- 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!

Learn about investing from the comfort of your own home.

Portfolio Basics

Take the first steps to building your portfolio.

View Course »

Investment Strategies

Learn the strategies you need to build a winning portfolio

View Course »

TurboTax Articles

5 Hidden Ways to Boost Your Tax Refund

Most of us are looking for ways to pay no more than we owe in taxes, or even boost our tax refunds. Here are five strategies that go beyond the obvious with tried-and-true ways to reduce your tax liability.

What, Me Worry? Last Minute Taxes

According to the Internal Revenue Service, 20-25% of all Americans wait until the last two weeks before the deadline to prepare their tax returns. At that late date, there are only two things you can do: File your taxes pronto, or request a tax extension.

Can't File by the Deadline? Top 3 Reasons to File a Tax Extension

The Internal Revenue Service allows taxpayers to file for a 6-month extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. Check your state tax laws; some states accept IRS extensions while others require you to file a separate state extension form.

Add a Comment

*0 / 3000 Character Maximum