McCain Votes for Pork-Laden Bill that He Says Will Put Us on "brink of economic disaster"

Also, remember that this was in response to a question about why McCain didn't "vote against a bill that is corrupting and stand up to pork...?"

Here are some examples of "pork" that McCain voted for yesterday (courtesy of the Senate Finance Committee:

7-Year Recovery Period for Certain Motorsports Racetrack Property. The bill extends a special 7-year cost recovery period or property used for land improvement and support facilities at motorsports entertainment complexes. The provision expired on December 31, 2007. This proposal extends the provision to the end of 2009. The proposal is effective for property placed in service after December 31, 2007. The estimated cost of this proposal is $100 million over ten years.

Wool Trust Fund. The bill would extend a provision that reduces import duties on a limited quantity of imported wool fabrics and places duties otherwise collected on the import of certain wool products into the Wool Trust Fund, which promotes the competitiveness of American wool. The provision is extended for five years. The estimated cost of the proposal is $148 million over ten years.

Excise Tax Exemption for Wooden Practice Arrows Used by Children. Current law imposes an excise tax of 39 cents, adjusted for inflation, on the first sale by the manufacturer, producer, or importer of any shaft of a type used to produce certain types of arrows. This proposal would exempt from the excise tax any shaft consisting of all natural wood with no laminations or artificial means to enhance the spine of the shaft used in the manufacture of an arrow that measures 5/16 of an inch or less and is unsuited for use with a bow with a peak draw weight of 30 pounds or more. The proposal is effective for shafts first sold after the date of enactment. The estimated cost of the proposal is $2 million over ten years.

American Samoa Economic Development Credit. Certain domestic corporations operating in American Samoa were eligible for a possessions tax credit, which offsets their U.S. tax liability on income earned in American Samoa from active business operations, sales of assets used in a business, or certain investments in American Samoa. Further, the credit was held to an economic activity-based limit, measuring the credit against wages, depreciation, and American Samoa income taxes. The provision expired December 31, 2007. The proposal extends the provision to the end of 2009. The proposal 5 is effective for tax years beginning after December 31, 2007. The estimated cost of this proposal is $33 million over ten years.

Again, I ask: HUH?!?

P.S. No wonder why the latest polls show Obama leading by 10 points in Michigan, 6 points in Ohio, 8 points in New Mexico, 3 points in North Carolina (!), 3 points in Florida, and 7-10 points nationally.

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