As expected, the bail out bill has passed.
The striking thing however is that, in this time of crisis, these criminals in congress have managed to grow the bill from its initial form by nearly 15,000%!!! Seriously! The went from a three page bill to a 451 page bill!!!! We are told that we are on the verge of a depression and these criminals are finding a way to repeal a 39 cent excise tax on wooden childrens arrows??? We have a crisis, and this is what these scumbags do?
It is TIME TO THROW THE BUMS OUT!!!!!!!!!!!!!!!!!!
Here is some more. Enjoy! :
Apart from the Troubled Assets Relief Program, the bill before the Senate includes:
- Extensions of the AMT patch, tax deductions on state and local sales taxes, tuition, teacher expenses and real property taxes and tax credits for business research and new market investors
- Energy tax credits and incentives to encourage wind and refined coal production, new biomass facilities, wave and tide electricity generators, solar energy property improvements, CO2 capturing, plug-in electric drive vehicles, idling reduction units on truck engines, cellulosic biofuels ethanol production, energy efficient houses, offices, dishwashers, clothes washers and refrigerators, and fringe benefits for employees commuting by bicycle.
- A requirement for private insurance plans to offer mental health benefits on par with medical-surgical benefits
- Tax relief provisions for victims of this summer’s Midwestern floods, and Hurricane Ike
- Freezing of deductions for sale and exchange of oil and natural gas, mandatory basis reporting by brokers for transactions involving publicly traded securities and an extension of the oil spill tax.
But it also extends the following tax provisions:
- Economic development credit to American Samoan businesses
- $10,000 tax credit for training of mine rescue team members
- 50% immediate expensing for extra underground mine safety equipment
- Tax credit for businesses with employees from an Indian reservation
- Accelerated depreciation for property used mostly on an Indian reservation
- 50% tax credit for some expenditures on maintaining railroad tracks
- 7-year recovery period for motorsports racetrack property
- Expensing of cleaning up “brownfield” contaminated sites
- Enhanced deductions for businesses donating computers and books to schools, and for food donations
- Deduction for income from domestic production in Puerto Rico
- Tax credit for employees in Hurricane Katrina disaster area
- Tax incentives for investments in poor neighborhoods in D.C.
- Increased rehabilitation credit for buildings in Gulf area
- Reduction of import duties on some imported wool fabrics, transfers other duties to Wool Trust Fund to promote competitiveness of American wool
- Special expensing rules for film and TV productions
And there’s more:
- Increasing cover of rum excise tax revenues to Puerto Rico and the Virgin Islands
- Making it easier for film and TV companies to use deduction for domestic production
- Exempting children’s wooden arrows from excise tax
- Income averaging for Exxon Valdez litigants for tax purposes
Feel free to read some more about this garbage.
This just keeps getting better and better… If you thought you were already screwed by this, you’ll love this. And if you thought that this was a good idea, hopefully this will open your eyes and make you realize that you helped enable Pandora’s box of screw jobs.
Check this out… This criminal new this before the bill passed, but he is just now letting the cat out of the bag. Now you’ll understand why this was shoved down our throats.
“”Hundreds of billions of dollars are going to bail out FOREIGN INVESTORS. They know it, they demanded it, and the bill has been carefully written to make sure that can happen.” – Brad Sherman , D-California”
That’s right folks. You are going to have $700 billion – about 25% of the total federal budget – put on your personal credit card (via taxes forever) in order to bail out foreign investors. You getting that???
But wait! There’s more!
Oh, and the best part of it is that the underlying assets involved do not even have to be in the United States!
Here is the definition of a “troubled asset”, right from the bill:
“(9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means— (A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability;
and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.”
Notice that conspicuously missing from the definition is the requirement that the asset’s underlying thing (that is, the property that was mortgaged, etc) lies within the United States. Also note that Treasury must tell Congress if they add “new types” of debt, but that Congress has no right of review or censure.
Starting to feel that burning sensation yet?
No? How about this?
YOU WILL WIND UP EATING $700 BILLION OR MORE – THIS IS A REVOLVING CREDIT LINE, NOT A MAXIMUM AMOUNT – OF FOREIGN BAD DEBT FROM THE CHINESE AND ELSEWHERE.
THAT’S RIGHT – THE PURPOSE OF THIS BILL IS TO SCREW YOU, THE AMERICAN TAXPAYER, BY OFFLOADING ALL OF THE TROUBLED DEBT AROUND THE WORLD ONTO YOUR HEADS!
How do you feel now? All of those payoffs that these criminal in Washington have been living off of are being paid back. This mixed economy that we have allowed to fester is now about to bite us in the collective ass. And these criminals in Washington just gave us the big finger up the backside, with no warning or lube.
If you are for this, congratulations, you’ve just screwed us, and your future generations.
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