Our financial system is crumbling this week.

[Arthur Dent]

You can deduct sales tax? Really? I'm saving a receipt for everything I buy from now on if that's true.

You can deduct sales tax or local income tax but not both, so this is really only useful to states like Texas where there is no income tax.

[Arthur Dent]

So, this went from a three page proposal to 451 pages including gems like:

"SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN."

in a couple weeks. Good job legislative process!

[Hungary Jack]

Came across this in an article about the bailout bill passing the senate:

The Senate bill would also continue a host of other expiring tax breaks. Among them: the research and development credit for businesses and the credit that allows individuals to deduct state and local sales taxes on their federal returns.

You can deduct sales tax? Really? I'm saving a receipt for everything I buy from now on if that's true.

This applies to both of us GK, and is worth considering now that we pay the highest sales tax rate (10.25%) in the nation while also paying 3.1% state income tax. Just save all of your credit card statements and divide what you spend in Chicago by 1.1025, and then subtract that amount from the total spending.

[UK]

http://www.nytimes.com/2008/10/01/opini ... edman.html

[Leroy]

You don't need your receipts for the sales tax deduction, there is a formula that makes an estimate. And you can only use it if you itemize your deductions.

[Hungary Jack]

My rabbi told this story at Rosh Hashana services on Tuesday: A frail 80-year-old mother is celebrating her birthday and her three sons each give her a present. Harry gives her a new house. Harvey gives her a new car and driver. And Bernie gives her a huge parrot that can recite the entire Torah. A week later, she calls her three sons together and says: “Harry, thanks for the nice house, but I only live in one room. Harvey, thanks for the nice car, but I can’t stand the driver. Bernie, thanks for giving your mother something she could really enjoy. That chicken was delicious.”

Hilarious.

[AWvsCBsteeeerike3]

So, how does this bailout affect the CEOs of failing companies? If we're going to give away whatever by whoever whenever, doesn't it seem like those at the top, the ones that are negotiating how much they need, are in a prime position to take whatever they want as opposed to whatever they need......especially since the books have been cooked to show that they are doing alright when they're not, now they can cook them the opposite way to show they need a lot more money than they actually do.

[robbotis]

So, how does this bailout affect the CEOs of failing companies? If we're going to give away whatever by whoever whenever, doesn't it seem like those at the top, the ones that are negotiating how much they need, are in a prime position to take whatever they want as opposed to whatever they need......especially since the books have been cooked to show that they are doing alright when they're not, now they can cook them the opposite way to show they need a lot more money than they actually do.

Didn't the Washington Mutual CEO work just a few weeks for the company, get paid $20 million and then the fed seized the company?

[ghostrunner]

So here's the 25 Senators who voted no. Surpisingly, only about a third (bolded) were up for re-election this time around.

9 Democrats voted no, and 15 Republicans. So you have a bill that Inhofe and Feingold agreed on. Interesting times.


Allard (R)

Barasso  (R)

Brownback  (R)

Bunning (R)

Cantwell (D)

Cochran (R)

Crapo (R)

DeMint (R)

Dole (R)

Dorgan (D)

Enzi (R)

Feingold (D)

Inhofe (R)

Johnson (D)

Landrieu (D)

Nelson(D)

Roberts (R)

Sanders (I)

Sessions (R)

Shelby (R)

Stabenow (D)

Tester (D)

Vitter (R)

Wicker (R)

Wyden (D)

[AWvsCBsteeeerike3]

So, how does this bailout affect the CEOs of failing companies? If we're going to give away whatever by whoever whenever, doesn't it seem like those at the top, the ones that are negotiating how much they need, are in a prime position to take whatever they want as opposed to whatever they need......especially since the books have been cooked to show that they are doing alright when they're not, now they can cook them the opposite way to show they need a lot more money than they actually do.

Didn't the Washington Mutual CEO work just a few weeks for the company, get paid $20 million and then the fed seized the company?

I don't know. I was really hoping UK could shed some light on this situation b/c as far as I can tell, there has been no form of regulation interjected into the bill and from what I can tell there were no punishments for CEO's either.

I do know a bank went under in my neck of the woods and the President/CEO lost his houses, his retirement and all other posessions. He was allowed - and by allowed I mean the people that bought him out told him what he got, it wasn't a negotiation - to keep enough for a normal life, and by that I mean something similar to what the avg. joe should expect. Nothing extravagant. That's what should happen to all these CEOs, imo. (If you're interested in the details, pm me, it's kind of a delicate situation that I'm well informed on)