Earmarks in the Bailout Bill That Saved America

Exclusive Fousesquawk photo:
Behind the scenes photo of Congress drafting the bailout bill


We have been told that the bailout bill, disagreeable as it is, had to be passed in order to save the American economy. Well, our distinguished Congress has now passed the bill, and President Bush has signed it. So now, the republic has been saved.

AMAZING!

But wait! There is more. Also contained in the bill is page after page of..... EARMARKS! So many earmarks in fact that they were seen spilling out onto the sidewalk of Pennsylvania Avenue as it was rushed down to the White House.

Behold.

The bill that saved America contains a bunch of tax incentives that benefit specific industries or states.

Wooden arrows: (Yes, wooden arrows) This boondoggle, pushed by Oregon's two senators, benefits an Oregon manufacturer of wooden arrows for children to the tune of $2 million over 10 years. How's that for saving the economy?

Racetracks: This earmark would let auto racetrack owners depreciate their tracks over seven years, saving them $100 million over two years.

Rum: This puppy gives rum producers in Puerto Rico and the Virgin Islands a rebate on excise taxes worth $192 million over two years. I'll drink to that!

Wool: Reduces tariffs for U.S. makers of wool fabric that use imported yarn, worth $148 million over five years. This "crucial" earmark was pushed by Reps. Louise Slaughter, D-N.Y., and Melissa Bean, D-Ill.

Exxon Valdez: Plaintiffs in the suit over the 1989 oil spill can now spread their tax payments on punitive damages over three years, cutting their tax bill by $49 million. The measure was backed by Rep. Don Young, R-Alaska (one of the biggest porkers in Congress).

American Samoa: This gives certain corporations the ability to reduce their tax liability on income earned in American Samoa, at a cost of $33 million over two years.

Hollywood: Extends a tax break for film and TV companies that keep their production in the United States, worth $478 million over 10 years. The provision was originally pushed by Rep. Diane Watson, D-Los Angeles. Who is Diane Watson, you ask?

You don't want to know.

Ron Wyden, D-Oregon, and Larry Craig, R-Idaho, pushed an expansion of a program that helps pay for rural schools (and presumably upgrade their rest rooms in case the senator from Idaho decides to drop in).

There is also $5 million a year through 2013 for railroad safety infrastructure improvements across the country (like ordering their engineers not to text-message while operating the train).

I remember that not so long ago (like a week or so) Senator McCain promised us that, as president, he would veto any bill that came to his desk with earmarks.

So he voted no on this bill, right?

Wrong.

So, even with the greatest economic crisis facing the company since 1929 (according to Henry Paulson)and Wall Street apparently collapsing, our esteemed leaders, in crafting The Bill, didn't forget to cram it full of earmarks for their favorite projects. Did any politicians change their votes this week because of earmarks? If so, I would like to know who.

Disgusted?

Call Now.


Source: Taxpayers for Common Sense (posted in SF Gate)