Politics as usual

[slngsht]

These people have NO shame... I guess to get the bailout passed, we're right back to throwing in little sweeteners to buy votes, like this one:

 

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

 

(a) IN GENERAL.—Paragraph (2) of section 4161(b) is amended by redesignating subparagraph (B) as sub301 paragraph © and by inserting after subparagraph (A) the following new subparagraph:

 

‘‘(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.—Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly—

 

‘‘(i) measures 5/16 of an inch or less in diameter, and

‘‘(ii) is not suitable for use with a bow described in paragraph (1)(A).’’.

 

(b) EFFECTIVE DATE.—The amendments made by this section shall apply to shafts first sold after the date of enactment of this Act.

 

 

http://www.usa7s.com/aspnetforum/upload/1100647291_worf.gif

[slngsht]

the full list. Let's see if McCain has the nads to expose the senators who put in line items for Hollywood, wooden arrows, race tracks, mine rescue, American Indians, etc...

 

he said just a week ago as president, he would expose this crap.

 

TITLE I—ALTERNATIVE MINIMUM TAX RELIEF

Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal

credits.

Sec. 102. Extension of increased alternative minimum tax exemption amount.

Sec. 103. Increase of AMT refundable credit amount for individuals with longterm

unused credits for prior year minimum tax liability, etc.

TITLE II—EXTENSION OF INDIVIDUAL TAX PROVISIONS

Sec. 201. Deduction for State and local sales taxes.

Sec. 202. Deduction of qualified tuition and related expenses.

262

O:\AYO\AYO08C32.xml S.L.C.

Sec. 203. Deduction for certain expenses of elementary and secondary school

teachers.

Sec. 204. Additional standard deduction for real property taxes for nonitemizers.

Sec. 205. Tax-free distributions from individual retirement plans for charitable

purposes.

Sec. 206. Treatment of certain dividends of regulated investment companies.

Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not

citizens.

Sec. 208. Qualified investment entities.

TITLE III—EXTENSION OF BUSINESS TAX PROVISIONS

Sec. 301. Extension and modification of research credit.

Sec. 302. New markets tax credit.

Sec. 303. Subpart F exception for active financing income.

Sec. 304. Extension of look-thru rule for related controlled foreign corporations.

Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold

improvements and qualified restaurant improvements; 15-year

straight-line cost recovery for certain improvements to retail

space.

Sec. 306. Modification of tax treatment of certain payments to controlling exempt

organizations.

Sec. 307. Basis adjustment to stock of S corporations making charitable contributions

of property.

Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and

the Virgin Islands.

Sec. 309. Extension of economic development credit for American Samoa.

Sec. 310. Extension of mine rescue team training credit.

Sec. 311. Extension of election to expense advanced mine safety equipment.

Sec. 312. Deduction allowable with respect to income attributable to domestic

production activities in Puerto Rico.

Sec. 313. Qualified zone academy bonds.

Sec. 314. Indian employment credit.

Sec. 315. Accelerated depreciation for business property on Indian reservations.

Sec. 316. Railroad track maintenance.

Sec. 317. Seven-year cost recovery period for motorsports racing track facility.

Sec. 318. Expensing of environmental remediation costs.

Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.

Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf

Opportunity Zone.

Sec. 321. Enhanced deduction for qualified computer contributions.

Sec. 322. Tax incentives for investment in the District of Columbia.

Sec. 323. Enhanced charitable deductions for contributions of food inventory.

Sec. 324. Extension of enhanced charitable deduction for contributions of book

inventory.

Sec. 325. Extension and modification of duty suspension on wool products; wool

research fund; wool duty refunds.

TITLE IV—EXTENSION OF TAX ADMINISTRATION PROVISIONS

Sec. 401. Permanent authority for undercover operations.

Sec. 402. Permanent authority for disclosure of information relating to terrorist

activities.

263

O:\AYO\AYO08C32.xml S.L.C.

