It 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.
- 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
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.
- 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.
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!