'Pork barrel' tax breaks critical to financial rescue
The outcome of the proposed $700bn rescue package in the US rests in the hands of an unlikely candidate
A 39% tax break on a US company which manufacturers wooden arrows for
children is being used as a wager on the result of America’s $700bn financial
rescue package.
According to a report on
timesonline.co.uk,
two Oregon senators have modified the existing Bill with a provision revoking a
39% excise tax on children’s wooden arrows, effectively rescuing Rose City
Archery. The report said three House members from the state voted against the
Bill on earlier this week, but the new clause could see a reversal in their
decision.
In addition, those affected by the1989 Exxon Valdez oil disaster also stand
to gain $223m in tax breaks if the Bill passes.
A number of these ‘pork barrell’ projects are being touted as wavers in
garnering votes to pass the Bill.
The Bill also includes the revision of $128m of tax relief for the
manufacturers of car racing tracks and $10m in tax breaks to small television
and film producers.