Originally posted by Vidpci
Originally posted by caladonea
I am just wondering...if many of the Senators (if not all) knew about what was in those 154 pages before they voted; I think they did. (my opinion); before those 154 pages were drafted; (again) I am saying...they already knew what was in them.
That's why I said they probably had the gist of what was in them, but the point is, someone really needs to hold their feet to the fire and force them to read things before they vote on it. It should be required by law that you must read what you vote on. This is NOT representing the American people. This FEELS like passing whatever they're told to so they can go home.
Originally posted by CALGARIAN
How come those 8 who said "no", are not going public about 3 min read time?
somethings not right
1) Help out NASCAR - Sec 312 extends the “seven year recovery period for motorsports entertainment complex property”, which is to say it allows anyone who builds a racetrack and associated facilities to get tax breaks on it. This one was projected to cost $43 million over two years.
2) A hundred million or so for Railroads - Sec. 306 provides tax credits to certain railroads for maintaining their tracks. It’s unclear why private businesses should be compensated for their costs of doing business. This is worth roughly $165 million a year.
3) Disney’s Gotta Eat - Sec. 317 is “Extension of special expensing rules for certain film and television productions”. It’s a relatively straightforward subsidy to Hollywood studios, and according to the Joint Tax Committee, was projected to cost $150m for 2010 and 2011.
4) Help a brother mining company out – Sec. 307 and Sec. 316 offer tax incentives for miners to buy safety equipment and train their employees on mine safety. Taxpayers shouldn’t have to bribe mining companies to not kill their workers.
5) Subsidies for Goldman Sachs Headquarters – Sec. 328 extends “tax exempt financing for York Liberty Zone,” which was a program to provide post-9/11 recovery funds. Rather than going to small businesses affected, however, this was, according to Bloomberg, “little more than a subsidy for fancy Manhattan apartments and office towers for Goldman Sachs and Bank of America Corp.” Michael Bloomberg himself actually thought the program was excessive, so that’s saying something. According to David Cay Johnston’s The Fine Print, Goldman got $1.6 billion in tax free financing for its new massive headquarters through Liberty Bonds.
6) $9B Off-shore financing loophole for banks – Sec. 322 is an “Extension of the Active Financing Exception to Subpart F.” Very few tax loopholes have a trade association, but this one does. This strangely worded provision basically allows American corporations such as banks and manufactures to engage in certain lending practices and not pay taxes on income earned from it. According to this Washington Post piece, supporters of the bill include GE, Caterpillar, and JP Morgan. Steve Elmendorf, super-lobbyist, has been paid $80,000 in 2012 alone to lobby on the “Active Financing Working Group.”
7) Tax credits for foreign subsidiaries – Sec. 323 is an extension of the “Look-through treatment of payments between related CFCs under foreign personal holding company income rules.” This gibberish sounding provision cost $1.5 billion from 2010 and 2011, and the US Chamber loves it. It’s a provision that allows US multinationals to not pay taxes on income earned by companies they own abroad.
8) Bonus Depreciation, R&D Tax Credit – These are well-known corporate boondoggles. The research tax credit was projected to cost $8B for 2010 and 2011, and the depreciation provisions were projected to cost about $110B for those two years, with some of that made up in later years.
Conveniently, the Joint Committee on Taxation in 2010 did an analysis of what many of these extenders cost. You can find that report here.www.jct.gov...
Read more at www.nakedcapitalism.com... .99
Originally posted by severdsoul
reply to post by DerepentLEstranger
WTH Nascar? why the @#$@#$ are we funding anything for a sport?
Sac's is suckin some cash from our pockets again as well.
On the next bill why dosent one of us sneak in there and slap
a ammendment on it to give ATS a billion or two over the next few
at least it would be used for something useful.
So who writes the damm bills then?
Originally posted by Mamatus
I would like to know who did NOT vote for it and why. They might be the only eight worth re-electing!
Damn this pisses me off. Our Government needs to go.