{"id":2161,"date":"2008-10-02T17:14:29","date_gmt":"2008-10-02T23:14:29","guid":{"rendered":"http:\/\/www.sequence-inc.com\/fraudfiles\/?p=2161"},"modified":"2010-06-12T22:29:17","modified_gmt":"2010-06-13T04:29:17","slug":"check-out-the-pork-in-the-bailout-bill","status":"publish","type":"post","link":"https:\/\/www.sequenceinc.com\/fraudfiles\/check-out-the-pork-in-the-bailout-bill\/","title":{"rendered":"Check out the pork in the bailout bill"},"content":{"rendered":"<p>Oh, I know we&#8217;re not supposed to call it &#8220;pork.&#8221; It&#8217;s now &#8220;sweeteners.&#8221; And it&#8217;s not a &#8220;bailout.&#8221; It&#8217;s now a &#8220;recovery&#8221; bill. I get it. It&#8217;s all about marketing, and to properly market it to Americans (i.e. Get them to &#8220;pay no attention to the man behind the curtain!&#8221;) we have to use better words..<\/p>\n<p>Well check out the pork anyway. Here&#8217;s the obnoxiously <a href=\"http:\/\/banking.senate.gov\/public\/_files\/latestversionAYO08C32_xml.pdf\">long full text of the bill<\/a>. Pages 261 to 263 give a nice list of the pork&#8230;. Some of the tax provisions make sense and should be passed separately from this bill. Most of the pork is just ridiculous. Check it out and I&#8217;ll add some commentary later:<!--more--><\/p>\n<p><strong>TITLE I\u2014ALTERNATIVE MINIMUM TAX RELIEF<\/strong><\/p>\n<ul>\n<li>Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal credits.<\/li>\n<li>Sec. 102. Extension of increased alternative minimum tax exemption amount.<\/li>\n<li>Sec. 103. Increase of AMT refundable credit amount for individuals with longterm unused credits for prior year minimum tax liability, etc.<\/li>\n<\/ul>\n<p><strong>TITLE II\u2014EXTENSION OF INDIVIDUAL TAX PROVISIONS<\/strong><\/p>\n<ul>\n<li>Sec. 201. Deduction for State and local sales taxes.<\/li>\n<li>Sec. 202. Deduction of qualified tuition and related expenses.Sec. 203. Deduction for certain expenses of elementary and secondary school teachers.<\/li>\n<li>Sec. 204. Additional standard deduction for real property taxes for nonitemizers.<\/li>\n<li>Sec. 205. Tax-free distributions from individual retirement plans for charitable purposes.<\/li>\n<li>Sec. 206. Treatment of certain dividends of regulated investment companies.<\/li>\n<li>Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not citizens.<\/li>\n<li>Sec. 208. Qualified investment entities.<\/li>\n<\/ul>\n<p><strong>TITLE III\u2014EXTENSION OF BUSINESS TAX PROVISIONS<\/strong><\/p>\n<ul>\n<li>Sec. 301. Extension and modification of research credit.<\/li>\n<li>Sec. 302. New markets tax credit.<\/li>\n<li>Sec. 303. Subpart F exception for active financing income.<\/li>\n<li>Sec. 304. Extension of look-thru rule for related controlled foreign corporations.<\/li>\n<li>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.<\/li>\n<li>Sec. 306. Modification of tax treatment of certain payments to controlling exempt organizations.<\/li>\n<li>Sec. 307. Basis adjustment to stock of S corporations making charitable contributions of property.<\/li>\n<li>Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.<\/li>\n<li>Sec. 309. Extension of economic development credit for American Samoa.<\/li>\n<li>Sec. 310. Extension of mine rescue team training credit.<\/li>\n<li>Sec. 311. Extension of election to expense advanced mine safety equipment.<\/li>\n<li>Sec. 312. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.<\/li>\n<li>Sec. 313. Qualified zone academy bonds.<\/li>\n<li>Sec. 314. Indian employment credit.<\/li>\n<li>Sec. 315. Accelerated depreciation for business property on Indian reservations.<\/li>\n<li>Sec. 316. Railroad track maintenance.<\/li>\n<li>Sec. 317. Seven-year cost recovery period for motorsports racing track facility.<\/li>\n<li>Sec. 318. Expensing of environmental remediation costs.<\/li>\n<li>Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.<\/li>\n<li>Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf Opportunity Zone.<\/li>\n<li>Sec. 321. Enhanced deduction for qualified computer contributions.