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Is Charlie Rangel a Closet NASCAR Fan?

Charlie Rangel_NASCAR.jpgMaybe! Joe Kristan tells us that the Ways and Means chair is “[proposing] to ‘pay for’ the extension of forty five tax provisions that expire every year or so with an increase on the taxes on hedge funds and private equity funds.”
At the expense of the PE and hedge fund industry no less! Rangs is screwing people in his own back yard to give tax provisions to race car fans? Does this seem especially bassackwards to anyone else?
Tax Update Blog:

Among the 45 provisions are special depreciation rules for “motorsports entertainment complexes” and an “alternative motor vehicle credit for heavy hybrids.” Because heaven knows we need NASCAR and heavy hybrids more than we need private equity investment.

Being the dapper gent that he is, Rangs no doubt has several of his favorite drivers’ jackets hanging up at all of his rent-controlled apartments. You cannot deny the fashion genius of the bow tie/Snickers jacket combo.
Beating on Private Equity to Save NASCAR [Tax Update Blog]
See also: Rangel Identifies $30b of Tax Increases to Pay for 45 Tax Extenders [TaxProf Blog]

Ernst & Young Has Another Vote Counting Gig

hairy-nascar-fan.jpgWAY more prestigious than the Emmys mind you. No, E&Y has now managed to snag the coveted honor of counting the votes for the inaugural NASCAR Hall of Fame class.
The other firms are, no doubt, insanely envious of E&Y for landing this prestigious gig but we have several important questions:

• Will the E&Y auditors have to memorize the winners and all of their sponsors?
Shirts (let alone tuxedos) seem a little formal for a NASCAR event so what will the auditors wear?
• Instead of simply handcuffing the results to their wrists, will the auditors need guards armed with Desert Eagles to keep the crazies from highjacking the results?
• Instead of Dr. Horrible, who will make a special appearance to distract the audience during the explanation of the vote tabulation? Jeff Foxworthy seems too obvious.
Will E&Y be paid in Bud Light as it seems to be accepted as legal tender in these circles?
Let us know your thoughts on E&Y’s new engagement and your ideas on responses to the questions posed above.
Hall of Fame Announcement Set For Wednesday [FanZone Sports]