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Senate Passes the bill....GDG

2K views 11 replies 11 participants last post by  Uncle Bill 
#1 ·
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 ·
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
 
#6 ·
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
 
#5 ·
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?
 
#7 ·
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
 
#9 ·
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 -----
 
#8 ·
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
 
#10 ·
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.
 
#11 ·
We're down 23%...a heavy hit, to say the least. I'm still not clear on how this is supposed to help people like us directly....and need I say how I feel about any assistance to Indian casinos? Living in "Sort Of Southern California," we hear enough in tv commercials and read enough in the newspapers about supporting "Indian self-reliance" to make me hurl. Talk about cash cows: the Indian casinos provide an incredibly high annual income for every member of a participating tribe regardless of the age of the tribe member, the size of the casinos continues to expand, the "share" paid back to the state is a drop in the bucket compared to the profits...and tribes without casinos get a pittance (if anything) from the big, benevolent :)rolleyes:) casino-operating tribes. At least that's my understanding. So it's appropriate to provide more tax breaks and accelerated depreciation to them? What a crock.

So whatever happened to this bail out helping lower and middle to upper-middle income citizens? Like I said...I still don't understand, especially when re-reading some of the points listed by labdoc. Maybe I'm a little slow...or even a little dumb...but what I do know is that we're in deep caca and it seems all we can do is take it.
 
#12 ·
Anytime you see Harry Reid, Chris Dodd, et al smiling about the passage of a 500 page pot-load of hogs, you can bet the nation is being slammed further into socialism.

Keep reading and watching the adoring MSP, and become further brainwashed into this messianic age.

After you have all enabled this form of government, I hope you will enjoy all you have supported.

I personally am looking forward to 'life among the 95%'. Keep working hard. My SS checks depend on your benevolence.

UB
 
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