Ok, the bailout bill was a necessary evil. We have two candidates that say they oppose porkbarrel spending - yet for it to pass the Senate - these got added?!?!?

Energy Related Targeted Tax Credits and Changes

Sec. 101. Renewable energy credit.
Sec. 102. Production credit for electricity produced from marine renewables.
Sec. 103. Energy credit.
Sec. 104. Energy credit for small wind property.
Sec. 105. Energy credit for geothermal heat pump systems.
Sec. 106. Credit for residential energy efficient property.
Sec. 107. New clean renewable energy bonds.
Sec. 108. Credit for steel industry fuel.
Sec. 109. Special rule to implement FERC and State electric restructuring policy.
Sec. 111. Expansion and modification of advanced coal project investment credit.
Sec. 112. Expansion and modification of coal gasification investment credit.
Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund.
Sec. 114. Special rules for refund of the coal excise tax to certain coal producers and exporters.
Sec. 115. Tax credit for carbon dioxide sequestration.
Sec. 116. Certain income and gains relating to industrial source carbon dioxide treated as qualifying income for publicly traded partnerships.
Sec. 117. Carbon audit of the tax code.
Sec. 201. Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol plant property.
Sec. 202. Credits for biodiesel and renewable diesel.
Sec. 203. Clarification that credits for fuel are designed to provide an incentive for United States production.
Sec. 204. Extension and modification of alternative fuel credit.
Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.
Sec. 206. Exclusion from heavy truck tax for idling reduction units and advanced insulation.
Sec. 207. Alternative fuel vehicle refueling property credit.
Sec. 208. Certain income and gains relating to alcohol fuels and mixtures, biodiesel fuels and mixtures, and alternative fuels and mixtures treated as qualifying income for publicly traded partnerships.
Sec. 209. Extension and modification of election to expense certain refineries.
Sec. 210. Extension of suspension of taxable income limit on percentage depletion for oil and natural gas produced from marginal properties.
Sec. 211. Transportation fringe benefit to bicycle commuters.
Sec. 301. Qualified energy conservation bonds.
Sec. 302. Credit for nonbusiness energy property.
Sec. 303. Energy efficient commercial buildings deduction.
Sec. 304. New energy efficient home credit.
Sec. 305. Modifications of energy efficient appliance credit for appliances produced after 2007.

Other Tax Credits and Changes

Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal credits.
Sec. 102. Extension of increased alternative minimum tax exemption amount.
Sec. 103. Increase of AMT refundable credit amount for individuals with longterm unused credits for prior year minimum tax liability, etc.
Sec. 201. Deduction for State and local sales taxes.
Sec. 202. Deduction of qualified tuition and related expenses.
Sec. 203. Deduction for certain expenses of elementary and secondary school teachers.
Sec. 204. Additional standard deduction for real property taxes for nonitemizers.
Sec. 205. Tax-free distributions from individual retirement plans for charitable purposes.
Sec. 206. Treatment of certain dividends of regulated investment companies.
Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not citizens.
Sec. 208. Qualified investment entities.
Sec. 301. Extension and modification of research credit.
Sec. 302. New markets tax credit.
Sec. 303. Subpart F exception for active financing income.
Sec. 304. Extension of look-thru rule for related controlled foreign corporations.
Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold improvements and qualified restaurant improvements; 15-year straight-line cost recovery for certain improvements to retail space.
Sec. 306. Modification of tax treatment of certain payments to controlling exempt organizations.
Sec. 307. Basis adjustment to stock of S corporations making charitable contributions of property.
Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.
Sec. 309. Extension of economic development credit for American Samoa.
Sec. 310. Extension of mine rescue team training credit.
Sec. 311. Extension of election to expense advanced mine safety equipment.
Sec. 312. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.
Sec. 313. Qualified zone academy bonds.
Sec. 314. Indian employment credit.
Sec. 315. Accelerated depreciation for business property on Indian reservations.
Sec. 316. Railroad track maintenance.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 318. Expensing of environmental remediation costs.
Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.
Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf Opportunity Zone.
Sec. 321. Enhanced deduction for qualified computer contributions.
Sec. 322. Tax incentives for investment in the District of Columbia.
Sec. 323. Enhanced charitable deductions for contributions of food inventory.
Sec. 324. Extension of enhanced charitable deduction for contributions of book inventory.
Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.
Sec. 401. Permanent authority for undercover operations.
Sec. 402. Permanent authority for disclosure of information relating to terrorist activities.
Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
Sec. 502. Provisions related to film and television productions.
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.
Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.
Sec. 505. Certain farming business machinery and equipment treated as 5-year property.
Sec. 506. Modification of penalty on understatement of taxpayer’s liability by tax return preparer.
Sec. 512. Mental health parity.
Sec. 601. Secure rural schools and community self-determination program. Sec. 602. Transfer to abandoned mine reclamation fund.
Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe storms, tornados, and flooding.
Sec. 703. Reporting requirements relating to disaster relief contributions.
Sec. 704. Temporary tax-exempt bond financing and low-income housing tax relief for areas damaged by Hurricane Ike.
Sec. 706. Losses attributable to federally declared disasters.
Sec. 707. Expensing of Qualified Disaster Expenses.
Sec. 708. Net operating losses attributable to federally declared disasters. Sec. 709. Waiver of certain mortgage revenue bond requirements following federally declared disasters.
Sec. 710. Special depreciation allowance for qualified disaster property.
Sec. 711. Increased expensing for qualified disaster assistance property.
Sec. 712. Coordination with Heartland disaster relief.
Sec. 801. Nonqualified deferred compensation from certain tax indifferent parties.

