The information below was sent by one the Reps. who voted against the bailout and tried to save the America Taxpayer. Even when they tried to pass a simple bill to bailout some bad loans, they couldn't help themselves but spending money on nonsense. Again the American people pay. We need to find the bums in congress and remove them by vote or recall.
THOSE WHO TOOK THE BRIDES TO PASS THIS BILL, SHOULD PAY BY BEING FIRED.
When Will We Sour On The Sweeteners?
Investors Business Daily, Oct 8
With all the attention last week focused on the massive $700 billion bailout bill that the administration and Democrat leadership were pushing through Congress, there was little notice of the $110 billion in pork added to bait members of Congress into voting for the package.
The bailout bill was bad enough — a short-sighted bill that took a risky gamble with our children's future.
Instead of addressing the credit problems in ways that would minimize the exposure and risk for American taxpayers, Treasury Secretary Henry Paulson rolled the dice in a big, flashy way.
Not to be outdone, Congress added its own flare — $110 billion in sweeteners to buy the votes necessary to pass the bill.
I suppose the premise was that when you're spending $700 billion and lifting the debt limit already, what's an additional $110 billion between friends? And Congress wonders why the American people are so cynical about their government.
What Relief?
Don't get me wrong. I'm all for tax relief. We should be cutting taxes and providing tax incentives to spur economic growth. Some of the tax provisions added to this bill were not only perfectly legitimate, but absolutely necessary.
For instance, the alternative minimum tax (AMT) was never meant to hit the middle class, yet because Congress failed to index it to inflation each year, it hurts more and more middle-class families. I support its repeal.
Other tax provisions added to this bill were much more insidious. Taxpayers for Common Sense, a nonpartisan advocacy organization, recently published a top 10 list of the mind-blowing tax provisions added to the Wall Street bailout. Some of these provisions will make your blood boil.
At a time when our nation's middle class is struggling to make ends meet — due to high taxes and rising fuel and food costs — the last thing American families need are more of their hard-earned tax dollars going to ridiculous programs that encourage Washington's irresponsible spending habits.
One tax provision is for wooden arrows used in bow-and-arrow sets for kids. The Joint Committee on Taxation stated this tax exemption would cost an estimated $2 million over a 10-year period. Interestingly enough, a company in Oregon makes these toys and stands to gain about $200,000 as a result of this provision, according to news reports.
Another provision would let the owners of motor sports tracks write off their racing facilities over a seven-year depreciation timetable. The two-year extension would cost a whopping $100 million.
Another provision would extend for two years a rebate against excise taxes on rum imported from the Virgin Islands and Puerto Rico. That's $192 million.
Then there's $148 million for five more years of suspended duty on wool products and $478 million over 10 years for incentives for film and TV production.
There's even $10 million in the bill to provide a fringe benefit for bicycle commuters. I suppose that would be the Democrats' energy plan as well.
The endless list proves exactly what it is about business as usual in Washington that the American people so despise.
The administration and congressional leadership said we had no choice but to pass this bill. Not one of them said this was a good bill. They all said they would hold their nose and vote yes because they had to.
They lamented the fact that they had to spend so much of the taxpayers' money to fix the credit crunch. Then without blinking they loaded this supposedly must-pass bill with special projects pushed by lobbyists and members of Congress.
When will it stop? What happens the next time Wall Street wants a handout from Uncle Sam to make up for its risky behavior?
Washington has been quick to approve bailouts for other Wall Street giants, like Bear Stearns ($29 billion) and AIG ($85 billion) when they came around with their tin cup. Next time, Washington is presented with another must-pass bailout, will Congress tack on more sweeteners at the expense of the taxpayers?
The fact is, Congress voted for a bailout package that put today's taxpayers and tomorrow's taxpayers further into debt. Congress didn't need to add insult to injury and force still more financial obligations on taxpayers.
This was an incredibly serious matter, and if ever there was a time for business as usual to be left on a shelf, this was it.
Hit The Brake
The political games in Washington must come to an end. Extras like these tax sweeteners should not be thrown in to attract votes and appease special interests. It's time the Capitol started working to protect the taxpayers, not pick their wallets.
I know that a million here and a million there doesn't mean much to Washington politicians who are spending billions daily, but it all adds up.
And to a family that can't pay its bills or its mortgage because of an unexpected job loss or because it's just too hard to stretch its paycheck with today's rising costs, being forced to pay more taxes to offset Congress' spending habits might just be the straw that breaks the camel's back.
No comments:
Post a Comment