The US Senate passed this Bailout Bill number HR 1424 last night and the Dow still dropped today, about 400 points or 3.22%. Hmm, I don't think it's working, do you? I don't think it's going to work either.
And who's idea was Title 5?? See below;
http://thomas.loc.gov/ (search for Bill number "H.R. 1424" and pick the one on the bottom which was passed yesterday. Sorry, the site doesn't give out good links because it's a query).
Section 502 states "shall include compensation for services performed in the United States by actors, production personnel, directors, and producers". Um has everyone lost their minds here?? Are we subsidizing the movie industry??
My head spun around when I read Section 503. We are giving a tax break to people who make "CERTAIN WOODEN ARROW SHAFTS". This was intoduced by Oregon Sens. Gordon Smith, a Republican, and Ron Wyden, a Democrat. Again, has the Senate gone mad??
I am not making this up, it's the real text of the bailout bill, number HR 1424!
Section 503 is an amendment to 26cfr48.4161(b)–2. I've been looking at this closely because I could not believe it either. If I can understand half of the legal jibberish, it looks like this amendment is designed to distinguish toy arrows from real arrows used for archery or hunting. Toy arrows will be exempt from the 11% excise tax on bows and arrows.
ReplyDeleteWhile I can see the validity of the amendment, this was not the place to do it. I will definately be looking over this bill in detail more, especially Title V.
Finally I found information regarding this "pork" attached to H.R.1424. As always, the democrats have taken care of their Hollywood friends. And so, you scratch my back and I'll scratch yours. To imagine that at this time of our worst financial crisis since the depression and they tack on their "pork". How can "we" present this information to the rest of the nation? We are like a bunch of fools, half of whom believe everything that is presented to them. And so, Barney Frank and friends pretended that Fannie and Freddie were "fine" when President Bush and other asked for oversight years ago, but, now, when Democrats scream that it is President Bush's "fault" the naive people of this country believe them. Thanks so much for posting this information. I will pass it along to all I know.
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