Tuesday, October 7, 2008

Public Law 110-343 "bonuses"

It's like twenty bills in one! The Emergency Economic Stabilization Act came bundled with such an eclectic array of additional legistlation that it defies summary. Here are a few of the measures that were tied in to the bailout bill:

Most relevant would be increases of FDIC deposit limits from $100,000 to $250,000 until December, 2009.

Then there is a wide array of tax breaks for some very specific and localized interests, which is ironic considering what this bill could cost. Tax breaks for the use of alternative energy and plug-in hybrids stands out, and to those affected by recent hurricanes. Then there are tax cuts for "certain wooden arrows designed for use by children" and plenty of other focal beneficiaries of random tax cuts.

Approximately 20 million Americans will be protected from the Alternative Minimum Tax. It has never applied to me so I don't know much about it.

Insurance parity for mental health and substance abuse treatment services was thrown in; I suppose this isn't wholly unrelated since the government is funding a good chunk of those services now, perhaps it will permit a little "cost-shifting."

So, in conclusion, a lot of deals were made with a lot of congressmen to sugar coat the bill and get this bailout package through.

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