Bush Tax Rebate Stimulus Plan - 2008 Rebate Check
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Please Save the Economy, Spend you Tax Refund
Spent your Tax Rebate Check, The President has asked you to
Tax Rebate Check Links
- Indian Rupee, US Dollar, and Gold
Top Source for investment info. on the Indian Rupee, US Dollar, and Gold Futures - Indian Rupee and Gold Analysis
Economic Analysis of the Indian Rupee and Gold Markets - Stock Market Crash of 2008
The beginnings were seen last week, unfortunately it doesn't look like it will get better anytime soon
House Approves Bush 2008 Tax Rebate Check Plan
**Update**
Will George Bush use the economic disaster his administration created to push through a SECOND REBATE CHECK?
Can the American vote be purchased for McCain with a second round of rebate checks from the Bush whitehouse?
Take your second rebate check and invest it wisely...Hide it under your mattress
US Dollar vs Indian Rupee Exchange Rate - All this effort, I deserve a plug
2nd 2008 Rebate Check...Will it Stimulate anything?
2008 Tax Rebate Check Stimulus Plan
Who Does Not Qualify for Economic Tax Rebate Stimulus Payments
There are several reasons why some people will not receive a tax rebate check. Invalid Social Security numbers and outstanding IRS tax debts are two culprits.
Wading through the tax rebate information provided by the IRS can be time-consuming and confusing. Most people simply want to know if they are eligible for a tax rebate and how much the rebate will be.
Who Does Not Qualify for a 2008 Tax Rebate from the IRS
- Individuals without a valid Social Security number. An individual taxpayer identification number, or ITIN, does not count.
- Individuals with less than $3,000 of reportable income (qualifying or otherwise).
- High income taxpayers. Beginning at adjusted gross incomes of $75,000 for individuals and $150,000 for married couples, the tax rebate phases out by 5% of the amount of income over the AGI limit.
- Nonfilers in 2007. No 2007 tax return = no rebate.
- Dependents claimed on another person’s return. The individual filing the return will receive rebates for any qualifying dependents claimed.
- Filers of Forms 1040NR, 1040PR, and 1040SS. This includes non-resident aliens, residents of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands. Residents of U.S. territories will receive economic stimulus payments, but not from the U.S. government; their respective local governments will distribute payments.
One Reason the IRS Won’t Mail a Rebate Check: Outstanding IRS Tax Debt
Individuals should be aware that even if they qualify for a 2008 tax rebate, they will not receive a check if they owe the IRS money. The rebate will be used to offset any outstanding IRS tax debt.
Key Points to Remember about 2008 Economic Stimulus Payments
- The IRS will determine eligibility and calculate tax rebate amounts based on 2007 tax returns.
- Individuals will receive a notice in the mail with the amount they can expect to receive as well as a timetable for receipt.
- Economic stimulus payments will be mailed out beginning in May 2008.
- Individuals who paid tax in 2007 are eligible for maximum rebates of $600 per person ($1,200 if married, filing jointly) as well as $300 per qualifying child.
- Individuals who didn’t owe tax in 2007, but filed a return only to report qualifying income of $3,000 or more can expect to receive a $300 rebate check (or $600 if married, filing jointly) plus $300 for each qualifying child.
- Anyone who is expecting a rebate check, but moved since filing their tax return should update their mailing address on file with the IRS.
***** 2008 Tax Rebate UPDATE ******
The bill has been signed in to law by President Bush - You could be receiving your Tax Rebate Check by May. Remember, you must file your 2007 tax return in order to receive your Tax Rebate from the Bush economic stimulus plan.
President Bush held a press conference today (2/11) to say (in his normal unitelligable way) that he expects to be signing the bill authorizing the 2008 Tax Rebate Stimulus plan in the next few days. He also reiterated that he would like to see Americans spending thier rebate check (as opposed to saving it or paying down debt). Good long term thinking Georgie!!
SENATE APPROVES BUSH 2008 TAX REBATE PLAN
Just announced the US Senate passed a $170 billion economic tax rebate stimulus plan. clearing the way for the House of Representatives to approve the measure and send it to President Bush. With this package we’re hoping to see an increase in non-conforming loan limits to $729,000 from $417,000 for high cost housing areas (Santa Clara County).
Keep your fingers crossed the US House of Representatives approves the modified bill quickly so it’s on the president’s desk for signature within the next two weeks.
The Senate passed an economic rescue plan that would speed $600 to $1,200 in rebates to most taxpayers and $300 checks to low-income people, including disabled veterans and the elderly.
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Information of Free Tax Preparation Services, websites, and software
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The House approved their version of an economic stimulus plan today by a vote of 385 (Y) to 35 (N). This plan has strong backing from the President. Support in the Senate, however, is another matter.
According to an Associated Press article published today, Majority Leader Reid (D-NV) believes that he has at least a majority (51) of Senators who wish to modify the House version of the stimulus package. He added that those supporters may also include some Republican members. Aside from modifying the bill as passed, Senator Baucus (D-MT, Chairman of Senate Finance Committee) has written a separate Senate measure to tackle the current economic situation.
The AP reports that this plan would cut the tax rebate for individuals to $500 dollars and cut the tax rebate for couples to $1000 dollars. The House version would pay up to $600 dollars for an individual and $1200 for a couple. The Baucus proposal would also remove the income caps within the House bill and would add tax rebates for an estimated 20 million individuals, mainly senior citizens, who would not be covered since they do not earn income. The removal of the income caps, which put a limit on who can receive a tax rebate, is not likely to be a popular addition to any economic package for some members in the Senate.
Additionally, the plan proposed by Senator Baucus would extend unemployment benefit payments for 13 weeks for those whose benefits have run out. This extension could increase up to 26 weeks in states with higher jobless rates. It would also add in a tax break allowing businesses to reclaim taxes they had previously paid due to current losses. This tax break was previously withdrawn from the House bill.
Lastly, the Senate version of the stimulus package will be virtually identical to the House version in dealing with the housing mortgage crisis. The House bill raises the FHA (Federal Housing Administration) loan limit from $362,790 up to $729,750. This would allow for more mortgage refinancing using federally-inured loans. The House version also increases the loan cap for purchases by Fannie Mae and Freddie Mac from $417,000 up to $729,750. This works to increase the availability of mortgages on a national basis. Senator Schumer (D-NY) stated in the article that he would push for those same provisions in the Senate’s version.
The plan is scheduled to be introduced into the Senate Finance Committee tomorrow.
Why the Checks, Why the 2008 Stock Market Crash? Click Above... It's the fear and likely possibility of Stagflation.
The 2008 Stock Market Crash began on the Day after Martin Luther King Day 2008, continuing to get worse.
- 2008 Tax Rebate Checks - Link to Tax Rebate Check HUBS Future Markets in Currencies and Commodities, Forex, and political predictions for the coming year. The Influence of the 2008 Bush Tax Rebate Plan and current Federal Reserve Interest Rate cuts.
The Bush 2008 Tax Rebate Check Plan
For the first time in a while, we're seeing government working
together to provide a sensible solution to a major problem...which is
'how to stimulate an uncertain economy.' I'm glad to see that the Dems
went the sensible route, ...
The United States Government is preparing
to deliver what they call an economic stimulus package. The biggest
portion of this bailout will be to inject money into the economy by
giving a one time immediate tax rebate to presumed ...
IT"S REBATE
TIME. Ya Hoo, we are getting cash back from the government, I am
thrilled. . . . OK, so what if it was my money in the first place that
they should not have taken so much of. So what if they didn't take so
much of it we ...
The big news on the economic front today and believe
me that there has been a lot of that in the past week is that
government rebate checks may be going out to families some time this
year. Families making under $15/year may get up ...
And the answer,
according to Hagel, is every individual receiving a government rebate
check and their children. 'It's going to add to the debt and interest
payment and the all the more dependence we already have on the Persian
Gulf ...
Hot on the heels of the President's proposed economic
stimulous package, the Democrats are looking to turn tax rebates into
government handouts. When President Bush first proposed his rebate
scheme, I immediately assumed that it would ...
You see, not only do
all of us taxpayers get some of our hard-earned money back from the
government, but part of our tax money is being "refunded" to those who
never paid taxes in the first place. The rebates, which would go to
about ...
The biggest fairy tale in Washington isn't Barack Obama's
voting record on the war in Iraq, but the notion peddled by
Republicans and Democrats alike that the government has a big pot of
its own money that it generously gives to people ...
Hot on the heels
of the President's proposed economic stimulous package, the Democrats
are looking to turn tax rebates into government handouts. When
President Bush first proposed his rebate scheme, I immediately assumed
that it would ...
If history repeats itself, then Federal Reserve
Chairman Ben Bernanke is right: Give consumers a sizable tax rebate
check and they will mostly take the money and run, spending those
dollars and pumping energy into the economy.
It is a gift. A gift insisted on by the congressional Democrat negotiators. It is an insult
to the intelligence of each income tax payer to call this a rebate for
those particular individuals. Truth in government (and advertising!)
As I keep mentioning to SuperWife, when people live on our
economic scale, for a government rebate to have any kind of real
impact, the amounts have to be in the thousands, not the hundreds. A
few hundred bucks, even seven or eight ...
One hesitates to call such
a thing a "rebate," given that the term implies giving a portion of
something back, but it likely makes sense if one's goal is to pretend
to stimulate the economy. Given that the government collects money via...
The United States Government is preparing to deliver what they
call an economic stimulus package. The biggest portion of this bailout
will be to inject money into the economy by giving a one time
immediate tax rebate to presumed ...
