At a cost of $15 billion over 10 years, the Senate bill would give a $6 billion tax break to home builders by temporarily extending a rule that lets businesses count current losses against taxes from prior profitable years.The US is supposedly a capitalist society. But it hard to see how that could be if taxpayers are expected to shoulder the burden of the mistakes of corporations like these idiotic home builders. "Privatize the profits and socialize the losses" is not capitalism.
Home builders such as Pulte Homes and KB Home would benefit from this proposed two-year extension of the net operating loss carry-back rule, according to analysts.
Let's count the bailouts so far:
- $30,000,000,000 to JP Morgan's acquisition of Bear Stearns
- $200,000,000,000 or so from TAF to take worthless paper off the hands of banks
- $15,000,000,000 to "distressed" home builders in the form of a tax break
I thought of one more bailout; the $165,000,000,000 fiscal "stimulus" package being sent out to US Taxpayers. Not exactly targeted per se, but it's hard to argue it's not a type of bailout.