Will the check be in the mail? ($800 per individual taxpayer?)

My Fox Tampa Bay ^ | 1/19/08

[Libloather]

Will the check be in the mail?
Last Edited: Saturday, 19 Jan 2008, 1:47 PM EST

TAMPA - Cash can be like a jolt of caffeine to a national economy. In 2001, the federal government sent every income taxpayer a $300 rebate check. It ran up our debt, but also helped end our last recession.

Now President Bush and Congressional leaders want to try it again. This time they may send every income taxpayer a larger check. Economists say that could stimulate our economy again if recipients spend much of their rebates on products.

"Letting American people keep more of their own money should increase consumer spending," said President Bush. That could potentially pull us out of the credit and mortgage mess that's hurting the entire U.S. economy. For this to work, federal leaders need to act soon.

"A stimulus must be timely—if it comes too late, it can interfere with a recovery," said House Speaker Nancy Pelosi.

President Bush also wants tax credits for small businesses that could entice them to expand and hire. Congress may also increase unemployment benefits, and increase food stamp allotments.

On the downside, big rebates can drive up debt and inflation over the long run, which takes money out of our pockets. But our government is focused on a temporary stimulus, to address the problems we have today.

[Non-Sequitur]

You don't have to pay for tax cuts, all it simply takes is for Uncle Sam to take his hand out of my pocket. I'm also completely convinced that I can spend my money better than the Feds can.

Money returned to you is theoretically money the government can't spend on something else. So a fiscally responsible government would reduce spending elsewhere in order to turn that money over to you. Nobody's talking about doing that.

[jackibutterfly]

So, WHEN is this supposed to happen???

[Young Scholar]

What a fallacy. I've already "paid" for it, I'd just be getting some of the thousands that I already paid in back.

Sort of, but since it bears no proportion to the amount you've paid (discounting the people who pay less than $800 in taxes) it's more like a form of redistribution. The government's running deficits already, meaning this will just increase the debt. Ultimately it will have to be paid off, and the taxes used to pay for it will be in proportion to income.

So effectively it just makes the income tax even more "progressive."

[Myrddin]

What a fallacy. I've already "paid" for it, I'd just be getting some of the thousands that I already paid in back.

No kidding. I'm paying about $3,500 per month in federal income taxes. That doesn't count what my wife is paying.

[Cobra64]

Doesn’t this amount to just an advance on our tax returns? Like the last time in 2001? That’s not a rebate.

It is a rebate. It's a one-off, one-shot deal. And it will be taxed. It's a pathetic, weak-kneed idea conjured up by politicians to appear sympathetic to those who can't figure out that it's a gimmick.

To stimulate the economy, cut taxes, spending, and fire 90% of the jerks in DC.

[digger48]

He’s “very concerned”

[P8riot]

Sounds like more money in the ammo fund.

[Man50D]

This is another weak attempt to tinker with the income tax code that is beyond reform by using a short term band aid approach.It doesn’t solve anything in the long run. It only make matters worse. We need a fundamental change by replacing the income tax with a consumption via The Fair Tax Act. Fair Tax ping!

[Gondring]

Glenn Beck had a government accountant explain the current state of the real debt. It amounts to $448,000 for every living person in the United States.

That almost makes the $10,000 per family for the Iraq war seem like peanuts!

[Man50D]

I am so down because Duncan Hunter has reportedly dropped out. We need to fix the tax structure.

Hunter is out of the race. We need to replace the income tax with a consumption tax by passing The Fair Tax.

[Libloather]

$800, huh? Well it sounds like the President's scheme will cover you.

I did mention LIFETIME coverage. I get FREE mufflers for the life of my 1987 GTI. Now, if I could only work out a deal like that on groceries...

[DivaDelMar]

The discredited Keynes is smiling.......

[Capt. Tom]

A hundred billion dollars in ‘stimulus’, plus or minus. And not a word from anyone on how to pay for it.

They will print the money,but the problem comes when people find out about it that could lead to inflation, as people would know their money is actually worth less.

So they should just lie and say it is coming out of cuts in Governmental spending. - tom

[Son House]

anyone that complains that giving me some of my money back is going stop us from paying our national debts. As if they were going to anyway.

.
Exactly, now it’s time to play along and get the deepest tax cuts for long term as in Post#6. The depression is going to be worst in history, double digit taxation must be outlawed!

[Unknowing]

I was just reading your post about that, and was considering saying to you: “yeah, I think you’re right.”

If I earn it then I should keep it.

[reagan_fanatic]

$3,500 a month?? If you don’t mind me asking, what is it you do?

[Pining_4_TX]

If they really wanted to help out lower income workers, they would stop taking FICA taxes out of their paychecks. Let Warren Buffet pay for his own Viagra.

[Iron Munro]

Here is a better idea:

Don’t take our money away for socialist redistribution programs in the first place.

[Son House]

devaluing our money

Could you explain that, not sure I follow it yet.

[Libloather]

So, WHEN is this supposed to happen???

My guess - mid-summer (during this election year.)