Us hr 1424

[IrateNation]

Economic Stabilization Act

I downloaded and read through the first 300 pages or so last night. I am so relieved at some of the things I read. This part was most reassuring.
On Page 294 in bold it reads SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN
WOODEN ARROWS DESIGNED FOR USE BY
CHILDREN.
(B) EXEMPTION FOR CERTAIN WOODEN
ARROW SHAFTS.—Subparagraph (A) shall not
apply to any shaft consisting of all natural wood
with no laminations or artificial means of en-
hancing the spine of such shaft (whether sold sep-
arately or incorporated as part of a finished or
unfinished product) of a type used in the manu-
facture of any arrow which after its assembly—
(i) measures 5⁄16 of an inch or less in
diameter, and
‘‘(ii) is not suitable for use with a bow
described in paragraph (1)(A).’’.
(b) EFFECTIVE DATE.—The amendments made by this section shall apply to shafts first sold after the date of enact5
ment of this Act.

Great job. We got that darn excise tax dropped on wooden arrow shafts!! If that won't fix our economic woes I don't know what will. Could this be why the markets rallied today?

 

[jvockrodt]

Here's Why We Have Wooden Arrow Tax Credit in the Bailout

The Senate did not have constitutional authority to originate the bailout as the "Origination clause" requires all revenue bills to originate in the House of Representatives. The Senate could not directly originate the bailout bill, and had to resort to "amending" a prior piece of revenue legislation that the House had already originated. The prior piece of legislation included a tax credit for wooden arrows.

IMO it was a total lack of respect for the constitution. We can expect this behavior from our next president as Obama, McCain and Biden all voted for the Senate bailout.

**********For further details, see below:

October 10, 2008

Steny Hoyer's Unconstitutional Bailout

Asked at the end of the Constitutional Convention, what is it that we now have, Benjamin Franklin responded "A Republic, if you can keep it." He meant that citizens would need to understand the Constitution well enough to prevent its subversion. Hank Paulson and George Bush's wall street bailout plan spearheaded in the House of Representatives by our 14th term representative Steny Hoyer is emblematic of such subversion.

The "Paulson Plan" was properly introduced in the House of Representatives. The "Origination Clause" Article I, section 7 of the U.S. Constitution mandates "All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills." The Founders knew that the Senate could be persuaded to follow the plans of rich land owners and members of the political class to the detriment of the general welfare, and armed the House of Representatives with the "Power over the Purse" to curb these very injustices. Speaking of the Origination Clause, James Madison stated that "This power over the purse, may in fact be regarded as the most compleat and effectual weapon with which any constitution can arm the immediate representatives of the people, for obtaining a redress of every grievance, and for carrying into effect every just and salutary measure." Federalist No. 58.

The Paulson Plan had a problem though--Americans overwhelmingly opposed it. Predictably in the face of extreme public outrage the House of Representatives, whose members are always up for re-election, rejected the Paulson Plan in keeping with the Origination Clause and the Power Over the Purse. Frustrated and indignant, the Senate, knowing it had no power to directly originate the Paulson Plan illicitly tacked it onto a measure previously passed by the House under the guise of an "amendment." While the Senate has a right to amend revenue bills passed by the House, it was disingenuous to consider the Paulson Plan an "amendment" to prior uncontroversial legislation as the House had flat-out rejected the proposal the first time around. The Paulson Plan really originated in the Senate as the House was unwilling to use its Power of the Purse to bail out wall street.

In our system of self-government, the only way people can participate in stemming Constitutional abuses is to punish, on election day, incumbents who have worked to undermine the Constitution. While both Maryland Senators who voted for the Paulson Plan are shielded from public outrage by their six-year term, our representatives are all up for reelection. Steny Hoyer not only spearheaded the original bailout in the House, he celebrated the Senate's unconstitutional origination of the Paulson Plan and eagerly worked for its passage upon return to the House. In November, the people of the Maryland 5th Congressional district have a unique opportunity to "Keep the Republic" and voice their opposition to the seven hundred billion dollar abuse perpetrated by our own out-of-touch 14th term incumbent which clearly favored his top contributor--a large bank--to the detriment of ordinary people.

Jeff B. Vockrodt
University Park, Maryland