The Mudcat Café TM
Thread #114650   Message #2455700
Posted By: Q (Frank Staplin)
02-Oct-08 - 01:18 PM
Thread Name: BS: The Bailout
Subject: RE: BS: The Bailout
"how eagerly McCain...is to sign"- I thought he was in the Senate.
Our dearly beloved maximum leader GWB will be the signer.
Obama voted yes, so he likes pork as well?

NY Times this morning:
The senate version "includes a wide range of tax breaks, as well as financial aid for certain rural schools and a measure requiring health insurance companies to provide more generous coverage to many people with mental illnesses."
"...extend the business tax credit for research and development..." Tax credits for investing in solar and wind energy were due to expire at the end of the year.
..."expand the child tax credit and protect millions of middle income families from the alternative minimum tax, originally aimed at high income families."
"It would also provide tax relief to victims of recent natural disasters, including floods, tornadoes and severe storms."

"The Senate tax package would cost $150.5 billion over ten years. Of that amount about $43.5 billion would be offset."

"The Senate bill includes several revenue-raising provisions. It would, for example, keep hedge fund managers from using offshore corporations to defer taxes on compensation for their investment services."
"It would freeze a tax deduction that oil and gas companies get for certain domestic production activities. The deduction, now 6 percent, is scheduled to rise to 9 percent in 2010."

"To increase tax compliance, the bill would require brokerage firms to track and report the cost basis of stocks, bonds and other securities sold during the year. .... When people overstate the original value or purchase price of stock, they may pay less tax than they should."

"Another sweetener added to the bailout bill would extend the "secure rural schools" program, which compensates counties for the loss of revenues they had been receiving from the sale of timber on federal lands." (Some counties had cut back services and some employment since authority for the program, which provides money for schools and roads, expired this year).

Will the House pass the legislation, or slice and dice? Some House Democrats, "led by the fiscally conservative Blue Dog Coalition, had insisted that the cost of tax breaks be fully offset by revenue increases or spending cuts. But it appeared that they were going to lose their yearlong fight with the Senate...."

Crisis Puts Tax Moves Into Play," Robert Pear, NY Times, 0ct 2, 2008, Business section.