Author Topic: The Bail out Passed.  (Read 922 times)

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Offline Fred M

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The Bail out Passed.
« on: October 03, 2008, 12:31:18 PM »
I was not unanimous, is it going to help? Right after the pass the stock market here in Canada and the US toke another dive. In the morning
the markets had made some gains here and in the US.

Some US Representatives in the house had grave reservations.
Lets hope for the best.
Fred M.
From Alberta Canada.

Offline Swampman

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Re: The Bail out Passed.
« Reply #1 on: October 03, 2008, 01:28:25 PM »
And now it's eight hundred billon.  We should have let it pass the first time.  We knew it would pass sooner or later.
"Brother, you say there is but one way to worship and serve the Great Spirit. If there is but one religion, why do you white people differ so much about it? Why not all agreed, as you can all read the Book?" Sogoyewapha, "Red Jacket" - Senaca

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Offline Heather

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Re: The Bail out Passed.
« Reply #2 on: October 03, 2008, 01:40:03 PM »
BYE BYE CONSTITUTION!!!  BYE BYE FREEDOM!!!  BYE BYE LIBERTY!!!  HELO SOCIALISM!!  HELLO BIG BROTHER!!! 

Heather
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Any society that would give up a little liberty to gain a little security will deserve neither and loose both...Ben Franklin

Offline Dee

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Re: The Bail out Passed.
« Reply #3 on: October 03, 2008, 01:50:17 PM »
And now it's eight hundred billon.  We should have let it pass the first time.  We knew it would pass sooner or later.

No it's NOT 800 billion! ::) It's 850 billion! >:( >:(

And by the way Heather. DITTO ON SOCIALISM. THANK YOU JOHN MCCAIN AND COMPANY. >:( >:(
You may all go to hell, I will go to Texas. Davy Crockett

Offline Swampman

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Re: The Bail out Passed.
« Reply #4 on: October 03, 2008, 02:13:21 PM »
Earth to Dee, this had to be done.  That's why it was done.
"Brother, you say there is but one way to worship and serve the Great Spirit. If there is but one religion, why do you white people differ so much about it? Why not all agreed, as you can all read the Book?" Sogoyewapha, "Red Jacket" - Senaca

1st Special Operations Wing 1975-1983
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"Manus haec inimica tyrannis / Ense petit placidam sub libertate quietem" ~Algernon Sidney~

Offline wareagleguy

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Re: The Bail out Passed.
« Reply #5 on: October 03, 2008, 02:19:17 PM »
Swamp,
you say that because your man Bush said it?  I sure hate to see someone blinded from the truth.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety."

Offline wareagleguy

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Re: The Bail out Passed.
« Reply #6 on: October 03, 2008, 02:26:26 PM »
Swamp, Please read and tell me what in hell has any of this has anything to do with getting money in the market!!!

1.Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children

Current law places an excise tax of 39 cents on the first sale by the manufacturer, producer, or importer of any shaft of a type used to produce certain types of arrows. This proposal would exempt from the excise tax any shaft consisting of all natural wood with no laminations or artificial means to enhance the spine of the shaft used in the manufacture of an arrow that measures 5/16 of an inch or less and is unsuited for use with a bow with a peak draw weight of 30 pounds or more. The proposal is effective for shafts first sold after the date of enactment. The estimated cost of the proposal is $2 million over ten years, according to the Joint Committee on Taxation.

The Oregon senators were the initial sponsors of the provisions. According to Bloomberg News, the provision would be worth $200,000 to Rose City Archery in Myrtle Point, Oregon.



2.Sec. 317. Seven-year cost recovery period for motorsports racing track facility

Track owners want to be able write-off the cost of their facilities on their taxes over seven years - a depreciation timetable many of them have used for decades. But the IRS has wanted to stretch it to at least 15 years and has raised questions whether the increasingly popular tracks really belong in the same tax category as amusement parks.

Auto track owners are simply trying to get out of paying more taxes - which they'd have to do if they deducted less every year. These owners have gotten plenty of tax breaks over the years from states and localities eager to get speedways. The provision would be extended 2 years till the end of 2009 and would cost $100 million. The provision encompasses all facilities including grandstands, parking lots and concession stands.
 

