You missed my point Rigsy. Prevention is always better than the cure. O'Reilly's interview with Barney Frank was illuminating. "They" KNEW there were huge problems but chose to (fiddle) ignore those problems and it blew up in their face.
----- Original Message ----- From: "rigsy03" <[EMAIL PROTECTED]> To: "PoliticalForum" <[email protected]> Sent: Friday, October 03, 2008 6:13 PM Subject: Re: Bread for redneck circuses? It's time to think of Rome and the expense of the Colosseum, Cold Water! Think of all those exotic animals mauling Christians to death On Oct 3, 4:56�pm, Cold Water <[EMAIL PROTECTED]> wrote: > Bailout bill includes tax break for NASCAR racetracks > By LISA ZAGAROLI > A tax break for NASCAR racetracks and other motor-sports facilities is > among the "sweeteners" tucked inside a 450-page financial-services bailout > bill to make the package more palatable to lawmakers. > The Senate-passed bill includes an array of so-called "tax extenders." One > extends for two years a tax policy that had been allowed to expire in > December that lets motor-sports facilities be treated the same as > amusement parks and other entertainment complexes for tax purposes. > > That allowed them to write off their capital investments over a seven-year > period. The motor sports industry feared that without a specific legal > clarification, motor-sports facilities would be required to depreciate > their capital over 15 years or longer because of a recent Internal Revenue > Service inquiry into the matter. That would make repaved tracks and new > concession stands more expensive in the short term. > > It isn't a new tax break, rather the way tax law historically has been > interpreted, said Lauri Wilks, the vice president of communications for > Speedway Motorsports, which owns the NASCAR tracks in Fort Worth, Texas; > Sonoma, Calif.; Concord, N.C.; and elsewhere. > > "It gives us incentive to go ahead and invest in our facilities," she > said. > > Wilks said she couldn't put a price tag on the measure because track > owners would pay the same amount, just over a longer period. > > "Whether you pay all up front or depreciate them over time, the cash > outlay is the same," she said. > > A bill to extend the tax treatment had been introduced in the House of > Representatives by Rep. Mike Thompson, D-Calif., and co-sponsored by a > number of North Carolina members including Reps. Robin Hayes, a > Republican, and Melvin Watt, a Democrat. > > Thompson and Hayes voted against the original bank bailout bill Monday, > which didn't include the tax extenders added by the Senate and passed > Wednesday. Neither has said how he will vote when the House takes up the > new bill. > > In the Senate, the motor-sports provision was sponsored by Sen. Charles > Schumer, D-N.Y. > > Some watchdog groups oppose loading up the bill with unrelated items. > > "Unfortunately, it took a legitimately historic piece of legislation that > lawmakers on principle could vote for or against it, and they just loaded > it up with business as usual, a huge tax package not related at all to the > bailout, and crammed it over to the House," said Steve Ellis, the vice > president of Taxpayers for Common Sense, a nonpartisan budget watchdog > group. "And it's going to be interesting to see whether this turns any > votes or not." > > MORE FROM MCCLATCHY > > House leaders are confident bailout bill will pass this > time:http://www.mcclatchydc.com/227/story/53385.html > > What's in that Senate bill? Something for > everyone:http://www.mcclatchydc.com/244/story/53350.html > > Economy in Turmoil:http://www.mcclatchydc.com/turmoil > > http://www.miamiherald.com/news/politics/AP/v-print/story/711014.html --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
