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girl gone mad (1000+ posts) Thu Apr-03-08 04:31 AMOriginal message Builders Get Breaks From Congress Advertisements [?]Source: AP/YahooBuilders Get Breaks From CongressThursday April 3, 2:13 am ETBy Alan Zibel, AP Business WriterBuilders, Mortgage Companies Get Additions, Subtractions They Asked for in Senate Housing DealWASHINGTON (AP) -- Homebuilders and the mortgage industry are emerging as big victors in a bipartisan agreement reached by Senate leaders on legislation designed to limit the housing crisis.The $15 billion measure, announced Wednesday by Majority Leader Harry Reid, D-Nev., and GOP leader Mitch McConnell of Kentucky, contains a $6 billion emergency tax break that would let companies use losses from 2008 and 2009 to offset profits earned over the previous four years, instead of the usual two-year timeframe. That's good news for big homebuilders such as KB Home and Pulte Homes Inc., which have been saddled with massive losses over the past year.(snip)Homeowners facing bankruptcy, however, won't find relief in the proposal. The mortgage industry fought fiercely to spike a provision to let bankruptcy judges rewrite the terms of distressed mortgages. It won that battle; the provision was left out.(snip)Earlier this year, the builders' trade group was so dissatisfied by lawmakers' actions -- notably not including the tax provision in the economic stimulus bill-- that it snapped shut its political purse. NAHB said it would stop making contributions to congressional candidates "until further notice."Since 1990, the trade group has given nearly $20 million to federal candidates, with 35 percent going to Democrats and 65 percent to Republicans, according to the Center for Responsive Politics.(snip)Other big beneficiaries would be Wall Street banks such as Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley. In fact, any company now struggling after years of healthy profits that pumped up their tax bills could benefit.Read more: http://biz.yahoo.com/ap/080403/homebuilders_congress.ht... --------------------------------------------------------------------------------This is more outrageous corporate welfare. We are living in some sick, twisted times. Harry Reid needs to be thrown out with the rest of them.
TomInTib (1000+ posts) Thu Apr-03-08 04:53 AMResponse to Original message 1. And Bobby Jack Perry laughs all the way to the bank. That's what the Boy gets for all of those donated dollars.**** H. Reid...He should be dragged out and lined up at dawn with all the rest of them.
WCGreen (1000+ posts) Thu Apr-03-08 04:59 AMResponse to Original message 2. If they limited the loss right offs to 3000 a year like they do for most of the rest of us mortals, then I would say have at it...You do realize this is all trickle down economics at it's best...Instead of limiting the loss to the company, they spread it out so all of us can reap the benefits of business ethics...Ah, I'm so glad we had an MBA president for the last few years...all that bidness training did a world of good...The bad part about all of this is this generation of bidness leaders are use to getting everything they want from the DC crowd...They couldn't survive if they weren't sucking on that handout teat ...
GOP_refugee (2 posts) Thu Apr-03-08 06:30 AMResponse to Original message 4. Builder tax breaks Don't take this lying down. There are more people angry about this than you may think, so call your congressman and demand that they strip this out.Also anyone in Michigan, please call John Conyers office (202-225-5126) and ask that he initiate impeachment proceedings quickly against President Bush and Treasury Secretary Paulson over the unconstitutional transfer of funds from the treasury to Bear Stearns/JP Morgan.I'm tired of these corrupt punks.
RC (1000+ posts) Thu Apr-03-08 07:07 AMResponse to Original message 6. Everybody but the victims seem to be making out like bandits. There should be people in prison over this. Why are they being rewarded instead?
You got off your ass, now get your wife off her back.
