(OT) Democracy in action. Ugh.

From: Steve <bnt_at_agr.inv>
Date: Tue, 20 Apr 2004 13:29:40 -0700

Excerpts from the Washington Post -

Congress's task seemed simple enough - repeal an illegal $5 billion-a-year export subsidy and replace it with some modest tax breaks to ease the pain on U.S. exporters.

But out of that imperative has emerged one of the most special-interest-riddled corporate tax bills in years. The 930-page epic is packed with $170 billion in tax cuts. Even one of the tax lobbyists involved in drafting it conceded the bill "has risen to a new level of sleaze."

Out of the 264 provisions now in the legislation, 146 were added as "sweeteners" after it was voted out of committee.

Senate Minority Leader Thomas Daschle (D-South Dakota), with the help of Senate Finance Committee Chairman Charles Grassley (R-Iowa), inserted a $94 million "historic rehabilitation credit for certain low-income housing for the elderly." That "certain" housing is very particular: the 74-year-old Warrior Hotel in Sioux City that an investment group hopes to convert to assisted-living quarters for the elderly on both sides of the South Dakota-Iowa border.

Bow-and-arrow makers secured an $8 million tax break for arrow components and "youth bows" not powerful enough for hunting.

NASCAR track owners have been locked in a battle with the IRS over how quickly they could write off the cost of their grandstand facilities on their taxes. Sen. Jon Kyl (R-Arizona), a car-racing buff, has decided to settle it at seven years, a provision that should save track owners $92 million.

Kansas' two Republican senators, Sam Brownback and Pat Roberts, won a $519 million tax break for small-aircraft makers like Cessna and Learjet, many of them based in Kansas.

With the help of Sen. Jeff Bingaman (D-New Mexico), certain car dealers won $189 million in "transitional assistance" as they search for new lines of work. That assistance would go to dealers of one make of car alone, Oldsmobile, which General Motors is phasing out of production. The provision does not name Oldsmobile, but the meaning is clear - it applies only to dealers of "a motor vehicle manufacturer who announced in December 2000 that it would phase out the motor vehicle brand."

Horse and dog track owners secured a provision eliminating withholding taxes for foreign gamblers, at a 10-year cost to the Treasury of $25 million. Received on Tue Apr 20 2004 - 13:29:40 PDT