Bye Bye Banks and Wall Street

[Ghoulish Delight]

Originally Posted by Ghoulish Delight

Unfvcking believable

http://www.youtube.com/watch?v=-i0su1roQLI

"They can't help themselves"?!?!? Who are "they" John? That'd be YOU, John.

Not to belabor the point...oh wait, yes, to belabor the point.

http://www.thedailyshow.com/video/in...the-poor-house

"This bill is going to put us on the brink of economic disaster." "I'm proud I suspended my campaign and made this bill happen." Geeeeebus.

[BarTopDancer]

What the fvck are children's wooden arrow's and why do their manufactures need subsidizing by the government?

[Ghoulish Delight]

Originally Posted by BarTopDancer

What the fvck are children's wooden arrow's and why do their manufactures need subsidizing by the government?

They're arrows, made of wood, designed for use by children.

And it's not a subsidy, it's a repeal of an excise tax.

[BarTopDancer]

Originally Posted by Ghoulish Delight

They're arrows, made of wood, designed for use by children.

And it's not a subsidy, it's a repeal of an excise tax.

And said tax only effects wooden arrows made for children?

[Ghoulish Delight]

Originally Posted by BarTopDancer

And said tax only effects wooden arrows made for children?

Yes.

[bewitched]

Originally Posted by BarTopDancer

And said tax only effects wooden arrows made for children?

Originally Posted by Ghoulish Delight

Yes.

Actually, it's a tax on all arrows. Children's wooden practice arrows were taxed like all other arrows at a rate of $.39 per. The wooden arrows themselves only cost $.30 to make. The tax was not intended to include the wooden arrows hence the original bill exempting wooden arrows. This addition to the legislation extended that exemption.



eta: Oops. Should've read further down since obviously Alex already answered this.

[JWBear]

Hear that flushing sound? That's our country going down the toilet.

[BDBopper]

Originally Posted by JWBear

Hear that flushing sound? That's our country going down the toilet.

Amen! My sentiments exactly!

[Alex]

That little bit of "pork" is an update to this section of the Tax Code:

Sec. 48.4161(b)-1 Imposition and rates of tax; bows and arrows

(a) Imposition of tax. Section 4161(b) imposes a tax on the sale of the following articles by the manufacturer, producer, or importer thereof:
(1) Any bow that has a draw weight of 10 pounds or more;
(2) Any arrow that measures 18 inches overall or more in length;
(3) Any part or accessory (other than a fishing reel) suitable for inclusion in or attachment to a bow or arrow described in subparagraph (1) or (2) of this paragraph; and
(4) Any quiver suitable for use with arrows described in subparagraph (2) of this paragraph.
(b) Rate of tax. The tax is imposed on the sale of articles enumerated in section 4161(b) and paragraph (a) of this section at the rate of 11 percent of the price for which such articles are sold. For the definition of the term “price”, see section 4216 and the regulations thereunder.
(c) Liability for tax. (1) The tax imposed by section 4161(b) is payable by the manufacturer, producer, or importer making the sale. For determining who is the manufacturer, producer, or importer, see §48.0–2(a)(4).

So what happened is that there is a company in Oregon that makes toy arrows that are not intended for actual use with bows or as sporting equipment. But it was being charged the tax (something like $0.36 per arrow). The bill carves out an exemption for any arrows meeting certain physical requirements and not intended for use with a bow covered by this section.

Yes, pork in that it is intended as a bone to a specific politician. Hard to argue against the merit, though, since it is like saying candy cigarettes should have to pay tobacco taxes.

[BarTopDancer]

Originally Posted by Alex

Yes, pork in that it is intended as a bone to a specific politician. Hard to argue against the merit, though, since it is like saying candy cigarettes should have to pay tobacco taxes.

I agree. Thanks for doing that research.