According to a tipster, the following is a proposed amendment to the Patriot Act Bailout Bill being voted on tonight.
Amendment [PDF]
Comments
2
Posted by StupidEquityGuy, Oct 01, 2008 6:45PM
Senate Majority Leader Harry Reid, D-Nev., pressed for passage, with the alarming news that one of the country's premier insurance companies was about to go bankrupt if the crisis was not quickly resolved.
"We don't have a lot of leeway on time," Reid told reporters in the Capitol. "One of the individuals in the caucus today talked about a major insurance company -- a major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That's what this is all about."
3
Posted by RAW DOG, Oct 01, 2008 6:46PM
10%??!!! They cannot be serious. This is ridonkulous. I guess the good news it that I'm sure it won't affect the majority of DB readers since they probably don't fall into the high earners category.
4
Posted by guest, Oct 01, 2008 6:46PM
Arrest that fucker for spreading negative market rumors.
It is Geico. That is the only one with a name everyone knows.
5
Posted by guest, Oct 01, 2008 6:49PM
wow that's fucked up. expires in 5 years though, i wont be in that bracket until then anyway
6
Posted by guest, Oct 01, 2008 7:07PM
#2: either AIG or HIG. either way, totally irresponsible, like Schumer's bank run on Indymac. Send 'em to jail.
7
Posted by guest, Oct 01, 2008 7:08PM
No way it's Geico, that's a Berkshire Hathaway company. Buffett wouldn't be bailing out GS and GE if one of his own needed help.
8
Posted by BSD, Oct 01, 2008 7:08PM
Wow, between this and the SEC rumors I can see how we're accelerating America's descent into a socialist state.
9
Posted by guest, Oct 01, 2008 7:08PM
At least Dealbreaker readers are safe. Maybe O'bama will give them additional unemployment weeks.
10
Posted by Master of None, Oct 01, 2008 7:10PM
If the government wants to write me a $700 bn check, I will gladly give back another 10% of it in taxes.
11
Posted by guest, Oct 01, 2008 7:20PM
in 5 years time: "A company is about to announce quarterly earnings that fall short of expectations! We need to pass this bailout legislation before something terrible happens"
12
Posted by guest, Oct 01, 2008 7:20PM
@5
You probably won't exceed $1 million in income ever. Such a surcharge will put the cabash on investment, small business owners will cut back on spending (including employees) or won't grow their business as much and you'll be lucky to have a job at all.
A congress of dimwits
13
Posted by guest, Oct 01, 2008 7:21PM
My understanding is it starts with T, and hates Citi. A poet and I almost didn't know it.
14
Posted by guest, Oct 01, 2008 7:21PM
@12 Don't be so quick to judge, especially considering the current rate of inflation.
19
Posted by guest, Oct 01, 2008 7:27PM
Anyone know who proposed this Amendment? I know the Dems in the house have been proposing something similar (like 4%) since may: http://www.reuters.com/article/politicsNews/idUSN1445794720080514
20
Posted by Investorcluzo, Oct 01, 2008 7:33PM
oh helz no! is this what they meant when they said they needed time to make the bill better? wtf!
21
Posted by guest, Oct 01, 2008 7:37PM
It's a hoax.
WSJ has full bill here:
http://online.wsj.com/public/resources/documents/senatebillAYO08C32_xml.pdf
Sec. 304 is "New Energy Efficient Home Credit".
23
Posted by guest, Oct 01, 2008 7:43PM
@21it's a proposed amendment to the bill. if bill passes they then vote on this provision. it is not in the body of the bill.
25
Posted by guest, Oct 01, 2008 8:18PM
@morons - Not 21, but the amendment refers to section 304 of the bill as "surtax on high income earners" when section 304 of the bill is actually "new energy efficient home credit" thus the rumored amendment is fake as section 304 has nothing to do with income earnings and actually about environment/energy credits.
26
Posted by guest, Oct 01, 2008 8:25PM
I hope its true.
Someone has got to pay for this.
The whole "no one can invest" is a crock of shit. I have financed high growth small business for years and most of them bootstrap and have plenty of cash flow from earnings to finance growth (if it is a good business model).
I'd rather it be the baby boomers who put us in our current state rather than me in the future.
27
Posted by guest, Oct 01, 2008 8:27PM
this was an amendment to an earlier version of hr3997 before it became a vehicle for the bailout bill...search H.R.3997.EAS on thomas.
28
Posted by guest, Oct 01, 2008 8:40PM
This is why this bailout shouldn't pass...Congress found an emergency and realized they can stick any shit they want on this bill and it'll get passed because the ORIGINAL PURPOSE of the bill is so important - BUYING BAD ASSETS.
Fucking wooden arrows and tax credits have no fucking business being attached to this.
Congress has just hijacked this.
EP said this would become the kitchen sink. Didn't realize it's a toilet now too.
29
Posted by guest, Oct 01, 2008 8:49PM
Actually - bernie sanders proposed this amendment. Just saw him talking about it.
30
Posted by guest, Oct 01, 2008 9:11PM
@22,23... I understand that it's an amendment, dipshits, but the "full bill" includes amendments, and there can only be one "Sec. 304".
31
Posted by guest, Oct 01, 2008 9:21PM
@25
I hope you're right. I wouldn't normally believe something like this, but then I wouldn't have believed the SEC would ban short selling and we'd be voting for government slackers to run the largest distressed debt hedge fund in the world either.
More Favorite Reads
Oct 29, 2008, 1:45pm
BarcLehs Cancels Christmas
Announcements: Policy 29 Oct 2008 Seasonal Parties I would like...
More »
Oct 29, 2008, 1:18pm
Collector's Items
Okay, people--we've set up the eBay account. You can...
More »
Oct 24, 2008, 3:38pm
Live-Blogging The Citadel Call
3:29: Hold music. Hopefully I won't get mysteriously kicked off....
More »
Posted by guest, Oct 01, 2008 6:44PM
Oh heeeeelllll no, I can't believe the gubmint is against high-earning, hedge fund ballers like me.
- Tim Sykes