Tax credits for wooden arrows?!?!?!
Tax subsidies for the rum making business in PR and Virgin Islands?!?!?
Race track builders?!?!?
Money for mine rescue teams?!?!? Can they not provide their own???
Wool research???
Indian tribes get more help??? To build more casinos?!?!?

I'm sorry, but this sheet has to end. These are mostly Republican requests - but both sides did this - so no one can walk away cleanly from this.

This has become a true crap sandwich.

 

yup, i'm in the generation that will have to carry a lot of this crap our shoulders. we're focked

 

I agree completely. This bill should have been a clean cut bill focused on the financial issues. They filled it with every Senator and Congressman/Congresswomans "Pet Projects" to sweeten the deal, so that they would vote for it. What a steaming pile of BullSh!t!!! There's no way a bill for indian employment credit or wooden arrows belongs in any part of this financial market bail out bill. Stuffing it with "pet projects" for the House and Sentators' re-election purposes is why it's 450 pages, and they say not one of the Senators who's voted for or against it has even read all 450 pages. No wonder it got turned down the first time. Hope they don't pass it again. It's a fvcking disgrace.

 

remember, it didn't pass the first time due to a larger majority of republicans rejecting the bill... some were hurt by what Palosi said about the Bush admin, but most were looking to have a higher percentage of the upper class protected in their interests. One of the keynotes is the raise of insured funds from $100k to $250k... that's the biggest factor in increasing the value of the bailout from $700 bil to $850+ bil. I mean, I understand... You gotta look out for your buddies, but either way, we were all fucked anyway thanks to the last 8 years. Anyone under 60 that wont be dead in the next 10-20 years will have to make up for the losses incurred... So yea, I'm sure you're all thinking like I am... Gotta make as much money as possible as an individual to ensure your future. Im a dem at heart, but I understand the system and realize that I better be in the upper crust financially by the time I'm 30...

 

And that's what burns my *** the most.

Here you have a Republican ticket touting how they are "Joe Sixpack hockey moms" - yet hold up the country's economic status to secure the wealth of the rich and add pointless earmarks for their constituents???

They are not helping McCain/Palin and it may be the lingering bad taste in everyone's mouth. But it all seems to change week by week.

BTW: check out this site. It's from a guy that's a HUGE statistician. Started off with crunching numbers for the Major League Baseball teams and was highly accurate. He tweaked the model and added in other playing factors and shows the trends of the campaign... been following it for some time now.
http://www.fivethirtyeight.com/

538 is the number of all electoral college votes - you need a majority of 270 to become President.

 

As if 700 billion wasn't enough to inflate our already ridiculous 10 trillion+ national debt, congress saw it necessary to sneak under the table another 150 billion in special interest porkbarrel requests. I remember Nancy Pelosi phrasing earmarks in the last fiscal budget as "legislative directed spending". As if we're all retards, just consenting to all the bullshit. The sad part is Americans will be outraged for a couple weeks then simply just forget about it.

 

Please tell me why theres a bailout again, I don't understand the concept of a bailout when they still own the deads to the property ???

 

I got this from a co-worker yesterday:

THE COMMON SENSE FIX

Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debts is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three-step Common Sense Plan:

1. INSURANCE

Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-issued and backed loans would have an instant market all over the world, creating immediate and needed liquidity.

• In order for a company to accept the government-backed insurance, they must do two things:
  • Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
    • Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
    • Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while working with the borrower - again limiting foreclosures and ruined lives.
  • Cancel ALL golden parachutes for EXISTING and FUTURE CEO'S and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps under-performing executives from being paid when they don't do their jobs.
• This backstop will cost less than $50 billion - a small fraction of the current proposal.

2. MARK TO MARKET

• Remove mark to market accounting rules for two years only on subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.
• This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks - and it costs the taxpayers nothing.

3. CAPITAL GAINS TAX

• Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous - and immediate - liquidity in the markets. Again, this costs the taxpayers nothing.
• This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down.

This is not a time for envy, and it's not a time for politics. It's time for all of us, as Americans, to stand up, speak out, and fix this mess.

 

I was being sarcastic, but thanks for the info....LOL

That is actually a very good proposal and a decent way to start the solving process. I dont own a house yet, but I have a friend thats directly affected by this whole situation. I'm actually helping him move tommorow. He owns 2 houses.1 he lives in and another that he had built.....the new one is sick!!! Its a 1.2 million dollar home, but anyways, he was selling the new house but because of the housing crisis the bank denied the loan for the buyer and he cant afford both mortgages so he has to forclose on the cheaper one, which really sucks. He got screwed!!!