I doubt most Americans wished to hear the truth about the economy/ debt. Sports provide an outlet of sorts, like the rationale for going to war with Iraq after 9-11. Do you want to go over all the errors of judgement and blunders? It's old. But now we are in quite a fix, Cold Water. Barney Frank illuminates nothing for me. I have this temptation to clear his throat and make him sound like a legislator.
On Oct 3, 5:20�pm, Cold Water <[EMAIL PROTECTED]> wrote: > 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- Hide > >quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ 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. -~----------~----~----~----~------~----~------~--~---
