What is included in the EESA Senate Bill? Pork, Pork, Pork
Text of the Revised EESA Senate Bill (pdf format: 451 pages)
What's in the Senate EESA Bill that passed?
Through 2009, the bill would permit the FDIC to request unlimited amounts to cover losses related to the higher limits.
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.
(Our note: So they can make more anti-American programs. Lovely)
Exempting children's wooden arrows from excise tax
(Our note: We can all sleep better at night knowing this has been added. /sarcasm)
Income averaging for Exxon Valdez litigants for tax purposes
All of this information was gathered from WSJ.
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Taking a couple of Motrins or Tylenols won't help you recover from reading all the extra expenditures included in this bill. Nor will it help you feel better that our country is no longer at the front door waiting for socialism---we're already through the door.
What's in the Senate EESA Bill that passed?The core of Mr. Bush's rescue plan survives in the Senate bill. The measure authorizes Treasury to borrow $700 billion to buy up tainted mortgages, securities and other financial instruments that have weakened the financial system and frozen credit markets.
The bill also reaffirms the Securities and Exchange Commission's authority to suspend so-called mark-to-market accounting.
$150.5 billion package of unrelated personal and corporate tax cuts.
-The 10-year, $150.5 billion package of tax proposals includes a measure to ease the bite of the alternative minimum tax, as well as research-and-development tax credits coveted by high-tech companies and drug makers
-The 10-year, $150.5 billion package of tax proposals includes a measure to ease the bite of the alternative minimum tax, as well as research-and-development tax credits coveted by high-tech companies and drug makers
Increase in bank deposit insurance limits
The move to raise deposit insurance offered by the Federal Deposit Insurance Corp. to $250,000 from $100,000 adds billions of dollars of new liabilities to the federal government. As part of the bill, the FDIC earned expanded authority to borrow taxpayer dollars to back the higher coverage.
The agency's deposit insurance fund is already at historically low levels. It now has a $30 billion line of credit with Treasury.
Through 2009, the bill would permit the FDIC to request unlimited amounts to cover losses related to the higher limits.
More on the Bill
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.
(Our note: So they can make more anti-American programs. Lovely)
Exempting children's wooden arrows from excise tax
(Our note: We can all sleep better at night knowing this has been added. /sarcasm)
Income averaging for Exxon Valdez litigants for tax purposes
All of this information was gathered from WSJ.
-------------------------
Taking a couple of Motrins or Tylenols won't help you recover from reading all the extra expenditures included in this bill. Nor will it help you feel better that our country is no longer at the front door waiting for socialism---we're already through the door.
ObamaOsamaDotCom
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According to Biblical Prophecies ( Original Hebrew text ), The Anti-Christ will be a Man, in his 40s, of Mixed-Race and MUSLIM Descent, a Great Orator who Will Deceive Many Nations with his Persuasive Language and with his MASSIVE Messianic ( Christ-Like ) Appeal, he will be seen and pictured as IF he IS The Messiah.
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Could THIS possibly refer to OBAMA ??
'And there was given unto him a mouth speaking great things and blasphemies; and power was given unto him to continue forty and two months.
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ObamaOsamaDotCom
http://www.ObamaOsama.com
http://www.BarackOsama.net