With the House’s passing of the $700 724+ billion dollar bailout of Wall Street we (the taxpayers) are on the hook for more than we bargained for when the bill was shot down on Monday. We are now on the hook for an additional $150 billion in Pork Sweeteners according to some.
It is bad enough that the bill was virtually rushed through the Senate and House under a governmental outcry that if it wasn’t passed, and passed soon, the US would collapse and we would be in a disaster area. That was bad, and a lie to get it passed quickly. When the House shot it down initially, the Senate decided to act and add the Pork Sweeteners to the bill to ensure House passage the next time. And it worked.
Lets take a look at all the Porky Goodness added by the Senate(1) -
- Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children
The estimated cost of the proposal is $2 million over ten years, according to the Joint Committee on Taxation.
- Sec. 317. Seven-year cost recovery period for motorsports racing track facility
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.
- 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. Cost is $192 million.
- Sec. 301. Extension and modification of research credit
The two-year extension is estimated to cost $19 billion.
- Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation
Cost is estimated at $49 million.
- Sec. 601. Secure rural schools and community self-determination program.
Payment In Lieu of Taxes (PILT) was added to the package, bringing the total cost to $3.3 billion.
- Sec. 201. Deduction for state and local sales taxes
The bailout bill extends this provision for 2 years at a cost of $3.3 billion.
- Sec 502. Provisions related to film and television productions
The cost is estimated at $478 million over 10 years.
- Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds
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.
- Sec. 309. Extension of economic development credit for American Samoa
The cost is $33 million, according to the Joint Committee on Taxation.
This provision expands the types of facilities that may be written-off to include production of other cellulosic biofuels in addition to cellulosic ethanol.
Sec. 211. Transportation fringe benefit to bicycle commuters
This provision is estimated to cost $10 million.
Sec. 323. Enhanced charitable deductions for contributions of food inventory
The cost is $149 million, according to Joint Committee on Taxation.
Sec. 324. Extension of enhanced charitable deduction for contributions of bookinventory
The provision is worth $49 million.
Sec. 602. Transfer to abandoned mine reclamation fund
This provision extends existing law to include a $9 million transfer for 2010.
That’s an additional, at minimum, $23.5 billion(2) Bailout in Pork Sweeteners added to the bill to help ensure it passed. An additional $23.5 billion passed to the taxpayer.
The good Senator Johnny Isakson was asked by 11Alive (Atlanta Tv. ), “Do you think it was fair to throw in many of these amendments and what is called pork to get this measure through?”
“The tax extenders had already passed the House, already passed the Senate with certain differences,” said Isakson. “Now I’m as frustrated as anybody with the add-ons of wooden arrow shafts for Oregon, and the add-on in terms of rum for Puerto Rico, but beyond that everything else was not an add-on. It had been voted on — there were tax extenders, many of them very beneficial to folks in Georgia.”
Wait, lets see a bit more. This is from Bakersfield Now -
Some of them had been included in other bills that were stalled in the Senate. And many lawmakers, like Senate Majority Leader Harry Reid, say they didn’t force those breaks into the legislation. But they don’t see it as a problem that they’re there.
however, some House members and radio-TV commentators have vowed to do something about the more flagrant examples, including those affecting wooden arrows, Puerto Rican rum and race track owners.
Well shoot Bubba. I’m sorry. I didn’t mean to come down on you and your colleages for putting all those Pork Sweeteners in the bill then. I mean, gee, it having already been voted on (and not passed in a bill) and all. But as long as its Pork you, its all good I guess.
At least from the New York Post we get to members of Congress who understand -
“I think it’s outrageous that in a time of national emergency these things would be added,” said Rep. Spencer Bachus (R-Ala.). “Let’s take out the pork.”
Rep. Steven LaTourette (R-Ohio) said, “This bill was not the place to put pet projects . . . This bill should not have been purchased with pork.”
It is a flawed bill that should never have passed. Is it needed, most likely yes. My opinion? Vote out every single Representative and Senator that voted for this bill.
If you feel the need to pass your Pork onto the public under these “Emergency” circumstances. A bill intended to save the economy, then you don’t need your job. We can elect someone else to do your job for you.
Start Footnotes
- Information obtained from Taxpayers for Common Sense and other sites. [↩]
- Based simply by adding up the numbers bolded. Other sites have contended that the actual cost is over $100 billion. [↩]
End Footnotes.
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