- Days left

There's pork in them thar bills! What was added to the bailout

pigs or porkIt seems that many of our congresscritters took advantage of the public outcry for a quick passage to pack a bunch of pork into the Emergency Economic Stabilization Act of 2008. It seems ridiculous, but members of Congress took advantage of a bill meant to save the economy to fund questionable programs in their home states. While many contend that the pork was needed to get enough votes for the bill to pass, you'd think the threat of martial law would have given senators enough reason to pass the bill without the added fat.

Taxpayers for Common Sense compiled a list of the Top 10 pieces of pork stuck into the bailout bill, the most ludicrous listed below.
  1. Tax break for manufacturers of wooden arrows used by children -- Cost $2 million
  2. 7 year tax extension for Race car Tracks -- Cost $100 million
  3. Tax incentives for film and TV production companies -- Cost $478 million
These are just a few of the crazier examples of pork attached to the bailout bill, the rest of the list encompassing billions of dollars in expenditures is sure to turn your stomach.

Not all pork has to be bad, there are many other extras added into the bailout bill which in my opinion fall under the bacon category, as in pork that tastes good!

Here are a few examples of worthwhile pork that made it through as part of the bailout.

  1. Alternative Minimum Tax extension - Saved many taxpayers from paying 4-5,000 more in taxes.
  2. Charitable IRA Rollover Extension - Allows individuals to avoid taxes on a portion of their IRA given to charities...if they have anything left in retirement.
  3. $7,500 tax credit for purchasing a Chevy Volt - Credit applies to other cars that meet the environmental criteria too.
Obviously your opinion of these pieces of pork may differ from mine, but I was just happy to see that if some pork was going to be part of this bailout that there were a few pieces that stand a chance of making my life better. Speaking of improving things, it seems that the passage of the bailout hasn't assured investors enough to stop the Dow from continuing its downward spiral. Let's just hope that those wooden arrow making, racetrack owning, TV producers are feeling some relief now that the bill passed!

What do you think about the pork that was attached to the Emergency Economic Stabilization Act of 2008? Do you agree with those I have classified as bacon? Sound off in the comments!

Increase your money and finance knowledge from home

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

TurboTax Articles

Are You Exempt From Health Care Coverage?

The Affordable Care Act, or Obamacare, is an individual mandate that requires all eligible Americans to have some form of basic health coverage by 2014. Those without insurance will receive a penalty when they file their tax returns ? that is, unless they have an exemption. TurboTax's Exemption Check can help you find out whether or not you qualify for an exemption.

Essential Tax Forms for the Affordable Care Act

The Affordable Care Act (ACA), also referred to as Obamacare, affects how millions of Americans will prepare their taxes in the new year. The law now includes penalties for all who haven?t obtained health insurance -- and those penalties are expected to be paid at tax time. The ACA also provides tax credits to help people pay for insurance, and you can claim those credits when you file your taxes. The Internal Revenue Service (IRS) has introduced a number of tax forms to accommodate the ACA.

Mortgage Refinance Tax Deductions

When refinancing a mortgage to get a lower interest rate or obtain more favorable loan terms, you're really just taking out a new loan and using the money to pay off your existing home loan. In general, the same tax deductions are available when you're refinancing a mortgage as when you're taking out a mortgage to buy a home.

How to Determine if You Have Minimum Essential Coverage (MEC)

The Affordable Care Act, also known as Obamacare, requires most Americans to have health insurance that meets a government standard known as "minimum essential coverage," or MEC. Whether your insurance qualifies as MEC depends not on the plan itself, but on how you obtained your coverage.

Rental Property Deductions You Can Take at Tax Time

Rental property often offers larger deductions and tax benefits than most investments. Many of these are overlooked by landlords at tax time. This can make a difference in making a profit or losing money on your real estate venture. If you own a rental property, the IRS allows you to deduct expenses you pay for the upkeep and maintenance of the property, conserving and managing the property, and other expenses deemed necessary and associated with property rental.

Add a Comment

*0 / 3000 Character Maximum