This whole mess disgusts me. The people responsible need to be prosecuted, but it sounds like many will get off easy.
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/02/AR2008100203631.html?hpid=topnews
We, the people, need to hold our representatives accountable for mishandling the whole mess.
Here is more information about H.R.1424: A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. (This is the one passed by Congress and signed by the president.)
http://www.govtrack.us/congress/bill.xpd?bill=h110-1424
You can find the full text here: http://www.govtrack.us/congress/billtext.xpd?bill=h110-1424
This gives the Secretary of the Treasury way too much authority and is written in a way to make it more difficult to understand.
Sec 136 increases FDIC insurance to $250,000 until Dec. 31st, 2009.
I find that odd. It hasn't kept up with inflation, so increasing the limit would make sense, especially since rich people pulling the amount in excess of $100,000 out of their accounts would hurt the banks further.
DIVISION B--ENERGY IMPROVEMENT AND EXTENSION ACT OF 2008 starts off by editing a lot of other laws, and extending some renewable energy credits
There is a credit allowed against the alternative minimum tax. Is it really a minimum tax then?
Extra credits for the steel industry?
FERC and state electric restructuring?
Subtitle B--Carbon Mitigation and Coal Provisions
(3) CAPTURE AND SEQUESTRATION OF CARBON DIOXIDE EMISSIONS REQUIREMENT-
(A) IN GENERAL- Section 48A(e)(1) is amended by striking ‘and’ at the end of subparagraph (E), by striking the period at the end of subparagraph (F) and inserting ‘; and’, and by adding at the end the following new subparagraph:
‘(G) in the case of any project the application for which is submitted during the period described in subsection (d)(2)(A)(ii), the project includes equipment which separates and sequesters at least 65 percent (70 percent in the case of an application for reallocated credits under subsection (d)(4)) of such project’s total carbon dioxide emissions.’.
(B) HIGHEST PRIORITY FOR PROJECTS WHICH SEQUESTER CARBON DIOXIDE EMISSIONS- Section 48A(e)(3) is amended by striking ‘and’ at the end of subparagraph (A)(iii), by striking the period at the end of subparagraph (B)(iii) and inserting ‘, and’, and by adding at the end the following new subparagraph:
‘(C) give highest priority to projects with the greatest separation and sequestration percentage of total carbon dioxide emissions.’.
SEC. 115. TAX CREDIT FOR CARBON DIOXIDE SEQUESTRATION.
(a) In General- Subpart D of part IV of subchapter A of chapter 1 (relating to business credits) is amended by adding at the end the following new section:
‘SEC. 45Q. CREDIT FOR CARBON DIOXIDE SEQUESTRATION.
‘(a) General Rule- For purposes of section 38, the carbon dioxide sequestration credit for any taxable year is an amount equal to the sum of--
‘(1) $20 per metric ton of qualified carbon dioxide which is--
‘(A) captured by the taxpayer at a qualified facility, and
‘(B) disposed of by the taxpayer in secure geological storage, and
‘(2) $10 per metric ton of qualified carbon dioxide which is--
‘(A) captured by the taxpayer at a qualified facility, and
‘(B) used by the taxpayer as a tertiary injectant in a qualified enhanced oil or natural gas recovery project.
What the heck is this crap!? This bill was supposed to be about helping the economy!!! Why did they throw in limiting CO2 emissions and tax credits for those who do!
So much of this bill has nothing to do with it's advertised purpose!
TITLE III--ENERGY CONSERVATION AND EFFICIENCY PROVISIONS
Has credits for energy efficient appliances- that seems nice, but unrelated.
TITLE IV--REVENUE PROVISIONS
DIVISION C--TAX EXTENDERS AND ALTERNATIVE MINIMUM TAX RELIEF
SEC. 102. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.
SEC. 322. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA.
Here's the bit about wool mentioned on The Daily Show
SEC. 325. EXTENSION AND MODIFICATION OF DUTY SUSPENSION ON WOOL PRODUCTS; WOOL RESEARCH FUND; WOOL DUTY REFUNDS.
(a) Extension of Temporary Duty Reductions- Each of the following headings of the Harmonized Tariff Schedule of the United States is amended by striking the date in the effective period column and inserting ‘12/31/2014’:
(1) Heading 9902.51.11 (relating to fabrics of worsted wool).
(2) Heading 9902.51.13 (relating to yarn of combed wool).
(3) Heading 9902.51.14 (relating to wool fiber, waste, garnetted stock, combed wool, or wool top).
(4) Heading 9902.51.15 (relating to fabrics of combed wool).
(5) Heading 9902.51.16 (relating to fabrics of combed wool).
(b) Extension of Duty Refunds and Wool Research Trust Fund-
(1) IN GENERAL- Section 4002(c) of the Wool Suit and Textile Trade Extension Act of 2004 (Public Law 108-429; 118 Stat. 2603) is amended--
(A) in paragraph (3)(C), by striking ‘2010’ and inserting ‘2015’; and
(B) in paragraph (6)(A), by striking ‘through 2009’ and inserting ‘through 2014’.
I found the bit about the wooden arrows!
SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
(a) In General- Paragraph (2) of section 4161(b) is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph:
‘(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS- Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly--
‘(i) measures 5/16 of an inch or less in diameter, and
‘(ii) is not suitable for use with a bow described in paragraph (1)(A).’.
(b) Effective Date- The amendments made by this section shall apply to shafts first sold after the date of enactment of this Act.
Subtitle B--Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008
Again, why is this stuff just tacked on!?
TITLE VI--OTHER PROVISIONS
SEC. 601. SECURE RURAL SCHOOLS AND COMMUNITY SELF-DETERMINATION PROGRAM.
TITLE VII--DISASTER RELIEF
Subtitle A--Heartland and Hurricane Ike Disaster Relief
Ugh, each separate item should be a separate bill and voted on separately. In this case you have disaster relief mixed in with bailing out wall street and buying up bad debt, and all sorts of other stuff! Buying up the bad debt is not the way to go. Besides now they're asking for more!!!
Here's an idea, let's not vote for any incumbent who voted for this mess, even if they're not up for reelection this time around. When its their turn, kick them out. Please, look at the voting records and use that to make your decision. I know it takes more time to do, but we need to tell our government that they work for us! If they do a crappy job, they're fired!
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