While everyone on the planet with some sort of access to the news was focused on the $700 Billion dollar bailout plan, congress was left unsupervised. While the world had their backs turned to congress, they went ahead and changed some tax laws. This new tax law gave banks a tax break that would save as much as $140 billion dollars. This is actually a great idea. Let the banks save money so we can afford the rates that they are assigning and now more of that bailout money can go to Detroit to save GM, Ford and Chrysler because if they go down, so is this country.
There was a major reason why it was purposefully left out the news. There was a fear that of this tax break was announced then it may have unraveled the mergers that happened and it could have send the economy even farther down than it went.
There are now lawmakers and tax lawyers who are furious over this tax break. I don't totally understand why but on MSNBC.com they seem to bash this new law and they don't actually say what it is. I think that this story should get more coverage because it will really test a lot of people. It will test the media to see if they will admit to something that they missed. It will test The Bush Administration to see if they can provide a logical explanation and it will test president-elect Obama by letting us know that he is up to speed and ready to take over this office.
Subscribe to:
Post Comments (Atom)
2 comments:
This idea actually does make sense, and with GM being at $4 a share ( I know I own some), bailing them out will in my opinion help this country to get back on its feet. Because if they do go out of business it will just make the United States more dependent on other nations.
Great topic, and how the media failed to cover this. However, I feel a little differently then Maverick does regarding the bailout. Then again, I do not own any stock in them. :-)
Post a Comment