3.Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands

Extends until December 31, 2009 a rebate against excise taxes charged on rum imported from Puerto Rico and the Virgin Islands. A $13.50 per proof gallon excise tax is applied to distilled spirits imported to the U.S. Under this provision a $13.25 rebate is returned to PR and the VI, and is retroactive back to January 1, 2008.  Permanent law sets the rebate at $10.50 per proof gallon, but the PR and VI provisions have generally been in place since the first Clinton Administration.  The most recent extension of the $13.50 rebate expired January 1, 2008. Cost is $192 million.
 
4.Sec. 301. Extension and modification of research credit

The legislation reestablishes and extends the lucrative tax credit for companies doing research and experimentation in the United States. Companies that have benefited from this provision include Microsoft Corp., Boeing Co., United Technologies Corp., Electronic Data Systems Corp. and Harley-Davidson. The two-year extension is estimated to cost $19 billion.
 
 
5.Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation
The bailout bill would give a tax break to Exxon Valdez plaintiffs, allowing them to average out their punitive damages awards over three years rather than suffer a one-time tax hit from the Internal Revenue Service, as well as other provisions. Rep. Don Young (R-AK) is a big supporter of this provision. Cost is estimated at $49 million.
 

6.Sec. 601. Secure rural schools and community self-determination program.
Secure Rural Schools lead sponsors Reps. DeFazio (D-OR), Bill Sali (R-ID); Sens. Wyden (D-OR), Larry Craig (R-ID), are major boosters of this program that expired in 2006. In 1908 the federal government agreed to share logging revenue from Forest Service land with neighboring communities that could not tax the land because it was federal. As logging declined in the 1990s, the "county payments" program was initiated in 2000 to directly provide federal funding, more than half going to Oregon, to deal with the loss of revenue. The original version of this provision was introduced as a bill in early 2007 and was estimated to cost $2.2 billion when the OR and ID delegations came to agreement. To give the package more heft, Payment In Lieu of Taxes (PILT) was added to the package, bringing the total cost to $3.3 billion. PILT provides more general funding to counties for federal lands located within their borders. Sen. Reid (D-NV) talked about the PILT program being one of the important elements of the package when the Senate passed the bailout bill.
 

7.Sec. 201. Deduction for state and local sales taxes

Allows residents of states that don’t pay income tax to deduct, from their federal taxes, sales tax paid over the course of the year. States that benefit include Texas, Nevada, Florida, Washington and Wyoming. The bailout bill extends this provision for 2 years at a cost of $3.3 billion.
 
8.Sec 502. Provisions related to film and television productions

In an effort to keep film and television productions in the U.S, they would be eligible for a tax incentive program. Under this program, the cost of production of qualifying films would be permitted to be immediately expensed -- that is, fully deducted from income for tax purposes -- in the year the expenditures occur. This provision also makes permanent other favorable tax treatments for production. Historically Rep. Diane Watson (D-CA) has been a supporter (dating from its creation in the 2004 corporate tax bill). The cost is estimated at $478 million over 10 years.
 

9.Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds
The tariff relief (duty savings) is intended to benefit U.S. worsted wool fabric producers that use imported fibers and yarns as inputs, as well as U.S. tailored clothing manufacturers that use imported fabrics as inputs.  This provision was originally introduced as a bill in December 2007 by Reps. Louise Slaughter (D-NY) and Melissa Bean (D-IL).  It extends current law provisions until 12/31/14, and in some cases to12/31/15. The 2010 to 2015 cost is estimated to be $148 million.



10.Sec. 309. Extension of economic development credit for American Samoa

This extends by two years a previously approved tax credit, the American Samoa economic development credit. In general, this credit allows certain corporations operating in American Samoa a tax credit. The possessions tax credit allows these corporations to offset a portion of their U.S. tax liability on income earned in American Samoa from active business operations, sales of assets used in a business, or certain investments in American Samoa. The cost is $33 million, according to the Joint Committee on Taxation.
 
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety."

Offline Swampman

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Re: The Bail out Passed.
« Reply #7 on: October 03, 2008, 02:30:20 PM »
Swamp,
you say that because your man Bush said it?  I sure hate to see someone blinded from the truth.


