PORK SAMPLES

Opponents of the bailout called it a costly Band-Aid that did not address the core problems in the financial system. Below are some excessive and unconscionable add-ons:

Senators attached a provision repealing a 39-cent excise tax on wooden arrows designed for children to an historic $700 billion financial-markets rescue that passed tonight by a vote of 74-25. The provision, originally proposed by Oregon senators Ron Wyden [D] and Gordon Smith [R], will save manufacturers such as Rose City Archery in Myrtle Point, Oregon, about $200,000 a year.

Smells-bad

Dozens of other tax breaks benefiting Hollywood producers, stock-car racetrack owners and Virgin Islands rum-makers included in the broader legislation in an effort to win support from House Republicans, whose defection contributed to a rejection of an earlier version of the legislation two days ago on a 228-205 vote.

Allowing employers to exempt from taxation what they spend on some fringe benefits for workers who commute to work by bicycle, for example reimbursing the cost of parking the bikes. Cost: $2 million.

Sec. 211. Transportation fringe benefit to bicycle commuters. Allows employers to provide a benefit to employees for costs associated with bicycle commuting, including purchase and repair of a bicycle, bicycle improvements, and bicycle storage. This provision was proposed in 2007 in the Senate by Sen. Ron Wyden (D-OR) and in the House by Rep. Earl Blumenauer (D-OR). This provision is estimated to cost $10 million.

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You’re currently reading “PORK SAMPLES,” an entry on Harvey Tobkes.

Published:
10.04.08 5:59
Category:
Politics