Wall St. Bailout Bill Larded with Over $100 Billion in Pork; Includes $49 Million Tax Break for Alaska Fisherman

The Wall St. Bailout Bill that finally was passed by the U.S. House of Representatives was larded with between $110-$150 Billion in earmarks and other "sweeteners," including a tax break for Alaska fishermen adversely effected by the Exxon-Valdez Oil Spill. Alaska Governor Sarah Palin, the Republican nominee for Vice President who is running on an "anti-earmarks" platform despite being the undisputed "Queen of Pork" when it comes to lobbying Washington for federal earmarks for her state, owns a fishing business. It is uncertain whether she will directly benefit financially from the tax break contained in the Bailout Bill.

U.S. Senator John McCain, the Republican Presidential nominee, defended his support for the bill despite it being larded with pork. He said the "sweeteners" were the way business was done in Washington, but that he and Palin were determined to changing that once they were in office. Seeing how the Bailout Bill shamelessly contained an earmark benefiting Palin and her state, old charges of hypocrisy lobbed at the McCain campaign were given new life.

Section 504 of the bill, which is entitled " INCOME AVERAGING FOR AMOUNTS RECEIVED IN CONNECTION WITH THE EXXON VALDEZ LITIGATION," holds that "...no portion of qualified settlement income received by a qualified taxpayer shall be treated as self-employed income" and that "...no portion of qualified settlement income received by a qualified taxpayer shall be treated as wages." What it essentially mans that the litigants in Exxon Valdez oil spill will not have to pay taxes on the damages received from litigation.