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The Senate-passed bill provides more than $17 billion in renewable energy tax incentives that the solar and wind industries say are crucial if they are to become significant sources of energy in the near future. It renews the research and development tax credit, at a cost of $19 billion, that businesses have come to rely on.
It gives a one-year reprieve, at a cost of $64 billion, to more than 20 million taxpayers who would get hit by the AMT, which is supposed to only affect the very rich. The bill also gives tax breaks to natural disaster victims and ensures mental health parity in health insurance benefits.
The legislation also renews expired, or soon-to-expire, tax breaks for people paying state and local general sales taxes, people with higher education tuition costs, those receiving child tax credits and teachers paying school expenses out of their own pockets.
"These tax measures represent real support for the American families, workers and businesses that need a break now," Senate Finance Committee Chairman Max Baucus, D-Mont., said. "This is must-do legislation," added his GOP counterpart, Charles Grassley of Iowa.
SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS. The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.
There are worries that more conservative House Democrats known as “Blue Dogs” will be repulsed by the tax breaks, and could vote no because they have been saying they don’t want to see the deficit run up even further.
House Republican Whip Roy Blunt said calls and e-mails to congressional offices that were running about 90 percent against the measure earlier now are coming in about a “50-50” pace.
Amendments to HR 1424
You MUST oppose this legislation with Senator Dodds amendment.
It would be illegal for you to support it.
Our Constitution States:
"All bills for raising Revenue shall originate in the House of Representatives."
As a result, the Senate does not have the power to initiate bills imposing taxes. Furthermore, the House of Representatives holds that the Senate does not have the power to originate appropriation bills, or bills authorizing the expenditure of federal funds.
To try to slip in an amendment of this magnitude (the exact bill that failed in the house) to a piece of legislation that has already gone through the House and the House Rules Committee would only show how much our government cannot be trusted.
If you, as my State Senator, support this travesty of how the American Government is supposed to work, I will personally launch the campaign to have you recalled and prosecuted for your dereliction of Duty to your country, state and constituents.
“We are now in the Gold Age of thieves,” said Rep. Pete Visclosky, D-Ind. “And where I come from we put thieves in jail, we don’t bail them out."
Originally posted by anachryon
I'm hearing the bailout bill is now SIX HUNDRED PAGES LONG according to Bill Nelson (D-FL)'s office.
SIX HUNDRED PAGES LONG!