The Fleecing of America

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By Stephen Lendman (about the author) Page 3 of 11 page(s)

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-- another provision to exempt the bill from constitutional challenge;

-- includes about $150 billion in tax cuts and so-called "extenders"; provisions to renew or extend expiring tax breaks;

-- $78 billion for business as well as extending current business tax breaks for renewable energy efforts;

-- $8 billion for hurricane and other natural disaster relief; and

-- another $65 billion extension for Alternative Minimum Tax relief; mostly to high-income earners.

The plan ballooned from its original 3-page version to the House's 106 pages. Then to the final 451 pages (not likely written in 48 hours) with various additional earmarks for:

-- film and television productions;

-- wooden arrows for children;

-- Exxon Valdez oil spill litigants;

-- Virgin Island and Puerto Rican rum;

-- railroads;

-- auto racing tracks;

-- wool research and more.

In addition, Section 128's Acceleration of Effective Date refers to Section 203 of the Financial Services Regulatory Relief Act of 2006. EESA moved up its original effective date from October 1, 2011 to October 1, 2008, and thereby changed the United States Code Title 12 - Banks and Banking, Chapter 3 - Federal Reserve System, Subchapter XIV - Bank Reserves. The measure is solely to help banks. Foreign ones included. The changes:

-- no longer require banks to maintain cash reserves to cover deposits;

-- abolished the Fed's Earnings Participation Account for the supplemental reserve fees it charges banks; meaning the Fed can retain them; and

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I am a 72 year old, retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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