Tax cuts added to bailout
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Published September 30th, 2008
Looks like the bailout bill is being made sweeter to attract Republican votes.
a provision to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana and some $78 billion in renewable energy incentives and extensions of expiring tax breaks. (AP)
Also included is a hike in the amount the FDIC insures for depositors, from 100K to 250K or higher.
Will this be enough?
Wasn’t it said that this bill should not be laden with riders? What– we break our principles only when it comes with bribes? Tax breaks on a bailout bill??? What did we have to add to get the democrats on board–or they just wanting the Republicans to buy on the bill so they can say they only did what the Republicans did? When we will stand and commit to our principles instead of being bought off. Change the mark to market rule and we will add over $1.7 Trillion back to the balance sheets of banks (more than the bailout in the first place). But the bribe has been written into the bill and sadly the weak and /or corrupt will bite and we all will be sold this terrible bill of goods.
I can’t imagine this will have much of an effect. If the whole argument of those in the House opposed the bailout is that the basic concept of the bill is flawed, how does a little icing on the cake change that? To be swayed by this when making that argument would be beyond hypocritical.
You still so confident in our leaders, Jeremy? That was a pretty wide margin of yes votes…
Even before the sweeteners it was pretty much presumed to sail through the Senate. All the extra crap was for today’s House vote. And rumors are it that it is having an effect, and some of the Repubs opposed are now open to flipping. However, there apparently now is a simmering revolt among the blue-dog Dems over the extra deficit incurred from the $100 billion plus tax cuts. So all the junk put int to court the Repubs may now cost Dem votes - gotta love it.