As Congress debated the historic financial rescue package on Oct. 3, the world economy was hanging in the balance. The House already had rejected Treasury Secretary Henry Paulson’s emergency $700 billion banking bailout plan. The Senate, hoping to get the House to relent, added $110 billion in “sweeteners” and sent the bill back.Theft through majority voting.That's democracy for you.Is there any limit on what government can do in the name of majority voting?
One of those sweeteners jumped out at Rep. Marcy Kaptur, D-Ohio. It would permit Puerto Rico and the U.S. Virgin Islands to pocket $192 million in federal excise taxes collected from rum-makers in those territories.
“Madam Speaker, the Senate's response to the House rejection of the Paulson plan was to add more spending. So we got tax breaks for rum,” Kaptur said from the well of the House. “You've got it right. R-U-M.”
Sunday, October 26, 2008
Bailout bill subsidizes rum
Politico reports: