What is in the bailout plan? Rum, arrows, wool and racetracks...
are these are few of your favorite things? Well, they certainly are favorites of a few lawmakers on Capital Hill.
Below is a list of bailout "pork"-- Some items you may find more objectionable than others * Manufacturers of children's wooden arrows --$6 million by repealing a 39 cent excise tax (The benefits of this are said to be immeasurable and I believe it.
) * Puerto Rican and Virgin Islands rum producers -- $192 million.
(Section 308) * Wool research? Yep, research on wool.
You have GOT to be kidding! It's warm, it's itchy ...
there's your research.
(Section 325) * Tax breaks that would subsidize renovations of restaurant franchises and cut import duties on wool and wood.
* Auto-racing tracks -- $128 million --Nascar track builders will save $109 million this year.
(Section 317) * Corporations operating in American Samoa --$33 million and hundreds of millions more for companies that invest on Indian Reservations and in the District of Columbia.
(Section 309, 314, 315, and 322).
* Small to medium budget film and television productions --$10 million.
Does that mean we can expect a Blair Witch sequel? * Domestic Production Activities in Puerto Rico (Section 312) * A research tax credit of approximately $8.
3 billion a year for companies such as Microsoft Corp.
and Harley-Davidson Inc.
, subsidies for the overseas financial services earnings of U.
S.
-based multinational corporations such as General Electric Co.
and Citigroup Inc.
List of other earmarks in the bailout bill: - Mine Rescue Teams (Sec.
310) - Mine Safety Equipment (Sec.
311) - Railroads (Sec.
316) These earmarks may not seem very strategic on the surface but when you really think deeply, er...
um...
Oh Please! there is just no explaining this thing.
The Silver lining? It is unlikely these earmarks are going to fix the economy anytime soon so the US treasury will be doing everything in its power to promote lower mortgage interest rates.
I think we might just see a 4.
5% mortgage interest rate pretty soon.
are these are few of your favorite things? Well, they certainly are favorites of a few lawmakers on Capital Hill.
Below is a list of bailout "pork"-- Some items you may find more objectionable than others * Manufacturers of children's wooden arrows --$6 million by repealing a 39 cent excise tax (The benefits of this are said to be immeasurable and I believe it.
) * Puerto Rican and Virgin Islands rum producers -- $192 million.
(Section 308) * Wool research? Yep, research on wool.
You have GOT to be kidding! It's warm, it's itchy ...
there's your research.
(Section 325) * Tax breaks that would subsidize renovations of restaurant franchises and cut import duties on wool and wood.
* Auto-racing tracks -- $128 million --Nascar track builders will save $109 million this year.
(Section 317) * Corporations operating in American Samoa --$33 million and hundreds of millions more for companies that invest on Indian Reservations and in the District of Columbia.
(Section 309, 314, 315, and 322).
* Small to medium budget film and television productions --$10 million.
Does that mean we can expect a Blair Witch sequel? * Domestic Production Activities in Puerto Rico (Section 312) * A research tax credit of approximately $8.
3 billion a year for companies such as Microsoft Corp.
and Harley-Davidson Inc.
, subsidies for the overseas financial services earnings of U.
S.
-based multinational corporations such as General Electric Co.
and Citigroup Inc.
List of other earmarks in the bailout bill: - Mine Rescue Teams (Sec.
310) - Mine Safety Equipment (Sec.
311) - Railroads (Sec.
316) These earmarks may not seem very strategic on the surface but when you really think deeply, er...
um...
Oh Please! there is just no explaining this thing.
The Silver lining? It is unlikely these earmarks are going to fix the economy anytime soon so the US treasury will be doing everything in its power to promote lower mortgage interest rates.
I think we might just see a 4.
5% mortgage interest rate pretty soon.