I'm not interested in seeing Americans lose their jobs, homes, and retirements.  The President was right as usual.  I supported the President as usual.  The democrats created this mess trying to buy votes.  The Republicans fixed it as usual.
"Brother, you say there is but one way to worship and serve the Great Spirit. If there is but one religion, why do you white people differ so much about it? Why not all agreed, as you can all read the Book?" Sogoyewapha, "Red Jacket" - Senaca

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"Manus haec inimica tyrannis / Ense petit placidam sub libertate quietem" ~Algernon Sidney~

Offline wareagleguy

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Re: The Bail out Passed.
« Reply #8 on: October 03, 2008, 02:38:22 PM »
Are you kidding me!  Talk about tunnel vision.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety."

Offline ms

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Re: The Bail out Passed.
« Reply #9 on: October 03, 2008, 02:41:16 PM »
Swamp,
you say that because your man Bush said it?  I sure hate to see someone blinded from the truth.
 I agree swamp is lost if bush told him to jump off a bridge he would do it.  Swamp are you still mad at God?

Offline Swampman

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Re: The Bail out Passed.
« Reply #10 on: October 03, 2008, 02:44:57 PM »
I'm mad at everybody and everything but I still don't want to see you go hungry and lose everything.  It's amazing how little people understand about how their own country works.......scarry actually.
"Brother, you say there is but one way to worship and serve the Great Spirit. If there is but one religion, why do you white people differ so much about it? Why not all agreed, as you can all read the Book?" Sogoyewapha, "Red Jacket" - Senaca

1st Special Operations Wing 1975-1983
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"Manus haec inimica tyrannis / Ense petit placidam sub libertate quietem" ~Algernon Sidney~

Offline wareagleguy

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Re: The Bail out Passed.
« Reply #11 on: October 03, 2008, 02:48:32 PM »
Swamp,
I don't know what to say.  I can now say I have talked to a man the knows EVERYTHING.  You should run for pres.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety."

Offline Swampman

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Re: The Bail out Passed.
« Reply #12 on: October 03, 2008, 02:50:17 PM »
Swamp,
I don't know what to say.  I can now say I have talked to a man the knows EVERYTHING.  You should run for pres.

I think I could do a good job, but who'd run the country during hunting season?
"Brother, you say there is but one way to worship and serve the Great Spirit. If there is but one religion, why do you white people differ so much about it? Why not all agreed, as you can all read the Book?" Sogoyewapha, "Red Jacket" - Senaca

1st Special Operations Wing 1975-1983
919th Special Operations Wing  1983-1985 1993-1994

"Manus haec inimica tyrannis / Ense petit placidam sub libertate quietem" ~Algernon Sidney~

Offline Dee

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Re: The Bail out Passed.
« Reply #13 on: October 03, 2008, 03:13:44 PM »
Earth to Dee, this had to be done.  That's why it was done.

Sir Swampy the Motorcyclist, if you are saying that you and I are NOT on the same wave length, then I say: Thank you God.
You guys are gonna have to over look Sir Swampy. He knows everything about everything, and you don't even have to ask him. He volunteers the information. ;)
You may all go to hell, I will go to Texas. Davy Crockett

Offline Swampman

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Re: The Bail out Passed.
« Reply #14 on: October 03, 2008, 03:18:18 PM »
Earth to Dee, this had to be done.  That's why it was done.

Sir Swampy the Motorcyclist, if you are saying that you and I are NOT on the same wave length, then I say: Thank you God.
You guys are gonna have to over look Sir Swampy. He knows everything about everything, and you don't even have to ask him. He volunteers the information. ;)

I cheated, I read the last page of the book.
"Brother, you say there is but one way to worship and serve the Great Spirit. If there is but one religion, why do you white people differ so much about it? Why not all agreed, as you can all read the Book?" Sogoyewapha, "Red Jacket" - Senaca

1st Special Operations Wing 1975-1983
919th Special Operations Wing  1983-1985 1993-1994

"Manus haec inimica tyrannis / Ense petit placidam sub libertate quietem" ~Algernon Sidney~

