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Yes, it’s true. The $700B bailout passed along with several other perks. In order for another vote to take place, law makers taped the bailout to an old bill that the senate never got around to voting on before.
Along with the bailout passing they also passed extending tax breaks for individuals using renewable energy (good!), a research and development credit for businesses (uhh… shrug), and another year free from paying the Alternative Minimum Tax.
Right, so best quote from Senate debate:
Sen. Richard Shelby, R-Ala., said the Senate will have “failed the American people” by acting hastily. “I agree we need to do something. … [But] we haven’t spent any time figuring out whether we’ve picked the best choice.”
Sen. Obama and Sen. McCain both voted in favor of the bailout, btw.
Now the bill heads to the House where the politicians are even more spineless.
UPDATE:
More details on what other completely unrelated laws were passed with the $700B bailout bill:
- Sec. 105. Energy credit for geothermal heat pump systems.
- Sec. 111. Expansion and modification of advanced coal project investment credit.
- Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund.
- Sec. 115. Tax credit for carbon dioxide sequestration.
- Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.
- Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax.
- Sec. 309. Extension of economic development credit for American Samoa.
- Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
- Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
- Sec. 503 Exemption from excise tax for certain wooden arrows designed for use by children.
[hattip: theagitator]
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