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Thread: Senate Passes the bill....GDG

  1. #1
    Senior Member Nor_Cal_Angler's Avatar
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    Default Senate Passes the bill....GDG

    Your thoughts????????

    my understanding is with the new provisions added...it will now have to go BACKWARDS from the norm, and be approved by congress.....had they left it alone and not added and changed things it would not have needed to go back to the congress.....

    I admit I do need to read up on the proposal and its changes, so I am gonna reserve my PERSONAL judgement untill I further understand the changes.

    UP for DEBATE regards,

    NCA

  2. #2
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    Bills can start in either the Senate or the House.

    The other Bailout bill started in the House. It too had a bunch of "pork" in it.

    Hopefully, (although I hear is still has some) it will have less pork and more to the point stuff.

    WRL

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    Senior Member Bob Gutermuth's Avatar
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    Time to bend over and grin again
    Bob Gutermuth
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    Senior Member Dale's Avatar
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    In order for a bill to be sent to the President it must pass both House ans Senate. Every time something is added or subtracted it must go back and forth until it passes both in the exact form.

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    Senior Member subroc's Avatar
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    You mean that pork-laden bill? It was inevitable. 700 billion. There was no way that that bill could get through congress without lots of pork being added. Where is the emergency?

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    Senior Member Nor_Cal_Angler's Avatar
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    Quote Originally Posted by Dale View Post
    In order for a bill to be sent to the President it must pass both House ans Senate. Every time something is added or subtracted it must go back and forth until it passes both in the exact form.
    exactly the way I understood it, but I didnt think FINANCIAL bill started in the SENATE..lol

    So they havent said much about what was added, other than the big ones...FDIC ins up to 250k, some sort of tax breaks for smaller businesses...didnt get all of it. And something else...what gets me is they say it is now a FEW hundred pages, rather than the 106 pages of the origional version...so what was added?

    BOB...I kinda think your right....BUY LUBE!!!!!!!!!!!!

    NCA

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    Senior Member labdoc's Avatar
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    Here is all the additional pork. Hopefully enough to keep it from passing the House:



    Apart from the Troubled Assets Relief Program, the bill before the Senate includes:

    Extensions of the AMT patch, tax deductions on state and local sales taxes, tuition, teacher expenses and real property taxes and tax credits for business research and new market investors

    Energy tax credits and incentives to encourage wind and refined coal production, new biomass facilities, wave and tide electricity generators, solar energy property improvements, CO2 capturing, plug-in electric drive vehicles, idling reduction units on truck engines, cellulosic biofuels ethanol production, energy efficient houses, offices, dishwashers, clothes washers and refrigerators, and fringe benefits for employees commuting by bicycle.

    A requirement for private insurance plans to offer mental health benefits on par with medical-surgical benefits

    Tax relief provisions for victims of this summer's Midwestern floods, and Hurricane Ike

    Freezing of deductions for sale and exchange of oil and natural gas, mandatory basis reporting by brokers for transactions involving publicly traded securities and an extension of the oil spill tax

    But it also extends the following tax provisions:

    Economic development credit to American Samoan businesses

    $10,000 tax credit for training of mine rescue team members

    50% immediate expensing for extra underground mine safety equipment

    Tax credit for businesses with employees from an Indian reservation

    Accelerated depreciation for property used mostly on an Indian reservation

    50% tax credit for some expenditures on maintaining railroad tracks

    7-year recovery period for motorsports racetrack property

    Expensing of cleaning up "brownfield" contaminated sites

    Enhanced deductions for businesses donating computers and books to schools, and for food donations

    Deduction for income from domestic production in Puerto Rico

    Tax credit for employees in Hurricane Katrina disaster area

    Tax incentives for investments in poor neighborhoods in D.C.

    Increased rehabilitation credit for buildings in Gulf area

    Reduction of import duties on some imported wool fabrics, transfers other duties to Wool Trust Fund to promote competitiveness of American wool

    Special expensing rules for film and TV productions

    And there's more:

    Increasing cover of rum excise tax revenues to Puerto Rico and the Virgin Islands

    Making it easier for film and TV companies to use deduction for domestic production

    Exempting children's wooden arrows from excise tax

    Income averaging for Exxon Valdez litigants for tax purposes
    Curt

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    Senior Member MooseGooser's Avatar
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    The original bill proposed a measure to insure Money markets and Mutual funds to 100,00 dollars through FDIC just like savings and checking accounts. Is this still in the packeage??

    Heart burn regards over 401 K

    Gooser
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    Quote Originally Posted by labdoc View Post
    Tax credit for businesses with employees from an Indian reservation

    Accelerated depreciation for property used mostly on an Indian reservation
    Ever been to an Indian Casino - they don't even employ their own - why should they get a tax credit?

    Accelerated Depreciation for all those slots sitting in the casinos!!!!

    Follow the campaign donations -----
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    Senior Member K.Bullock's Avatar
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    Quote Originally Posted by MooseGooser View Post
    The original bill proposed a measure to insure Money markets and Mutual funds to 100,00 dollars through FDIC just like savings and checking accounts. Is this still in the packeage??

    Heart burn regards over 401 K

    Gooser
    Not if the banks have anything to do with it.

    What a bunch of crap. Paulson and Wallstreet bigwigs are financially inept so to bail them out we have Christmas in October for special interests? Like Buffet says there are three kinds of people in the financial world. Innovators, imitators, then comes the Idiots. Unfortunately the innovators seems to be on vacation. I wish they would have taken congress with them.
    Why doesn't glue stick to the inside of the bottle?

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