It is surprising to see the unique group of Senator that voted ‘No’ on this financial bailout because most of the Republicans were bought off with tax breaks. When the economic stimulus plan was being worked on, all the Republican politicians came out and said what we really were working for was the tax breaks for businesses.
Now we have tax breaks for alternative energy with this bill. How does that make sense? That is like allowing the government to communize and remove private ownership for farmers, while giving tax breaks for toothpaste companies. The two have nothing to do with anything. If you wanted to add a tax break to this bill then you should add a tax break for those banks who buy up the bad debt.
Democrats should look at this and realize that they will always have a majority. They want socialism as long as they hand Republicans tax breaks then they will let it happen.
So you are probably thinking, what is wrong with tax break? I love most tax breaks just much as anyone else, but tax breaks are also a distortion to the markets. Tax breaks require applications and paperwork, which is just more paperwork. This is just more bureaucracy.
I expect the bill to pass in the house and they will all go back to their district and say what they said after the stimulus. “We really wanted to put in tax breaks.” The voter will then look at their Congressman or woman and say “Wow, you stood up for us and you got us tax breaks.”
Well Socialism will come with tax breaks…