Bail out Package & racing

[racer27]

Was watching the news, talking about the bailout package. They listed the "Pork" introduced in the re-worked bill.... "Automobile race tracks" tax breaks worth $128,000,000.

[rickb99]

Yes, I heard that too last night

Wonder which tracks outside of NASCAR are getting dollars or, what it goes for?

There is someplace on the web where you can look at the details of the bill. Maybe more detail in there? And, WHO put it in? I want to move to his district

[Sean Maisey]

http://www.miamiherald.com/news/poli...ry/711014.html

Chuck Schumer was the sponsor...

Sean

[rickb99]

Shumer.. BARF!!!

But as usual misrepresented. This is NOT a tax break at all.

It's a capital investment incentive that puts pavers, carpenters, plumbers and other trades to work. Accelerated depreciation encourages investment in real property and assets plus, it generates more cash to do the capital improvements.

In the long run, it's revenue neutral. Paying less taxes over the first 7 years leads to paying more taxes over the next 7 years.

And why shouldn't race tracks be considered the same as amusement parks or entertainment complexes? As usual, an attempt to misinform the public.

[RussMcB]

Thanks for posting that link, Sean.

It's a shame that someone thought, hey, here's something in the plan that we can use to inflame people. I hate misleading information and we're slammed with it every day.

At least the plan is public for people to see, and it's good to attach a sponsor's name to an add-on. There should be more transparency.