Or you can trap it and make your own!
Posted on 01/19/2008 5:16:07 PM PST by 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.
Yup. I'm coughing up $40,000 to $70,000 each year in FIT.
No, its true--100 billion more in debt. Our indebtedness may cause a collapse of the dollar.
I’m gonna get both my dogs neuterd and get drunk.....:8)
That's right, so cut out income tax altogether along with welfare, social security, medicare, and medicaid.
No programs to fund means no need for the money. It's a win/win situation.
LOL, I'll have to watch it so I don't get hit with a penalty for under withholding. I manage my taxes so I pay when taxes are due..
Getting this congress to throw us breadcrumbs is one thing, but to actually give us more of our own money back on a yearly basis? Surely you jest.
They can send me my check, and THEN fix the tax code.
Or you can trap it and make your own!
Two neuterings and a bottle of Jack. You should get some change back!
Does anybody besides me feel that they're going to raise a thousand other current taxes by unnoticeable amounts to cover this $800? Isn't it obvious?
And yes, I do feel insulted and manipulated, not to mention enraged.
All right. I’ll make my own. :)
The more dollars there are, the less they are worth, and since it isn't backed by gold or anything else its just a note, one of trillions of promises from the U.S. Gov't.
In fact they don't even have to physically print the money anymore since a lot of it will move electronically.
I think its a poor "fix"
“Another opportunity lost for meaningful tax cuts for those of us that PAY taxes. Get a real CUT to taxes starting at the TOP and Corporate levels.”
Giving a small amount of the money stolen from the wealthy to the general public so they can go out and buy more “Made In China” stuff will have very little benefit to the economy.
Maybe the cash is GW’s ploy to get real tax cuts through the Dem dominated congress. We’ll see.
Not sure what I will do with the rebate but I am sure the wife will think of something.
$800 = about 3 months of gasoline at $60 per week for the average tax payer burdened with paying everybody else’s bills, because most tax payers drive to work 5 days a week.
So they give me $800 to go buy stuff. I need a new laptop for my business. Fine; considering it will probably be manufactured in Shanghai, our government is just giving $800 to the Chinese.
So the feds give us back some of our money to buy products. Sounds nice. But how many of these products will be manufactured overseas? How does this stimulate OUR economy? Sounds to me like a way to get China to own more of our debt.
Let’s just lie back and welcome the pandering.
They can keep the $800, I won’t miss what they already stole. If they want make an impact on most of us, they should cut the corporate tax rate and watch equity-based 401k’s and IRA’s soar.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.