Word: bailouts
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...there's one thing this country needs - other than a cosmic bailout - it's a decent Obama impersonator. Saturday Night Live's Fred Armisen, a 42-year-old comedian of white and Asian heritage, just doesn't cut it, at least according to the President-elect, who said of Armisen during the presidential campaign, "Compared to Tina Fey and what she's doing with Governor Palin, my imitator isn't doing as great...
...past few months, experts say, the IRS has been unusually aggressive in doing what it can to lower corporate taxes, going above and beyond what has been allowed in the past. The result is that the IRS has become, in effect, a much less public arm of the federal-bailout machine. "There have been all sorts of Administration announcements that relax the tax law," says Thomas Humphreys, an attorney at Morrison and Foerster. "I don't remember a wave of provisions like this." (See pictures of the global financial crisis...
While the $700 billion bailout has been the focus of attention and scrutiny, the Internal Revenue Service and lawmakers have been quietly making changes to the tax code and how it is followed in an effort to further boost the financial strength of ailing companies. At the same time, though, the changes drain billions of dollars of badly needed tax revenue when the federal deficit is mushrooming. Many of the changes may lower corporate-tax revenue for years to come...
Congress is set to reconvene this week for the final vote of 2008, and it's no surprise, given the state of the economy, that they will be voting on yet another bailout, this time of the Big Three American automakers. It is, perhaps, cold comfort to the more than half of Americans who oppose the move that the funds will not be drawn from new debt but rather from existing dollars appropriated earlier this year in the energy bill. This is the same modernization fund the automakers were banking on to get them from SUV-land to Hybrid-world...
Reid and House Speaker Nancy Pelosi have long wanted to see the money come from the $700 billion bank bailout fund, known as the Troubled Asset Relief Program, or TARP, and have argued against taking money from the modernization fund. Pelosi relented only after Friday's job report - the worst in 34 years, showing that the economy shed more than 533,000 jobs last month. But, having made this concession, Dems said they were unlikely to yield more ground. "This is a bad choice that we have to make. We should be able to use TARP money. The White House...