Information from http://www.senate.gov/ - Emphasis is mine.
Measure Title:
A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.
Senate Vote count - 74 Yea, 25 Nay, 1 Not Voting(Kennedy - I think he can be excused what with the deadly brain tumor and all)
Vote breakdown is located HERE
Interesting note on this bill. There have been numerous additions made to this bill, to the tune of $110 BILLION. So the grand total on this bill is more than $800 Billion.
From CNN.com: "Most of the $110 billion in additions, such as a tax credit for research and development and an increase in insurance for bank accounts, would have broad economic impact."
"The Taxpayers for Common Sense also reports that the proposal includes such mouthwatering morsels as these:Creation of a seven-year cost recovery period for construction of a motorsports racetrack: Track owners currently follow a seven-year depreciation schedule and write each year's depreciation off their taxes. The IRS wanted to increase the depreciation timetable to 15 years, which would mean the track owner's depreciation would be cut in half. The measure in the keeps the seven-year depreciation schedule for two years and would cost taxpayers $100 million. A refund of excise taxes to Puerto Rico and the Virgin Islands for rum: A $13.50 per gallon excise tax is placed on rum imported into the United States. The measure extends to December 31, 2009, a refund of $13.25 per gallon tax back to Puerto Rico and the Virgin Islands, which are both U.S. territories. The refund has been in place since the early '90s. The measure would cost taxpayers $192 million. Income averaging for amounts received in connection with the Exxon Valdez litigation: The measure would allow the plaintiffs who won damages from Exxon Mobile for the oil spilled by the Exxon Valdez to average the award over three years rather than treating it as income in a single year. The measure was backed by Alaska Rep. Don Young and would cost taxpayers $49 million. Secure rural schools and community self-determination program: The program replaces revenue rural communities used to enjoy from the sale of federal forest land. The measure is sponsored by lawmakers from Oregon and Idaho. The program would cost taxpayers $3.3 billion. Deduction of state and local sales taxes: The measure allows citizens who do not pay state income taxes to deduct the amount of sales tax they pay over a year from their federal income tax for two additional years. States that benefit include Texas, Nevada, Florida, Washington and Wyoming. The measure would cost taxpayers $3.3 billion. Provisions related to film and television productions: In order to keep movie production in the U.S., production companies would be allowed to deduct the cost of producing the films from their taxes. Rep. Diane Watson, D-California, has been one of the program's biggest supporters. The measure would cost taxpayers $478 million over 10 years. Extension and modification of duty suspension on wool products, wool research fund and wool duty refunds: The measure helps U.S. worsted wool fabric makers and clothing manufacturers. The bill extends provisions through 2014 or 2015 that were originally sponsored by Reps. Louise Slaughter, D-New York, and Melissa Bean, D-Illinois, in 2007. The measure would cost taxpayers $148 million. Extension of economic development credit for American Samoa: The measure would extend for two years provisions meant to help economic development in the U.S. territory of American Samoa. The measure would cost taxpayers $33 million. Transportation fringe benefit to bicycle commuters: The measure would allow employers to provide benefits to employees who commute to work via bicycle, such as help purchasing and maintaining a bicycle. The measure would cost taxpayers $10 million."
Some of the additions to this bill have NOTHING to do with the current economic "crisis" that we are facing. All they are is more pork to sweeten the bill for certain constituencies. Pork.
I was under the impression that Senator McCain was "Anti-Pork." If that is so, then why would he vote in favor of a bill that includes $110 Billion in additions? Discuss.
Measure Title:
A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.
Senate Vote count - 74 Yea, 25 Nay, 1 Not Voting(Kennedy - I think he can be excused what with the deadly brain tumor and all)
Vote breakdown is located HERE
Interesting note on this bill. There have been numerous additions made to this bill, to the tune of $110 BILLION. So the grand total on this bill is more than $800 Billion.
From CNN.com: "Most of the $110 billion in additions, such as a tax credit for research and development and an increase in insurance for bank accounts, would have broad economic impact."
"The Taxpayers for Common Sense also reports that the proposal includes such mouthwatering morsels as these:
Some of the additions to this bill have NOTHING to do with the current economic "crisis" that we are facing. All they are is more pork to sweeten the bill for certain constituencies. Pork.
I was under the impression that Senator McCain was "Anti-Pork." If that is so, then why would he vote in favor of a bill that includes $110 Billion in additions? Discuss.
