Verse of the Day

Monday, March 2

Spinning Transparancy...

From the "Transparency Website" we see listed 288 billion under "Tax Relief" has an * that says:

"Tax Relief - includes $15 B for Infrastructure and Science, $61 B for Protecting the Vulnerable, $25 B for Education and Training and $22 B for Energy, so total funds are $126 B for Infrastructure and Science, $142 B for Protecting the Vulnerable, $78 B for Education and Training, and $65 B for Energy."

BTW the repetition is in the actual footnote on the website???

Why is this "tax relief?"
Protecting the Vulnerable doesn't appear in the bill at all. In fact "vulnerable" appears nine (9) times of which four (4) deal with television converter boxes or access to broadband; and another three (3) are aimed at HIT "Promotion of Health Information Technology" section of the bill. Two of them do seem to deal with emergency monies for those on TANF "State Temporary Assistance for Needy Families Programs" but that isn't tax relief.

Infrastructure is used 88 times and only one place does it occur near the word tax. It's on page 239 and deals with "Infrastructure Financing Tools"

Searching Education and tax I found one (1) clearly linked connection. A direct link between education and tax relief comes in an expansion of the HOPE credit from two to four years on page 199. Page 202 talks also allows a person to deduct the cost of computer and/or software if purchased for a student [see below for text *]

I'll let you all digest this then I'll take at the rest of the statements in the next week or so.


* ‘‘(i) AMERICAN OPPORTUNITY TAX CREDIT.—In the case of any taxable year beginning in 2009 or 2010—
‘‘(1) INCREASE IN CREDIT.—The Hope Scholarship Credit shall be an amount equal to the sum of—
‘‘(A) 100 percent of so much of the qualified tuition and related expenses paid by the taxpayer during the taxable year (for education furnished to the eligible student
during any academic period beginning in such taxable year)
as does not exceed $2,000, plus
‘‘(B) 25 percent of such expenses so paid as exceeds $2,000 but does not exceed $4,000.
‘‘(2) CREDIT ALLOWED FOR FIRST 4 YEARS OF POST-SECONDARY EDUCATION.—Subparagraphs (A) and (C) of subsection (b)(2) shall be applied by substituting ‘4’ for ‘2’.
‘‘(3) QUALIFIED TUITION AND RELATED EXPENSES TO INCLUDE REQUIRED COURSE MATERIALS.—Subsection (f)(1)(A) shall be applied by substituting ‘tuition, fees, and course materials’ for ‘tuition and fees’.


(a) IN GENERAL.—Section 529(e)(3)(A) is amended by striking ‘‘and’’ at the end of clause (i), by striking the period at the end of clause (ii), and by adding at the end the following:
‘‘(iii) expenses paid or incurred in 2009 or 2010 for the purchase of any computer technology or equipment(as defined in section 170(e)(6)(F)(i)) or Internet access and related services, if such technology, equipment,or services are to be used by the beneficiary and the beneficiary’s family during any of the years the beneficiary is enrolled at an eligible educational institution.

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