Thursday, October 2, 2008

Congress Just Can't Control Themselves!

I pulled down a copy of the Rescue Bill's table of contents today because I had heard rumors of lots of pork. I was astonished to see what Congress has packed into this emergency legislation needed to bail us out of the financial crisis it appears they have created! Here are a few things I found:
  • Authority to Suspend Mark-to-Market Accounting (this will actually fix one of the laws Congress enacted following Enron that has caused the recent collapse of so many companies)
  • Energy Project Tax Credits! For renewable energy, electricity generated from marine renewables, wind generation, geothermal heat pumps, steel industry fuel, coal gasification, biomass ethanol plants, biodiesel and renewable diesel, plug-in electric drive cars
  • Increased taxes to fund black lung disabilities
  • Environmental Tax Credits! For carbon dioxide sequestration, energy-efficient buildings, green buildings and sustainable design projects
  • Transportation Fringe Benefits for Bicycle Commuters
  • Something called a Carbon Audit of the Tax Code
  • Expense Deductions for Elementary & Secondary School Teachers
  • Rum Excise Taxes for Puerto Rico & The Virgin Islands
  • Economic Development Credit for American Samoa
  • Credit for Mine Rescue Training & Equipment
  • Indian Employment Credits & Accelerated Depreciation for Business Property on Reservations (sounds like Casino help!)
  • Railroad Track Maintenance
  • Motorsports Racing Track Assistance
  • D.C. Tax Incentives
  • Tax Relief for the film industry and those who import toy wooden arrows
  • Funding to encourage mental health and substance use disorder parity with other health insurance provisions
What do these have to do with getting us out of our current financial crisis?

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