<\/li>\n<li>Sec. 322. Tax incentives for investment in the District of Columbia.<\/li>\n<li>Sec. 323. Enhanced charitable deductions for contributions of food inventory.<\/li>\n<li>Sec. 324. Extension of enhanced charitable deduction for contributions of book inventory.<\/li>\n<li>Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.<\/li>\n<\/ul>\n<p><strong>TITLE IV\u2014EXTENSION OF TAX ADMINISTRATION PROVISIONS<\/strong><\/p>\n<ul>\n<li>Sec. 401. Permanent authority for undercover operations.<\/li>\n<li>Sec. 402. Permanent authority for disclosure of information relating to terrorist<\/li>\n<li>activities.<\/li>\n<\/ul>\n<p><strong>TITLE V\u2014ADDITIONAL TAX RELIEF AND OTHER TAX PROVISIONS<\/strong><br \/>\nSubtitle A\u2014General Provisions<\/p>\n<ul>\n<li>Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.<\/li>\n<li>Sec. 502. Provisions related to film and television productions.<\/li>\n<li>Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.<\/li>\n<li>Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.<\/li>\n<li>Sec. 505. Certain farming business machinery and equipment treated as 5-year property.<\/li>\n<li>Sec. 506. Modification of penalty on understatement of taxpayer\u2019s liability by tax return preparer.<\/li>\n<\/ul>\n<p>Subtitle B\u2014Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008<\/p>\n<ul>\n<li>Sec. 511. Short title.<\/li>\n<li>Sec. 512. Mental health parity.<\/li>\n<\/ul>\n<p><strong>TITLE VI\u2014OTHER PROVISIONS<\/strong><\/p>\n<ul>\n<li>Sec. 601. Secure rural schools and community self-determination program.<\/li>\n<li>Sec. 602. Transfer to abandoned mine reclamation fund.<\/li>\n<\/ul>\n<p><strong>TITLE VII\u2014DISASTER RELIEF<\/strong><br \/>\nSubtitle A\u2014Heartland and Hurricane Ike Disaster Relief<\/p>\n<ul>\n<li>Sec. 701. Short title.<\/li>\n<li>Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe storms, tornados, and flooding.<\/li>\n<li>Sec. 703. Reporting requirements relating to disaster relief contributions.<\/li>\n<li>Sec. 704. Temporary tax-exempt bond financing and low-income housing tax relief for areas damaged by Hurricane Ike.<\/li>\n<\/ul>\n<p>Subtitle B\u2014National Disaster Relief<\/p>\n<ul>\n<li>Sec. 706. Losses attributable to federally declared disasters.<\/li>\n<li>Sec. 707. Expensing of Qualified Disaster Expenses.<\/li>\n<li>Sec. 708. Net operating losses attributable to federally declared disasters.<\/li>\n<li>Sec. 709. Waiver of certain mortgage revenue bond requirements following federally declared disasters.<\/li>\n<li>Sec. 710. Special depreciation allowance for qualified disaster property.<\/li>\n<li>Sec. 711. Increased expensing for qualified disaster assistance property.<\/li>\n<li>Sec. 712. Coordination with Heartland disaster relief.<\/li>\n<\/ul>\n<p><strong>TITLE VIII\u2014SPENDING REDUCTIONS AND APPROPRIATE REVENUE RAISERS FOR NEW TAX RELIEF POLICY<\/strong><\/p>\n<ul>\n<li>Sec. 801. Nonqualified deferred compensation from certain tax indifferent parties.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Oh, I know we&#8217;re not supposed to call it &#8220;pork.&#8221; It&#8217;s now &#8220;sweeteners.&#8221; And it&#8217;s not a &#8220;bailout.&#8221; It&#8217;s now a &#8220;recovery&#8221; bill. I get it. It&#8217;s all about marketing, and to properly market it to Americans (i.e. Get them [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":["post-2161","post","type-post","status-publish","format-standard","hentry","category-fraud-news-stories"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6Z0e-yR","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/2161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/comments?post=2161"}],"version-history":[{"count":0,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/2161\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/media?parent=2161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/categories?post=2161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/tags?post=2161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}