In Wool We Trust

Our President-in-Exile forwards these critical, and all too real, provisions of the Bailout Bill:

7-Year Recovery Period for Certain Motorsports Racetrack Property. The bill extends a special 7-year cost recovery period or property used for land improvement and support facilities at motorsports entertainment complexes. The provision expired on December 31, 2007. This proposal extends the provision to the end of 2009. The proposal is effective for property placed in service after December 31, 2007. The estimated cost of this proposal is $100 million over ten years.

Wool Trust Fund. The bill would extend a provision that reduces import duties on a limited quantity of imported wool fabrics and places duties otherwise collected on the import of certain wool products into the Wool Trust Fund, which promotes the competitiveness of American wool. The provision is extended for five years. The estimated cost of the proposal is $148 million over ten years.

Excise Tax Exemption for Wooden Practice Arrows Used by Children. Current law imposes an excise tax of 39 cents, adjusted for inflation, on the first sale by the manufacturer, producer, or importer of any shaft of a type used to produce certain types of arrows. This proposal would exempt from the excise tax any shaft consisting of all natural wood with no laminations or artificial means to enhance the spine of the shaft used in the manufacture of an arrow that measures 5/16 of an inch or less and is unsuited for use with a bow with a peak draw weight of 30 pounds or more. The proposal is effective for shafts first sold after the date of enactment. The estimated cost of the proposal is $2 million over ten years.

Q: What Other Provisions are in the Bailout Bill?

$3 Billion for Vole Empowerment Correction. Corrects a clerical error in a 2004 voting access bill which, instead of funding access improvements for voters, directed billions in personal therapy for the improvement in self-esteem for millions of small field rodents. Crops have been devastated.

Biscotti Sur-Tax repeal. Will end a 400% import duty on biscotti imposed as pressure on Italy to help invade Iraq in the wake of 9-11.

Wealth Improvement Disbursements. As emergency stimulus, will direct the federal treasury to mail unmarked checks to those making over $40 million per year in pre-tax income for an amount to be determined by specific financial desires of the recipient.