I am writing to express my view of the latest version of the “rescue” bill. I’ve reluctantly come to the conclusion that some Government intervention is needed to restore liquidity to the financial system. But the operative word is “some,” meaning a limited intervention doing just the minimum to restore liquidity.
My reading of the news today suggests that the current version before the Senate does not meet that criteria. It will extend a number of renewable energy tax breaks for individuals and businesses; it will continue other expiring tax breaks, including the research and development credit for businesses and the credit that allows individuals to deduct state and local sales taxes on their federal returns. It will include relief from the Alternative Minimum Tax; and it will include a "Mental Health Parity" provision, requiring health insurance companies to cover mental illness as it would physical illness.
These elements are mere social engineering, irrelevant to the liquidity crisis. So I urge you to vote “No! Absolutely not!” Repeat that vote, again and again, until a clean bill addressing just the liquidity crisis is presented.
No bailouts. No. Never.