Tennesseans lose a lot and gain a little in bailout

The biggest winners out of the $850 billion bailout -- besides Wall Street fatcats -- are people earning up to $200,000 and Tennesseans who deduct their sales tax payments.

The Associated Press reports that Congress renewed a tax break for upper middle class households earning near $200,000. And the sales tax deduction Tennesseans have been enjoying -- along with citizens of other states that have no income tax -- was renewed. It was slated to expire with the new year.

The list of tax breaks that were added to the legislation are mostly unnecessary. And for every tax break, that means someone else must make up the difference or some program that will have to be cut. So all the race track owners who benefitted from today's legislation must be worth it.

To read more, to go: http://news.yahoo.com/s/ap/20081003/ap_on_go_co/meltdown_tax_breaks