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Does anyone else smell bacon?

October 3, 2008

Because the $700 million bailout bill that was just passed by both houses of Congress reeks of pork.

Here are just some of the earmarks included in the bill…the one intended to save the financial industry:

Wooden arrows: This tax break, backed by Oregon’s two senators, would benefit an Oregon manufacturer of wooden arrows for children by $2 million over 10 years.

Racetracks: Earmark would allow auto racetrack owners to depreciate their facilities over seven years, saving the industry $100 million over two years.

Rum: Offers rum producers in Puerto Rico and the Virgin Islands a rebate on excise taxes worth $192 million over two years.

Wool: Reduces tariffs for U.S. makers of wool fabric that use imported yarn, worth $148 million over five years. The measure was pushed by Reps. Louise Slaughter, D-N.Y., and Melissa Bean, D-Ill.

Exxon Valdez: Plaintiffs in the suit over the 1989 oil spill could spread their tax payments on punitive damages over three years, cutting their tax bill by $49 million. The measure was backed by Rep. Don Young, R-Alaska.

American Samoa: Allows certain corporations to reduce their tax liability on income earned in American Samoa, at a cost of $33 million over two years.

Hollywood: Extends a tax break for film and TV companies that keep their production in the United States, worth $478 million over 10 years. The provision was originally pushed by Rep. Diane Watson, D-Los Angeles.

Why couldn’t congress just come together to prepare a bill that simply solved the problem at hand? Why was that so hard? The politicians involved in drafting this bill should be ashamed of themselves.

I think we should have just let the stock market crash. I’ve already got a lot of fat reserves, I could have made it through another Great Depression.

~T the D

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