The bailout package started in the House was a simple three page bill. The Senate has now passed a four hundred page monstrosity loaded with pork, most of it having nothing to do with the financial bailout. Andrew Leonard at Salon gives us a sampling:
The Emergency Economic Stabilization Act of 2008 now also includes the Energy Improvement and Extension Act of 2008 and a smorgasbord of other add-ons. Among the notable features of the additional provisions are tax credits for wind and solar power, an extension of relief from the Alternative Minimum Tax, a provision to ensure that healthcare plans include mental health benefits and so many other handouts to various constituencies that no blog post would be sufficient to include them all.But here's a taste:
* Sec. 105. Energy credit for geothermal heat pump systems.
* Sec. 111. Expansion and modification of advanced coal project investment credit.
* Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund.
* Sec. 115. Tax credit for carbon dioxide sequestration.
* Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.
* Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax.
* Sec. 309. Extension of economic development credit for American Samoa.
* Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
* Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
* Sec. 503 Exemption from excise tax for certain wooden arrows designed for use by children.And so on.
I hope this thing goes down in flames in the house. I don't suppose there's any chance of a veto from President Bush.
