Thursday, October 02, 2008

Pork Barrel Economic Stimulus Package.

A lot of criticism was given to the Bush Administration for proposing a 3-page bill to address the financial markets. While I had some criticism of the bill, at least I could quickly read and understand it. In only one week, the Senate has managed to over-complicate the matter by releasing a 451 page “Emergency Economic Stabilization” bill, while adding $100 Billion to the price tag. Yes, that is correct, they added 448 pages and $100 Billion!

Does anyone honestly believe that every senator and congressman will read this bill in its entirety before voting on it? For those who don’t have time to read all 451 pages, below are just some of the disgraceful pork items which have been added to our so-called “Emergency” rescue bill:

  • $192 Million in excise tax breaks for Rum producers in the Virgin Island and Puerto Rico (Sec. 308)
  • $33 Million in economic development credits to companies operating in American Samoa (Sec. 309)
  • 1-year tax credit extension for Mine Rescue Team Training and Mine Safety Equipment (Sec. 310-311)
  • 2-year tax deduction extension for domestic production activities in Puerto Rico (Sec. 312)
  • $6 Million in accelerated depreciation rules for business property on Indian Reservations (Sec. 314-315)
  • 2-year tax credit and alternative minimum taxes (AMT) benefits for railroad track companies (Sec. 316)
  • $128 Million in tax incentives for Auto racing tracks (Sec. 317)
  • $10 Million in expensing and deduction credits for the small Film and Television Productions industry (Sec. 502)
  • $6 Million exemption from excise tax for sales of wooden arrows (Sec. 503)
  • $223 Million in tax cuts for income derived by Exxon Valdez Litigation (Sec. 504)
  • Various tax incentives for investments within the District of Columbia (Sec. 322)
  • Extension of temporary duty reductions for wool products, extension of duty refunds for wool research (Sec. 325)

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