Big Tax Breaks for Businesses in Housing Bill

Source: NY Times

The Senate proclaimed a fierce bipartisan resolve two weeks ago to help American homeowners in danger of foreclosure. But while a bill that senators approved last week would take modest steps toward that goal, it would also provide billions of dollars in tax breaks — for automakers, airlines, alternative energy producers and other struggling industries, as well as home builders.

The tax provisions of the Foreclosure Prevention Act, which consumer groups and labor leaders say amount to government handouts to big business, show how the credit crisis, while rattling the housing and financial markets, has created beneficiaries in the power corridors of Washington.

It also shows how legislation with a populist imperative offers a chance for lobbyists to press their clients’ interests.

This has proved especially true on the housing legislation, which many lawmakers and lobbyists view as one of the last opportunities before Congress grinds to a halt amid election-year politics.

In the Senate bill, the nation’s biggest home builders, some now on the verge of bankruptcy, won a provision that would let them claim millions in tax refunds by charging their current losses against the huge profits they made three or four years ago. Other struggling industries would benefit from this provision.



Read more: http://www.nytimes.com/2008/04/16/business/16bailout.html?_r=1&hp&oref=slogin

I guess that this means that nobody can expect anything out of the Senate that means any fucking thing!

Fuck you Republicans!
Fuck you Democrats!

I FUCKING QUIT! I Quit fucking caring!

We need a revolution, not an election!

Sorry guys. I can't support any of you anymore!

Bye.

I had high hopes on election night. I thought we would see some change but nada. The pols keep telling us if they have a good strong majority things will get better but I don't see them trying too hard with the slim majority they have now. I think we are on our own and the sooner we get used to that idea the better.

I get tired of screaming into the echo chamber knowing full well that my voice means nothing in the grand scheme of things.

Bitter? Me? Damn straight.

I'm just here collecting my last 7 paychecks, if I can make it that long, until I leave behind this godforsaken wasteland nation of sitting ducks... when I shall finally exclaim: adios, suckers, if you want Habeas Corpus, move to Latin America.

Did you ever hit the nail on the head.

While this was going on, Cindy stole Rachel Ray's recipe book. Hillary had a shot and a beer. Barak got bitter. And some nitwit on Big Brother stabbed some other nitwit in the back.

and you must have courage to go through with it to the bitter end.

where the lord splt you.

At the very least, we need to vote all of them out. Send a message in November.

I'm afraid it won't be passive, or pretty.

:argh:

Recommend, I agree, those bastards want everything just for the asking.

That is my question. Someone will say this is good for everyone, that business getting tax breaks is good for the workers etc, but that is bullshit. What are we not storming the Capital and the White House?

OK.
When big business gets tax breaks it's good for everyone because all the money they make tricles down through the economy and lifts everybody's yacht...uh, hmm, uh,

I forget. What comes next, Mr. Greenspan?

After the 60s and 70s riots in the streets, The corporate power brokers and their lapdog politicians went after a whole new generation, plying them with shiny, pretty things and mindless entertainment. Education became mindless as well, learning by rote and being disconnected from history. Social issues either became boring, nostalgic or a fashion statement (Look at all the "protest" songs being used to sell cars, or financial planning, eg).

The System also made sure we who did care were disconnected from the mainstream, marginalised and made to look like lunatics. I know this all firsthand, as I was 18 during the Watergate hearings, the last time Republican politicians did the right thing. In the last 35 years, I've watched America dumb down and deteriorate--and let me tell you, there ain't gonna be any marching in the streets as long as we have 500 channels on cable and a barcalounger in the living room.

To me, that's one of the biggest tragedies of my life. I still espouse the liberal values that my generation fought for--the ones they gave up when Reagan came to power. I can only hope these young people, the ones who're so hopeful about Obama, do a better job of it than we did!

that confront people in person with their outrage.

Once vented the outrage isn't so much.

apathetic net commandos.

I'm one of them.

