Daily Archives: October 3rd, 2008

The Wall Street Bailout Bill is Actually a Huge Pork Sandwich

Much has been said about the Wall Street bailout bill this past week and by people more versed in economics than I. Comments ranging from “Planned Illuminati Implosion” to “The Beginning of the American Police State” have made their way across the InnerTubes like seeds blown from a dandelion. The main idea I take from this however, is that the American taxpayer and the next three generations will be paying for the past eight years of the NWO patsy Bu$hco Criminal Cult and that this will amount to eternal slavery for the sheeple.

Most of my readers will agree with this assessment and then add a few of their own for good measure, so I’m preaching to the choir essentially.

But does anyone know what’s exactly inside of this bill?

According to Yahoo ! News, the “sweeteners” and other additives to this ‘bill’, have little to do with Wall Street:

Wind power developers, disaster victims, college students, teachers and millions of taxpayers and businesses stand to see substantial benefits from the tax relief package that lawmakers added to the huge financial rescue plan.

So will more narrowly focused groups, including motor sports racetrack owners, film producers and bicycle commuters.

Virtually all of the tax breaks already exist. But many of them expired Jan. 1 for use in the current tax year, and the others will expire three months from now unless Congress renews them.

The largest group of beneficiaries in what is now the tax portion of the financial rescue bill is about 20 million mainly upper-middle income taxpayers. Without congressional action, the AMT, with originally was supposed to affect only the very rich, would add some $2,000 this year to the tax bill of people mostly earning under $200,000 a year.

Thousands of businesses are waiting for renewal of the research-and-development tax credit, which expired at the end of last year. Without that credit, industry advocates say, high tech, biotech and aerospace companies would have trouble hiring the highly skilled workers needed to compete with foreign competitors.

The Information Technology Association of America reports an $18.5 billion drop in R&D activity since the beginning of the year when the credit lapsed. The R&D credit extension would cost $19 billion over 10 years. The cost of the entire tax portion of the bill is close to $110 billion.

The renewable energy incentives include an eight-year extension of investment credits for solar energy, as well as breaks for wind, geothermal and other alternative sources. The solar industry says extension of the credits through 2016 would produce an extra 440,000 jobs and more than $230 billion in investments.

The measure also has $8 billion in tax breaks for disaster victims, $5 billion for higher education tuition deductions and $400 million in deductions for teachers who buy school supplies with their own money.

There are $3 billion in deductions for residents of states without income taxes that have state and local sales taxes. Extending the deduction would save Texans a projected $1.2 billion a year or an average of $520 per filer claiming the deduction, said Matt Mackowiak, spokesman for Sen. Kay Bailey Hutchison, R-Texas.

Of course representatives from Texas like the pork additives, they have been the biggest recipients of Federal largess over the past eight years, receiving $1.87 per dollar of tax they pay to the Empire. So what’s a little more?

Now, I’m not against hurricane victims finally getting paid for what’s been due them for over three years here ( I’m assuming Katrina and recent victims ), but I do have issue with NASCAR venues getting another year of tax breaks amounting to eight years total. That’s a three billion dollar a year entertainment industry, WTF!

In short, this bill probably won’t help the economy out in the end anyway, pundits already claim the US Empire is in recession and that this bailout will just make it drag out more, turning it into a real Depression. And truth be told, nobody has a clue how all this is going to pan out, the talking bobble-heads are as clueless as anyone else!

It’s gonna be a tough winter, I’m sure I could eat a huge pork sandwich during that time!

Tax breaks big and small sweeten financial bailout

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