Richard Shelby, Alabama’s senior senator and one of the senate’s most prolific porkers, has really outdone himself this time.
With large swaths of the Gulf Coast still in ruins from Hurricane Katrina, rich federal tax breaks designed to spur rebuilding are flowing hundreds of miles inland to investors who are buying up luxury condos near the University of Alabama’s football stadium.
About 10 condominium projects are going up in and around Tuscaloosa, and builders are asking up to $1 million for units with granite countertops, king-size bathtubs and Bama decor, including crimson couches and Bear Bryant wall art.
While many of the buyers are Crimson Tide alumni or ardent football fans not entitled to any special Katrina-related tax breaks, many others are real estate investors who are purchasing the condos with plans to rent them out.
And they intend to take full advantage of the generous tax benefits available to investors under the Gulf Opportunity Zone Act of 2005, or GO Zone, according to Associated Press interviews with buyers and real estate officials.
“The senator believes that the GO Zone program, and others enacted since then to assist with the rebuilding efforts following the devastating 2005 hurricane season, have been extremely successful in accomplishing their goal,” said Shelby spokeswoman Laura Henderson.
I can’t imagine Bear Bryant “wall art” or a crimson couch in a $1 million condo. Maybe a fancy double wide.
This is what happens when the federal bureaucrats starts handing out free money - our money - like its burning their pockets. Some of it goes to unintended recipients, who tend to be conveniently located in the home towns of powerful legislators. Then you also have the intended recipients bellying up to the trough, taking advantage of governmental largesse, and stealing us blind.
The Democrats wrested away control of congress from the Republicans promising, among other things, to reform earmarks. Well, neither Democrats nor Republicans (for the most part) have done anything to abate the torrent of vote buying disbursements. At least American taxpayers have people like Arizona’s Jeff Flake doing his best to heap some amount of shame on porkers, although it appears most of them have no shame.
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