Did You Know? $700 Billion Dollar Bailout To Cut Taxes For Racetrack Owners

Think that $700 billion bailout package is all about adding liquidity to the financial markets? Great for getting that all important car loan when your clunker finally gives up the ghost.

But when you strart looking throught the package you may see a few items slipped under mat at the last minute.

Such as the following for :

2. Sec. 317. Seven-year cost recovery period for motorsports racing track facility. .(Page 262)

Track owners want to be able write off the cost of their facilities on their taxes over seven years - a depreciation timetable many of them have used for decades. But the IRS has wanted to stretch it to at least 15 years and has raised questions whether the increasingly popular tracks really belong in the same tax category as amusement parks.

Are auto track owners are simply trying to get out of paying more taxes - which they'd have to do if they deducted less every year. These owners have gotten plenty of tax breaks over the years from states and localities eager to get speedways. The provision would be extend 2 years till the end of 2009 and would cost 100 million. The provision encompasses all facilities including grandstands, parking lots and concession stands.

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09CTSVforMe - 10/3/2008 10:42:35 AM

+3 Boost

All kinds of pork being added to it to try to buy votes in Congress. Sad, but normal.

topneuro - 10/3/2008 10:14:56 PM

+3 Boost

I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.

Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)

3rd president of US (1743 - 1826)

truckman - 10/4/2008 4:12:14 AM

+2 Boost

Are you referring to the federal Reserve? I am under the understanding that it is privately run! Scary! As for this race track, it isn't being used every day and the property taxes would bankrupt most people on this blog. My family's business has been squeezed by taxes to the point where we don't know if we can still be in business and we are open every day.

E36er - 10/5/2008 1:13:00 AM

+1 Boost

This is just plain Bull $#!7!!! We're spending more money when we don't have any to begin with? What kind of country are we living in?