Offline deltecs

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Re: The Bail out Passed.
« Reply #15 on: October 03, 2008, 03:53:55 PM »
Well, after reading the 10 points as outlined in a previous post, I have to disagree with his conclusion.  I'm not for the bailout.  However, these items are not necessarily lost revenue.  1. This excise tax was imposed by liberals as a tax on hunting arrows and not intended for toy arrows or those used for youth groups hobbies.  Another method of banning arms or too costly for the bullets or arrows.  I like this exemption.  2. Any limitations on the IRS in changes on depreciation tables after the fact is one more reason to applaud this exeption and tax extension.   3. & 10.  The territories of American Somoa, Puerto Rico and Virgin Isl are part of the US and any products from them are not imports.  One doesn't even need a passport to travel to them, so any tax benefits due them should be the same as the States.  Another +.  4. Not qualified to comment.  5. Income tax averaging for Exxon Valdez punitive damages is great.  The plaintiffs have been owed this money for almost 20 years and for the US government to tax this money at a one year rate is deplorable abuse of the courts, when it is not the governments money.  The IRS changed its tax determination on damages from law suits, after the incident and after the jury awarded plaintiffs punitive damages, just so that it would share in any punitive award.   6. 8. 9.  These tax incentives are just placing money back into the American market place with competitive products compared to imports.  Keep the massive money spent in production of film making in the US along with sets and provides employment to set locations.  Revenue sharing to communities is not uncommon in other business that do business on government land and they should reap some of the taxes imposed.   7. Great idea.  We do not need taxes on taxes.  I've long thought that sales taxes to States and communities should be tax deductible from federal income taxes.  The increased money available in these exemptions will be fluid within the American economy with resultant stability. 
So what if the federal government has less money.  Reduce expenditures to grants and other non essential items and learn to live within its means like the majority of people. 
Greg lost his battle with cancer last week on April 2nd 2009. RIP Greg. We miss you.

Greg
deltecs
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Offline Dee

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Re: The Bail out Passed.
« Reply #16 on: October 03, 2008, 04:38:08 PM »
Well I guess the great news is, the IRS will now have more access to our finances since the the Feds are NOW OUR BANKER. No longer will the IRS have to slave over our books, while in search of a violation, and no longer will the IRS have to garnish our wages for back taxes. The can simply withdraw it from our bank account.
And what could be better, when we want to finance a new car, or boat, or house, than to have the Government screen our credit application to see if we really need that item. I mean after all, they are running the banks now. If they don't think we need the item, then we probably don't.
I mean after all, just because the voters were ringing their phones off the wall telling them not to spend our money on the bail out, didn't mean anything to the politicians. They knew perfectly well that we're all stupid, and cannot make decisions. That's why we have them to take care of us, and now they take care of our finances. Hell! I feel better already. Now it really doesn't matter whether Obama or McCain wins. They have proved to be the same kind, and the voted the same.
You may all go to hell, I will go to Texas. Davy Crockett

Offline nomosendero

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Re: The Bail out Passed.
« Reply #17 on: October 03, 2008, 04:38:30 PM »
If the Pres. was right, he would have been on Farney Fag, C. Dodd & others in this mess. I don't just blame Dems, yes Bush made warnings, but they were weak & don't mean much to me. He rolled.
You will not make peace with the Bluecoats, you are free to go.

Offline Fred M

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Re: The Bail out Passed.
« Reply #18 on: October 03, 2008, 05:07:22 PM »
Thanks you guys, a good discussion. The thing I am really worried about
is what happens after the opening bell on Monday morning on the stock market. This is real, not fancy talk. It really tells a story of confidence.

Yes I do object to exorbitant taxes we all pay, Federal income tax, State or provincial income tax, Fed sales tax, State sales tax, gasoline tax, proposed
carbon tax, inheritance tax and others like hotel taxes when you pay for your room.

The only way to reduce taxes is to reduce government, which grows bigger
every year. Duplication of gov. services and big giveaways to countries that hates us would make a big difference in our tax burdens.
Fred M.
From Alberta Canada.

Offline Troyboy

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Re: The Bail out Passed.
« Reply #19 on: October 04, 2008, 03:52:57 AM »
Well said.

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