Bailout repeals tax on toy wooden arrows, and other goodies.
Good Work brothers!
Wow, there is lots of other goodies in this bailout not talked about by the media. What do failing banks and foreclosed houses have to do with race tracks? A lot, apparently, if you're Charles Schumer. The New York Senator added an earmark to the nation's $700 billion "rescue plan" that will extend current tax laws for race tracks that allow them to be considered the same as amusement parks in the eyes of the IRS. As long as that's the case, track facilities can write off improvements to their concession stands, parking lots and the tracks themselves over a seven-year period rather than 15 years. On the surface this sounds like small potatoes, but adding up the numbers reveals that the tracks will save $100 million in taxes by writing off improvements over a shorter span of time. That means less of the earnings from each of those seven years will go towards taxes, helping the track owners achieve a higher annual profit in the short term.LOOK, THEY ARE COOKING THE BOOKS!
TITLE II—EXTENSION OF
13 INDIVIDUAL TAX PROVISIONS
14 SEC. 201. DEDUCTION FOR STATE AND LOCAL SALES
15 TAXES.
16 (a) IN GENERAL.—Subparagraph (I) of section
17 164(b)(5) is amended by striking ‘‘January 1, 2008’’ and
18 inserting ‘‘January 1, 2010’’.
Looks like we got hoodwinked once again!If you would like to browse through the .pdf it is here.
Comments
If this were a LOAN, then another bank would be making it.
It is merely called and dressed as a loan to save face in Washington.
If this were legitimate debt leveraging, and the assets were worth something, the Government would not be the source for this money, it would be handled privately.
But the fact is, that no banking institution anywhere wants to take on near CERTAINTY that this debt will never be repaid in full, if at all.
You can call it whatever you want. But by leveraging the tax payers, you remove almost every bit of culpability and make it almost guaranteed that it won't be paid back, if they ever even intended to.
This is socialization of the allowance for default accounts. You can call it Top Sirloin Steak, if you want, that doesn't change the real reality. But it sounds better than "bail-out" or sticking the taxpayer with nearly guaranteed losses, and making them pay by force of law, under threat of fines or jail. (or risk of death if someone forcibly resists enforcement of tax law.)
It is called a loan so that Schumer, Rangle, Pelosi, Dodd, Frank, Obama, McCain, and everyone else who voted for this bill, can claim that they thought it would have worked, when they voted, and that they are shocked and dismayed when it falls flat, even though it is going to fall flat, by design.
Again, if this were worthy of a loan, it would be from a bank, not the US Congress.
The US Congress has had trouble with its OWN banking scandal before, now they are banking for everyone else, and are probably going to mangle it much worse.
Cheers
What a bunch of crooks and scam artists!!
Nice work, keep it up bro, as I don't watch the news at all anymore.
Peace.