There's pork in them thar bills! What was added to the bailout
Oct 7th 2008 1:44PM
Updated Oct 7th 2008 2:59PM
Taxpayers for Common Sense compiled a list of the Top 10 pieces of pork stuck into the bailout bill, the most ludicrous listed below.
- Tax break for manufacturers of wooden arrows used by children -- Cost $2 million
- 7 year tax extension for Race car Tracks -- Cost $100 million
- Tax incentives for film and TV production companies -- Cost $478 million
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.
- Alternative Minimum Tax extension - Saved many taxpayers from paying 4-5,000 more in taxes.
- 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.
- $7,500 tax credit for purchasing a Chevy Volt - Credit applies to other cars that meet the environmental criteria too.
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!