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Why Am I Not Surprised: House Bailout Legislation Larded With – Yup, You Guessed It – Earmarks

02 Oct

I suppose as a fully functioning American, acutely aware of the national debacle known as politics, I should have expected this:

While crafting a bill aimed at rescuing the U.S. economy this week, lawmakers couldn’t help themselves from adding billions of dollars in tax breaks that have little to do with restoring confidence in financial markets.

Senators quietly tucked a number of earmarks into the tax package of the 451-page bill passed Wednesday night and expected to be put to a vote in the House on Friday: a $2 million tax benefit for makers of wooden arrows for children; a $100 million tax break to benefit auto racetrack owners; $192 million in rebates on excise taxes for the Puerto Rican and Virgin Islands rum industry; $148 million in tax relief for U.S. wool fabric producers; and a $49 million tax benefit for fishermen and other plaintiffs who sued Exxon over the 1989 tanker Valdez spill.

The full sad story can be found here, via SFGate.com.

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Posted by on October 2, 2008 in Political

 

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