In an attempt to make the $700B economic bailout more palatable, lawmakers have apparently stuffed it with $110B of earmark (porkbarrel) spending. While some of these earmarks are arguable useful, like an tax credit for research and development and an increase in FDIC insurance, others are much less attractive (at least to me).
Here’s a sampling:
- Creation of a seven-year cost recovery period for construction of a racetrack
- A refund of excise taxes to Puerto Rico and the Virgin Islands for rum
- Income averaging for money received from the Exxon Valdez litigation
- Provisions related to film and television productions
- Extension/modification of duty suspension on wool products, and duty refunds
- Exemption of a specific arrow for child archers from an excise tax
So tell me… Exactly how do these projects relate to saving our economy?