After the House rejected the $700 billion bailout bill, Senate lawmakers added several “sweeteners” to encourage more lawmakers to approve it.
McClatchy is reporting that the Senate bill would extend a tax policy that expired in December that allowed motorsports facilities, including NASCAR tracks, to be treated like amusement parks, for tax purposes. The rule allowed them to write off their capital investments over a seven-year period.
The industry was worried that they would be required to depreciate their capital over 15 years or longer. As a result, track repaving and new concession stands would be more expensive because while the same amount would be paid, the rule allowed the amount to be paid over a long time.
The financiers are desperately trying to snooker us again. We, the taxpayers, will never see that money once Congress caves in to special interests, (as usual). If we try to get it back by taxing these businesses, then they will take the good parts of their portfolios and flee to other countries. Suckers!
If we use that money to enhance social security, then all of the retirees that lost their retirement funds in the stock market will at least be guaranteed a reasonably comfortable retirement. (The only ones who will still be unhappy are the ones trying to retire to their mansions.)
Finally! Congress has found the money to make social security work.
Let Congress know that if they get fooled by this bailout, then the only thing for voters to do is punish congress the way it was punished for the gulf war.
Bryant Arms
[...] After the House rejected the $700 billion bailout bill, Senate lawmakers added several “sweeteners” to encourage more lawmakers to approve it. McClatchy is reporting that the Senate bill would extend a tax policy that expired in …[Continue Reading] [...]