plug-in electric drive motor vehicles.
Sec. 101. Extension of alternative minimum tax relief for nonrefundable personalcredits.
Sec. 102. Extension of increased alternative minimum tax exemption amount.
Sec. 105. Energy credit for geothermal heat pump systems.
Sec. 111. Expansion and modification of advanced coal project investment credit.
Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund.
Sec. 115. Tax credit for carbon dioxide sequestration.
Sec. 201. Deduction for State and local sales taxes.
Sec. 202. Deduction of qualified tuition and related expenses.
Sec. 203. Deduction for certain expenses of elementary and secondary school teachers.
Sec. 204. Additional standard deduction for real property taxes for nonitemizers.
Sec. 205. Tax-free distributions from individual retirement plans for charitable purposes.
Sec. 304. Extension of look-thru rule for related controlled foreign corporations.
Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold improvements and qualified restaurant improvements; 15-year straight-line cost recovery for certain improvements to retail space.
Sec. 307. Basis adjustment to stock of S corporations making charitable contributions of property.
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.
Sec. 316. Railroad track maintenance.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 318. Expensing of environmental remediation costs.
Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.
Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf Opportunity Zone.
Sec. 321. Enhanced deduction for qualified computer contributions.
Sec. 322. Tax incentives for investment in the District of Columbia.
Sec. 323. Enhanced charitable deductions for contributions of food inventory.
Sec. 324. Extension of enhanced charitable deduction for contributions of book inventory.
Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.
Sec. 401. Permanent authority for undercover operations. (as related to tax provisions)
Sec. 402. Permanent authority for disclosure of information relating to terrorist activities. (as related to tax provisions)
Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax.
Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
Sec. 502. Provisions related to film and television productions.
Sec. 503 Exemption from excise tax for certain wooden arrows designed for use by children.
Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.
Sec. 505. Certain farming business machinery and equipment treated as 5-year property.
Sec. 506. Modification of penalty on understatement of taxpayer’s liability by tax return preparer.
Sec. 601. Secure rural schools and community self-determination program.
Sec. 602. Transfer to abandoned mine reclamation fund.
Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe storms, tornados, and flooding.
Sec. 704. Temporary tax-exempt bond financing and low-income housing tax relief for areas.
Sec. 709. Waiver of certain mortgage revenue bond requirements following federally declared disasters.
Sec. 710. Special depreciation allowance for qualified disaster property.
Sec. 711. Increased expensing for qualified disaster assistance property.
Subtitle B-Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008
Sure does make me feel good knowing our leaders really know how to put out a fire!
Tags: Politics