So there’s an agreement for a $15 billion bailout for Detroit automakers. Well, at least the bill only wastes taxpayer money on one failed industry.
Ha ha! Just kidding:
Senator Chuck Grassley said proposed legislation to help American automakers would put tax dollars on the line to assist participants in controversial tax shelters which have been shut down by both the IRS and Congress.
Grassley said the tax shelter bailout within the auto bailout is related to abusive leasing transactions called SILOs, where transit agencies have sold public transportation assets like rail lines, only to lease them back from purchasers, with the result of providing tax depreciation deductions to the purchasers. Such transactions were motivated solely by collection of fees on one side and tax benefits on the other, rather than any change to the services provided by transit agencies.
(Via Instapundit.)
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