My eyes popped out of my head when I read part of the statement made by Representative Marcy Kaptur yesterday. Talking about the Wall Street bail out bill passed by the Senate and to be considered by the House of Representatives today, Kaptur commented, “They’ve stuffed tax issues in that bill over on the Senate side. I understand there are Exxon Valdez provisions. There is even something for wooden arrows for children. There are trade provisions in there, and there is even Puerto Rican rum. How about that one?”
Wooden arrows? That one caught my attention, so I checked it. Section 503 under Subtitle A of Title V of Section I of H.R. 1424, right after the “provisions related to film and television productions”, is the “exemption from excise tax for certain wooden arrows designed for use by children”.
We keep on being told that if we don’t pass the bailout legislation, that we’re all going to be affected in ways that we cannot imagine. Only through the Wall Street bailout, they say, will we avoid total destruction.
Do they mean to protect us from destruction using children’s arrows? How are film and TV productions going to keep our economy from descending into havoc?
“Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly–
`(i) measures 5/16 of an inch or less in diameter, and
`(ii) is not suitable for use with a bow described in paragraph (1)(A)”
Oh yeah. That is definitely going to save the economy… But only if we act now! Without delay! Don’t stop to think! Wooden arrows for Wall Street!