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Bailout Boondoggle
The recent government bailout of big banks and investment firms is estimated to cost $700 billion. The speed with which the legislation was passed, and its breathtaking size, pretty much guarantee that it’s larded with plenty of pork.
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| JIM DESTEFANI, Editor Contact me |
Just ask a group called Taxpayers for Common Sense, which has highlighted some of the more egregious tax-related provisions in the bailout. Here are just a few bits from their list:
- A tax incentive program aimed at keeping film production in the U.S. by allowing producers of qualifying films to immediately expense production costs.
- A seven-year depreciation schedule for race track owners.
- An extension and modification of duty suspension on wool products intended to benefit U.S. wool fabric producers.
- A tax break for certain wooden arrows designed for use by children.
So is there anything worthwhile for U.S. manufacturers in this thing? Well, if you perform research and development, the legislation re-establishes and extends the tax credit for companies doing R&D in the U.S. Where does it all leave small manufacturers and finishing shops? Well, with any luck at all your bank won’t fail and you’ll continue to be able to make payroll and obtain short-term loans to keep operating. Good luck—you’re going to need it over the next few months.
Oh, and if you’re having trouble sleeping—maybe worrying about the economy and your business? - here’s the full 451-page bailout document.
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Share your views, win an Amazon gift certificate UESTION What do you think of the big bailout? Send us your thoughts and you’ll have a chance to win a $50 Amazon gift card. Responses may be published in next month’s Digital Dispatch. Click here to respond |
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NSWER Last month we ran our own highly unscientific presidential poll, which elicited more responses than any other newsletter question—ever. Digital Dispatch readers went Republican in a landslide, with nearly three-quarters (74%) saying they preferred the McCain-Palin ticket. Our readers are a pragmatic bunch who might have different priorities than many in the general electorate: Folks who went for McCain cited what they perceive as a more business-friendly approach as their main reason for supporting the Republican ticket. Thanks to all who responded. |
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