Revised Bailout bill going to the Senate for vote Wed

[Thump553]

I just saw this article. Bascially the Senate is going to add two things to the bailout bill (1) universally popular concept of increasing FDIC insurance limits to $250,000 and (2) incorporating the alternative minimum tax relief / alternate energy tax credit bill to the bailout bill.

The AMT relief is very popular and very needed-a lot of middle class taxpayers are paying extra tax because the current rules are way outdated by inflation.

It looks like the Senate will vote on this first, and then send it back to the House-which should be both a carrot and a stick to cause them to accept it this time around.

 

[Lemon law]

If nothing else, its should get Wall Street speculators a jumping. As Neville Chamberland said, peace in our times. A financial incubator of countless political slogans, that at best will result in a temporary bandaid to stop the visible bleeding.

But when we are talking political bribes, my position is and remains, until we include the GOP in the endangered species act, the GOP will play hard to get. Its all they know anymore.

 

[SP33Demon]

There's a 99.9% chance this bill passes the Senate. It's just a formality.

 

[IronWing]

Does the new bill specify how it will be paid for? Doesn't seem like a good time to be cutting taxes, even if one thinks the tax unfair.

 

[IHateMyJob2004]

This is hte kick in hte ass that the House needs.

Even if the house shuts it down, it will force urgenncy. No more holiday bull shit when hte country can go into economic turnoil.

<== angered by holidyers.

 

[StageLeft]

Originally posted by: ironwing
Does the new bill specify how it will be paid for? Doesn't seem like a good time to be cutting taxes, even if one thinks the tax unfair.

Sanity. The deficit was already on course to widly beat previous records and this bailout bill will have it smashing them, possibly by magnitudes. And now cut taxes? Of course, the simpleminded people will say that taxes need to be cut to spur the economy, a fvcking ridiculous idea. The country is in this mess because of loose credit and now they want to pile it on more.

This is like going to mommy and saying sorry I ran $10k up on my credit card can you please pay it off? She says no the first time, so you ask again and yet this time say also can you please lend me another few thousand while you're at it, I have some new stereo equipment I need to buy.

Obviously, gov hasn't yet learned its lesson. But then again, it is a mirror of the people, isn't it.

 

[Acanthus]

There is absolutely no reason that taxes should be cut now. For anyone.

The country is on the verge of bankruptcy.

 

[woodie1]

The original reason for the ATM tax was sound but with inflation it now catches too many people that really shouldn't have to pay it IMHO. It should be adjusted for inflation.

 

[Craig234]

Originally posted by: woodie1
The original reason for the ATM tax was sound but with inflation it now catches too many people that really shouldn't have to pay it IMHO. It should be adjusted for inflation.

Correct, and completely unrelated to the bailout issue.

This appears to be their attempt to squeak the bill through mostly unchanged.

 

[Moonbeam]

I wonder if the Senate will bite into this poison apple by going on record when the house may still shoot it down.

 

[Craig234]

Originally posted by: Moonbeam
I wonder if the Senate will bite into this poison apple by going on record when the house may still shoot it down.

The Senate passing this is extremely likely.

 

[Insomniator]

The senate will pass it, who the hell knows what the house will do again.

 

[RichardE]

Originally posted by: Insomniator
The senate will pass it, who the hell knows what the house will do again.

Hopefully defeat it.

 

[Wreckem]

Originally posted by: woodie1
The original reason for the ATM tax was sound but with inflation it now catches too many people that really shouldn't have to pay it IMHO. It should be adjusted for inflation.

Its alot more complex than that. Its stupid to add any AMT shit in the bill. It will kill it period.

All the AMT crap Ive seen proposed doesnt really make up the short fall adjusting it will cause.

In the end any change to the AMT will come out in the wash for more people, because adjusting the AMT will just cause adjustment to the tax rates.

 

[Wreckem]

Originally posted by: Craig234

Originally posted by: Moonbeam
I wonder if the Senate will bite into this poison apple by going on record when the house may still shoot it down.

The Senate passing this is extremely likely.

The Senate would have passed the first one by atleast 70-30.

 

[JS80]

Where the hell is the relief for us responsible taxpayers who rent and have no fucking deductions?

 

[JS80]

Originally posted by: Acanthus
There is absolutely no reason that taxes should be cut now. For anyone.

The country is on the verge of bankruptcy.

Gee here's a concept CUT SPENDING WITH THE TAX CUTS

 

[Thump553]

Originally posted by: JS80
Where the hell is the relief for us responsible taxpayers who rent and have no fucking deductions?

You recently got a much inflated standard deduction.

I am not subject to the AMT but I know plenty of people that are-basically because of inflation, pure and simple.

Whether these changes are enough to push the bill through the House, who knows? It is indisputable that that substance of the bailout bill has not changed. But all that is needed is to get a literal handful of House members to change from no to yes. This is major league politics.

 

[brxndxn]

I hope the same people that flooded the House offices with faxes, emails, letters, and phone calls are now flooding the Senate... The Senate... always more corrupt than the House.

 

[yuppiejr]

Follow the money people...

This bailout is one big payoff to Wall Street fat cats and it's fucking ironic that the Democrats, crusaders for Main Street and the little guys, are all lined up like good little sheep to push this shit legislation through (not that more than a few on the right aren't right there in lockstep). The lobbyists in wall street are funding these campaigns of more than a few people in both houses and someone needs to point this out to the American people before you sheeple mortgage away the country. They've been counting on this all along to cushion the unreasonably large amount of risk they took in accepting wildly risky loan packages and anyone who supports this bailout is falling for the propaganda hook, line and sinker.

This is a shit idea either way, even by raising what the FDIC covers they are still vastly underfunded compared to the possible liabilities it will need to cover so guess what... even if we do bail these guys out and a few more of these poorly managed financial outfits fail requiring FDIC intervention you're going to get tapped AGAIN since we'll either be printing (inflation) or borrowing money (national debt) to cover what the FDIC needs to insure bank accounts. You need to both raise the amount covered by the FDIC and set aside a significant amount of money to cover their liabilities. It's like buying a 1 million dollar flood insurance package from a company that only has $15,000 in the bank to cover your claim when it's time to write a check. Raising the limits is only part of the solution and these people know it - it's simply a meaningless gesture to build support for what should be one of the greatest scandals in American political history.

http://www.opensecrets.org/

Follow the money...

 

[Dufusyte]

Originally posted by: woodie1
The original reason for the ATM tax was sound but with inflation it now catches too many people that really shouldn't have to pay it IMHO. It should be adjusted for inflation.

The "Income Tax" itself originally only effected the rich. But with inflation, we have all been pushed into paying income tax.

 

[halik]

I would prefer that stuf to ride on something less crucial, but all the thigns seem good to me. AMT was a stupid solution to begin with and FDIC limits won't hurt.

Are they adding CNG cars to the list of tax rebates?

 

[dquan97]

(from FW Finance)

In discussing the Bank Renewal bill with a delegation of bankers in 1832, Andrew Jackson said:

"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."

 

[IHateMyJob2004]

dquan,

Very poetic. To bad that it is not 1832 and the issue is not identical.

 

[IHateMyJob2004]

WHAT TIME IS THE VOTE?