At sundown, the US Senate will be voting on another piece of legislation since the first one flopped all over their faces (the Dow dropped 777 points). Also, because Nancy Pelosi had to be a biatch and change everyone’s vote with a really good speech that, well, had really good points. Anyfailure, the Senate is hopen to sweeten up the situation by proposing a new rescue bill. This time they’re not asking for $700 billion dollars — they’re asking for more! CNN Money reports the new perks:
“The bill also adds in three key elements designed to attract House Republican votes – particularly popular tax measures that have garnered bipartisan support.
It would extend a number of renewable energy tax breaks for individuals and businesses, including a deduction for the purchase of solar panels.
The Senate bill would also continue a host of other expiring tax breaks. Among them: the research and development credit for businesses and the credit that allows individuals to deduct state and local sales taxes on their federal returns.
In addition, the bill includes relief from the Alternative Minimum Tax, without which millions of Americans would have to pay the so-called “income tax for the wealthy.”
The debate over extending AMT relief is an annual political ritual. It enjoys bipartisan support but deficit hawks on both sides of the aisle contend the cost of providing that relief should be paid for. Others argue it shouldn’t be paid for because the AMT was never intended to hit the people the relief provisions would protect. Nevertheless, lawmakers pass the measure every year or two.
The revised bailout bill also includes a “Mental Health Parity” provision, which would require health insurance companies to cover mental illness at parity with physical illness.”
The dow is doing shitty, so investors are on their toes about this one. Stay tuned.