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Showing posts with label Emergency Economic Stabilization Act of 2008. Show all posts
Showing posts with label Emergency Economic Stabilization Act of 2008. Show all posts
BREAKING: House Passes Bailout Bill (Drudge)
WASHINGTON (AP) - With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.
The article can be found here.
Meanwhile, Stocks rise but come off highs as House OKs bill
House Resolution 1424
We will update the House Roll Call on the Revised EESA Bill when it becomes available.
Sad day for America.
The article can be found here.
Meanwhile, Stocks rise but come off highs as House OKs bill
House Resolution 1424
We will update the House Roll Call on the Revised EESA Bill when it becomes available.
Sad day for America.
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.
-------------------------
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.
Senators Voting No on EESA Bailout (Complete Senate Voting Roll Call)
Allard (R) - Colorado
Barasso (R) - Wyoming
Brownback (R) - Kansas
Bunning (R) - Kentucky
Cantwell (D) - Washington
Cochran (R) - Mississippi
Crapo (R) - Idaho
DeMint (R) - South Carolina
Dole (R) - North Carolina
Dorgan (D) - North Dakota
Enzi (R) - Wyoming
Feingold (D) - Wisconsin
Inhofe (R) - Oklahoma
Johnson (D) - South Dakota
Landrieu (D) - Louisiana
Nelson (FL) (D) - Florida
Roberts (R) - Kansas
Sanders (I) - Vermont
Sessions (R) - Alabama
Shelby (R) - Alabama
Stabenow (D) - Michigan
Tester (D) - Montana
Vitter (R) - Louisiana
Wicker (R) - Mississippi
Wyden (D) - Oregon
Senate Roll Call
Hat Tip: Politico
If you do not see your Senators name on here, well you can assume the worst/or best depending on how you view the bailout.
Barasso (R) - Wyoming
Brownback (R) - Kansas
Bunning (R) - Kentucky
Cantwell (D) - Washington
Cochran (R) - Mississippi
Crapo (R) - Idaho
DeMint (R) - South Carolina
Dole (R) - North Carolina
Dorgan (D) - North Dakota
Enzi (R) - Wyoming
Feingold (D) - Wisconsin
Inhofe (R) - Oklahoma
Johnson (D) - South Dakota
Landrieu (D) - Louisiana
Nelson (FL) (D) - Florida
Roberts (R) - Kansas
Sanders (I) - Vermont
Sessions (R) - Alabama
Shelby (R) - Alabama
Stabenow (D) - Michigan
Tester (D) - Montana
Vitter (R) - Louisiana
Wicker (R) - Mississippi
Wyden (D) - Oregon
Senate Roll Call
Hat Tip: Politico
If you do not see your Senators name on here, well you can assume the worst/or best depending on how you view the bailout.
Senate Voting On Bailout Bill
Elected Officials - This website will help you locate your Senators.
US Senators (Phone numbers, Email Addresses, and more)
Tell your Senators to vote "HELL NO" to the Emergency Economic Stabilization Act of 2008.
No to EESA!
US Senators (Phone numbers, Email Addresses, and more)
Tell your Senators to vote "HELL NO" to the Emergency Economic Stabilization Act of 2008.
No to EESA!
Congressional Roll Call - Votes on the EESA
Roll Call of House Members who voted today on the Emergency Economic Stabilization Act of 2008. Otherwise known as EESA to those of us too lazy to say it out loud.
Democratic Bailout - Video of Nancy Pelosi's Speech On House Floor
Dems Bailout: Video 1
Dems Bailout: Video 2
In the end, the House voted against the bill. The result was 228 Nays to 225 Yeas.
Just some advice to Nancy Pelosi: When you need people to vote for your bailout plan, it is best to remember that insulting the other side never generally works nor does it create an atmosphere of bipartisanship.
Just a thought!
Dems Bailout: Video 2
In the end, the House voted against the bill. The result was 228 Nays to 225 Yeas.
Just some advice to Nancy Pelosi: When you need people to vote for your bailout plan, it is best to remember that insulting the other side never generally works nor does it create an atmosphere of bipartisanship.
Just a thought!
World Markets
Asia
Follow the world markets to see what they think about this bailout. As of a few seconds ago, most of the Asian markets are rapidly declining. Some of the Asian markets opened down and seem to be going further down.
As we leave you with this final post for the evening, we're hoping the Republicans refuse to vote for this bailout. Take a page from Senator Obama and vote "present" or "no".
This is merely a band aid covering a larger wound.
We're still the greatest country in the world. We just can't seem to vote people into elected office that give a rip about her. Wall Street has thumbed its nose at Americans one too many times, but failed to realize it is the average American that keeps this country going. Yet again, the American people are being asked to bail out Wall Street.
Enough is enough.
Follow the world markets to see what they think about this bailout. As of a few seconds ago, most of the Asian markets are rapidly declining. Some of the Asian markets opened down and seem to be going further down.
As we leave you with this final post for the evening, we're hoping the Republicans refuse to vote for this bailout. Take a page from Senator Obama and vote "present" or "no".
This is merely a band aid covering a larger wound.
We're still the greatest country in the world. We just can't seem to vote people into elected office that give a rip about her. Wall Street has thumbed its nose at Americans one too many times, but failed to realize it is the average American that keeps this country going. Yet again, the American people are being asked to bail out Wall Street.
Enough is enough.
Update: Emergency Economic Stabilization Act of 2008
To read all the documents, you must have Adobe Reader. Download it here.
Here are the links provided by our government. Grab some popcorn or wait for some pundit to explain it. On second thought, the blogosphere will do a better job.
Emergency Economic Stabilization Act of 2008
Don't want to read through all that, here's the summary:
Summary of the Emergency Economic Stabilization Act of 2008
Too confusing? Try one section at a time:
Section by Section of the Emergency Economic Stabilization Act of 2008
How did we manage to get the House Financial Services website to work?
We took out the www portion and typed it in this manner:
http://financialservices.house.gov/
Here are the links provided by our government. Grab some popcorn or wait for some pundit to explain it. On second thought, the blogosphere will do a better job.
Emergency Economic Stabilization Act of 2008
Don't want to read through all that, here's the summary:
Summary of the Emergency Economic Stabilization Act of 2008
Too confusing? Try one section at a time:
Section by Section of the Emergency Economic Stabilization Act of 2008
How did we manage to get the House Financial Services website to work?
We took out the www portion and typed it in this manner:
http://financialservices.house.gov/
US House Discussion Draft -Emergency Economic Stabilization Act of 2008
The website www.financialservices.house.gov doesn't seem to be working or the site has crashed.
Here's the draft copy of the Emergency Economic Stabilization Act of 2008.
Here's the draft copy of the Emergency Economic Stabilization Act of 2008.
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