TITLE V—ADDITIONAL TAX RELIEF AND OTHER TAX

PROVISIONS

Subtitle A—General Provisions

Sec. 501. $8,500 income threshold used to calculate refundable portion of child

tax credit.

Sec. 502. Provisions related to film and television productions.

Sec. 503. Exemption from excise tax for certain wooden arrows designed for

use by children.

Sec. 504. Income averaging for amounts received in connection with the Exxon

Valdez litigation.

Sec. 505. Certain farming business machinery and equipment t

[Boxologist]

he's a senator and it passed the senate. 1/2 the media conglomerates and tehir puppets are out in full force trying to convince anyone of the need for a bailout of the finaincial sector.

[ayseven]

If there had been no Iraq, this wouldn't be such a big deal, but unfortunately you are broke. You may be broker if it, or something like it, doesn't go through. I, as a foreigner with no say, am saying, for world economics, think about it very hard.

[Mondo]

It was funny watching McCain talk about voting for this and the next sentence talk about how he would veto these type of things:skep:

[slngsht]

If there had been no Iraq, this wouldn't be such a big deal, but unfortunately you are broke. You may be broker if it, or something like it, doesn't go through. I, as a foreigner with no say, am saying, for world economics, think about it very hard.

 

This bill does not fix corruption. Corruption is the root cause. It does not fix the 'nation of whiners' we have become. It rewards people (and businesses) who were irresponsible with their finances.

 

Take the auto industry as an example. As soon as they heard about a bailout, they lined up at the door too... PLEASE bail out auto loans! WTF?! Auto loans did not have adjustable rates. Auto values were not skyrocketing like housing. There was no speculation about autos. Do you know what the problem was? Too much credit. When you make 50K a year, and you qualify for a 30K auto, what do you think automakers will bring to the market? 4 door basic sedans that cost 30K. pickup trucks that cost 40K. Why not? they're serving market needs.

 

Credit needs to tighten. When the average Joe will only qualify for 20K auto loans, auto makers will make those cars - a little less frill, but basic transportation. That's how the free market will correct itself.

 

With all the talk about the sky falling on the stalk market, PLEASE take a look at historical P/E ratios. The market is still OVER VALUED. The market needs to adjust, and then life will go on.

 

The only legislation that's needed is to restore the lending safeguards we had before they started messing with it.

[Mondo]

:thumbs:

[MHKflyer52]

 

Credit needs to tighten. When the average Joe will only qualify for 20K auto loans, auto makers will make those cars - a little less frill, but basic transportation. That's how the free market will correct itself.

 

With all the talk about the sky falling on the stalk market, PLEASE take a look at historical P/E ratios. The market is still OVER VALUED. The market needs to adjust, and then life will go on.

 

The only legislation that's needed is to restore the lending safeguards we had before they started messing with it.

 

I would have to agree with slngsht as most of the problem with our economy is that the American public and business and government is overextended with credit and has no real assets to backup their credit lines or very little true assets to cover their loads.

My belief to solve this problem would be to have our government (Federal and States) balance their budgets first and foremost. Then have our banks / lending organizations cut the amount of credit available (personal and business) and quit letting people and business borrow more than they can possibly cover with real collateral.

Yes our economy will most likely take a drastic dive / crash, but it will eventually level out and come into balance once people and business come to realize that true value of anything is what the market can bare and sustain without the inflated value due to greed or keeping up with the JONE’s attitude of most people.

 

Just my belief and thoughts and that is why I am not in charge of anything except my self and my wallet.

 

[ayseven]

I agree, the problem is everywhere. The only slight little hitch in not doing anything is that the world economy has a real chance of going down the drain. I got out of high school in the late 70's and by the time it came to go out and be something in the world, it was almost as bad as the 30's,at least where I lived in Canada: I couldn't get a job as a dishwasher. I don't want that again.

[slomove]

.........Sec. 317. Seven-year cost recovery period for motorsports racing track facility........

 

Who might be behind that one?