I believe there is already a method of income averaging that people use for just such circumstances. If this is a special treat for the builders.
disgusting but the builders' lobby is a powerful ine

Unhappy with the congressional reaction to the housing troubles, the lobbying outfit for the home-building industry has decided to stop handing out campaign cash. In a move unprecedented for an industry lobby this large, the president of the National Association of Home Builders said today that he’s suspending financial donations from its political action committee.

http://blogs.wsj.com/washwire/2008/02/12/builders-shut-off-campaign-cash/

The lobbyists OWN congress. Outright.

grab every drop of blood they can before the spigot runs dry. Talk about killing the goose that layed the golden egg. It reminds me of the scene in Zorba the Greek where the old woman is dying and people are gathering to grab every last possession that she can no longer protect......vultures all. I guess it is a part of human nature that seems to appear at the most trying times.....like looters after a hurricane or people who pilfer the pockets of an accident victim instead of calling an ambulance.

yep, that 2006 election sure educated us about the democratic party.

:puke:

the politicians. Unfortunately, this includes pols of all stripes, Repug and Dem - for the most part.

My god we got so many damn repeals to do next year!

Maybe they'll do it again this time around? I don't understand how our fucked up Congress gives away money to "nearly bankrupt" companies that can find the money to hire lobbyists. Sickening.

Get out in your local community to oppose the bill!

Seriously we need to oppose this bill now and keep it tied up so that they are not encouraged to try others that suck up every last drop while they still can!

The home builder's lobby took it's campaign donation ball and went home because congress didn't pass the legislation the builders wanted. It looks like their sleazy tactics worked like a charm. Politicians are as addicted to lobbyist money as corporations are addicted to their government handouts.

The house will pass more of a direct bailout to allow people who can't afford the houses they occupy to continue living in them for a brief period of time, after which the foreclosures will continue until the bubble is deflated. The Senate won't do that, and they will be unable to hammer out differences in committee. Which to me is a very good thing - no bailouts for the corporations who fucked up, and no bailout for the purchasers who fucked up. The bubble will continue to deflate, and a recovery will begin when values are where they should be. Artificially propping them up by governmental fiat is a bad, dangerous, stupid, and counterproductive move.

I'm all outraged out. Too much stress to be mad all the time, and for me stress is painful.

If I were to be angered by everything this bad or worse, then I would live my life without happiness in an endless psychotic fit.

With two boys and a wife, there is litte I can do aside from vote.

Still...this pisses me off a bit.

the people - throw money at corpos and the military.

I was going to respond to a "right wing" email I just received last night that shows various "HOLES" around the world with the last picture showing the Capital Building where Congress works stating:

"And the rally Terrifying one? This is the famous 'Rat Hole' that you have heard about.
It is capable of swallowing trillions and trillions of U.S.
Dollars......Annually! Never to be heard from again.
It makes me tremble & shiver!
PS: Have you started on your taxes yet?
It's feeding time next month.

I was going to tell them to change the picture to a map of Iraq or the White House or the Pentagon, but with Congress doing this, I guess it ISN'T A RIGHT WING EMAIL and the picture is apropos.

The founding feudal land lord's
constitutionally protected
and thereby,
easily influenced two political party business scheme
sure works to perfection... :nuke: :patriot: :nuke:

They'd get the message. Up you deductions. Keep as much as you can, and don't pay it come April. Can you imagine if millions of people would do this? All of the folks facing foreclosure should do it in protest of this bullshit legislation. There would be none of OUR MONEY to bail these fucking corporations out anymore. The thing is, this financial revolution would require EVERYONE'S participation, and we're just to damn cowardly to stand up to these thieves.

They are not really helping the person about to lose their home, they are only buying time for those institutions that should never have given those bad loans

Those so-called modest steps for homeowners, will most likely only delay the inevitable forclosure

It removes the $2,000 tax credit cap on homeowner solar power installations, but leaves the 30% credit.

I think this would really encourage more solar panel installations, since the government would essentially be subsidizing 30% of the cost.

for them to steal some more.

I second the sentiments scattered throughout this thread.

It just ain't never gonna happen in the land of (as someone said above) The Land of 500-channel Cable and Barcaloungers.

many of our Dem representatives. :-(