Saturday, October 4, 2008

 

700 Billion Deal or No Deal- How Did your Representative Vote?


How Did your Representative Vote?  Did you agree or not agree. Do you understand it all? Tough questions huh?

See here

42-80% of Americans were against the Bailout!

Here's my opinion at least based on what I understand so far.

I am very concerned about living in a country where our representatives are dealing cards for their own self interests regardless of party association. Did you know the bailout of 700 billion passed this week ( see attached) It includes some crazy bailout programs like "Children's wooden arrows". Or how about let's vote yea from the senate or house floor if you add bailing out The "Exxon Valdez litigation". Or prehaps Deal or no Deal if you bail out another pet project of bailing out "Provisions related to film and television productions". The list goes on for some 50 plus special deals that had absolutely nothing to do with bailing out mortgages or Wallstreet. Many of our leaders are bribe takers and makers, not lazer focused leaders who will  sacrifice at all cost to represent the people regardless how long or hard it is.   .

It seems we have now many leaders representing who are Deal makers who trade off principle for self interest. How does the Bailout help me?

It is a great Deal for me personally ( until a few years from now we it plunges again)for a season , but I was not asking for it and the greater good of the nation and the crsis was not about me in this case.  It did increase my child tax credit from 5000 per child to 8,500. It bails me out of having to send my oldest daughter next year to some state institution of understand for less cost over a higher more expensive private Christian college we desire for her. So on many fronts I am thankful for some of the add on's to the bailout, but that was not what it was all about.

I looked up  "MY" sentors and congressman who voted on my behalf . And for the Record I say a big thank you to Congressman Bob Goodlatte who did not sell out to all the self interest groups. Of the 3 representatives that stood on my behalf only Congressman Goodlatte represented the vote as I would had voted.

THANK YOU Bob!!!

 

Look at all the extra's tagged into the 700 Billion Below ( see details on attached)

TITLE I—ALTERNATIVE MINIMUM TAX RELIEF

  1. Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal

credits.

  1. Sec. 102. Extension of increased alternative minimum tax exemption amount.
  2. Sec. 103. Increase of AMT refundable credit amount for individuals with longterm

unused credits for prior year minimum tax liability, etc.

TITLE II—EXTENSION OF INDIVIDUAL TAX PROVISIONS

  1. Sec. 201. Deduction for State and local sales taxes.
  2. Sec. 202. Deduction of qualified tuition and related expenses.

262

O:\AYO\AYO08C32.xml S.L.C.

  1. Sec. 203. Deduction for certain expenses of elementary and secondary school

teachers.

  1. Sec. 204. Additional standard deduction for real property taxes for nonitemizers.
  2. Sec. 205. Tax-free distributions from individual retirement plans for charitable

purposes.

  1. Sec. 206. Treatment of certain dividends of regulated investment companies.
  2. Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not

citizens.

  1. Sec. 208. Qualified investment entities.

TITLE III—EXTENSION OF BUSINESS TAX PROVISIONS

  1. Sec. 301. Extension and modification of research credit.
  2. Sec. 302. New markets tax credit.
  3. Sec. 303. Subpart F exception for active financing income.
  4. Sec. 304. Extension of look-thru rule for related controlled foreign corporations.
  5. 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.

  1. Sec. 306. Modification of tax treatment of certain payments to controlling exempt

organizations.

  1. Sec. 307. Basis adjustment to stock of S corporations making charitable contributions
  2. of property.
  3. Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and

the Virgin Islands.

  1. Sec. 309. Extension of economic development credit for American Samoa.
  2. Sec. 310. Extension of mine rescue team training credit.
  3. Sec. 311. Extension of election to expense advanced mine safety equipment.
  4. Sec. 312. Deduction allowable with respect to income attributable to domestic

production activities in Puerto Rico.

  1. Sec. 313. Qualified zone academy bonds.
  2. Sec. 314. Indian employment credit.
  3. Sec. 315. Accelerated depreciation for business property on Indian reservations.
  4. Sec. 316. Railroad track maintenance.
  5. Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
  6. Sec. 318. Expensing of environmental remediation costs.
  7. Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.
  8. Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf

Opportunity Zone.

  1. Sec. 321. Enhanced deduction for qualified computer contributions.
  2. Sec. 322. Tax incentives for investment in the District of Columbia.
  3. Sec. 323. Enhanced charitable deductions for contributions of food inventory.
  4. Sec. 324. Extension of enhanced charitable deduction for contributions of book

inventory.

  1. Sec. 325. Extension and modification of duty suspension on wool products; wool

research fund; wool duty refunds.

TITLE IV—EXTENSION OF TAX ADMINISTRATION PROVISIONS

  1. Sec. 401. Permanent authority for undercover operations.
  2. Sec. 402. Permanent authority for disclosure of information relating to terrorist

activities.

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O:\AYO\AYO08C32.xml S.L.C.

TITLE V—ADDITIONAL TAX RELIEF AND OTHER TAX

PROVISIONS

Subtitle A—General Provisions

  1. Sec. 501. $8,500 income threshold used to calculate refundable portion of child

tax credit.

  1. Sec. 502. Provisions related to film and television productions.
  2. Sec. 503. Exemption from excise tax for certain wooden arrows designed for

use by children.

  1. Sec. 504. Income averaging for amounts received in connection with the Exxon

Valdez litigation.

  1. Sec. 505. Certain farming business machinery and equipment treated as 5-year

property.

  1. Sec. 506. Modification of penalty on understatement of taxpayer’s liability by

tax return preparer.

Subtitle B—Paul Wellstone and Pete Domenici Mental Health Parity and

Addiction Equity Act of 2008

Sec. 511. Short title.

  1. Sec. 512. Mental health parity.

TITLE VI—OTHER PROVISIONS

  1. Sec. 601. Secure rural schools and community self-determination program.
  2. Sec. 602. Transfer to abandoned mine reclamation fund.

TITLE VII—DISASTER RELIEF

Subtitle A—Heartland and Hurricane Ike Disaster Relief

Sec. 701. Short title.

  1. Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe

storms, tornados, and flooding.

  1. Sec. 703. Reporting requirements relating to disaster relief contributions.
  2. Sec. 704. Temporary tax-exempt bond financing and low-income housing tax relief

for areas damaged by Hurricane Ike.

Subtitle B—National Disaster Relief

  1. Sec. 706. Losses attributable to federally declared disasters.
  2. Sec. 707. Expensing of Qualified Disaster Expenses.
  3. Sec. 708. Net operating losses attributable to federally declared disasters.
  4. Sec. 709. Waiver of certain mortgage revenue bond requirements following federally

declared disasters.

  1. Sec. 710. Special depreciation allowance for qualified disaster property.
  2. Sec. 711. Increased expensing for qualified disaster assistance property.
  3. Sec. 712. Coordination with Heartland disaster relief.

TITLE VIII—SPENDING REDUCTIONS AND APPROPRIATE

REVENUE RAISERS FOR NEW TAX RELIEF POLICY

  1. Sec. 801. Nonqualified deferred compensation from certain tax indifferent parties.

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