IT"S REBATE TIME. Ya Hoo, we are
getting cash back from the government, I am thrilled. . . . OK, so
what if it was my money in the first place that they should not have
taken so much of. So what if they didn't take so much of it we.....
Nowhere does it mention government's role as our personal
financial guardian, taking the money we earn, telling us how much we
can keep now, how much we get when we retire, and giving us 'gifts'
such as the rebate. ...
The United States Government is preparing to deliver what they call an economic stimulus package. The biggest
portion of this bailout will be to inject money into the economy by giving a one time immediate tax rebate to presumed ...
As I keep mentioning to SuperWife, when people live on our economic scale, for a
government rebate to have any kind of real impact, the amounts have to
be in the thousands, not the hundreds. A few hundred bucks, even seven
or eight ...
That's uncertain and the upcoming index on Wall Street
will be a good indication of how investors feels about the
government's plan for economic rejuvenation will pan out. Share on
Facebook Share on Facebook.
Congress, both sides of the aisle are
talking now about $8 tax rebates to the poorest people in America. I
don't know about you, but I've never seen a job created by a guy who's
at the bottom of the ladder. This seems just like a plan ...
According to government data, only about 2% of the rebate check money was spent
by consumers (which is the entire argument for such a package). In fact, the largest chunk of the money received, 6%, was used to repay debt. ...
Nowhere does it mention government's role as our personal financial guardian, taking the money we earn, telling us how much we can keep now, how much we get when we retire, and giving us 'gifts'
such as the rebate. ...
Also, how is this a "rebate" when it goes to lots of people that pay zero taxes? More like another government handout. Definition of a rebate -a return of part of the original payment for some service or merchandise; partial refund. ...
The United States Government is preparing to deliver what they call an economic stimulus package. The biggest portion of this bailout will be to inject money into the economy by giving a one time immediate tax
rebate to presumed ...
And the answer, according to Hagel, is every individual receiving a government rebate check and their children. It's going to add to the debt and interest payment and the all the
more dependence we already have on the Persian Gulf ... If the US government can zip tax-rebate checks into the mail - as in legislation Congress is now developing - here's an idea of the type of economic stimulus it might provide:. * The gross domestic product could grow by as much as an ...
IT"S REBATE TIME.
Ya Hoo, we are getting cash back from the government, I am thrilled. . . . OK, so what if it was mymoney in the first place that they should not have taken so much of. So what if they didn't take so much of it we ...
If history repeats itself, then Federal Reserve Chairman Ben Bernanke is right: Give consumers a sizable tax rebate check and they will mostly take the money and run, spending those dollars and pumping energy into the economy.
2008 Tax Rebate Plan
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Comments
I don't think that the rebate checks will work longterm, unless they continue to send everyone one like twice a year or something. I don't know. I know whatever I get is going to bills... Being off work for the past 5 months or so definately charges up the credit card. Sorry, government officials. I won't be spending much of what I get. :-\ It's 85% bills, 10% savings, 5% spending. I need to pay off my cards.
I'm happy with the idea now, but next year the D.A.'s will make us claim it on our taxes as income. If they had NHS they could be using our $ wisly to pay doctors or giving us 6MTHS maternity leave paid like Canada, France, Cuba, but no steel! steel! steel! If you havnt seen Michael Moores new movie Sicko you should rent it.
I thought about that. Yea, they're giving us money, but we still have to file it next year. They should make it nontaxable or whatever.
This is a short term solution to a long term problem.Once we spend the money we will still have the same problem.
yeah well it might be a band aid on a big wound but i have to say it is looking good to me
How about if they didn't take OUR money away from us in the first place?
Well privateye2500- If you want to call your leader an idiot, that is fine, but when the idiot sends you 1,200 I want you to donate it to starving children in the USA...how about Appalachia, southwest indian tribes or even the inner city poor kids hot lunch program?
cant everybody just be happy and take the money with out a stupid negative attitude dont worry just be happy thanks bush
Yeah i agree, its basically taking OUR money back from the government. Free money, can't complain. Even with taxes, you'll still be getting more than they tax in the long run, so just accept the money given to you and be thankful. Most of you won't be spending it for the economy like it was meant for, but thats you out of hundreds of millions of people.
why can't the people of God's nation just except what he has in store for us, and quit saying that our nation is under...the people's belief of God are so narrow, all they think about is MONEY..........Just be thankful for your annointings
i thank god im getting the money. every one isnt perfect. be thankful and let it go.
i dont listen to anything g. w. bush has to say. bush has to be one of the worst presidents of all time. he lies, he is sneaky, and he represents oil. can you imagine having bush in office another 8 years. i will glady take the rebate, but it doesn't add up 8 years.
Glad we at least get something. What do you really think GW would like you to spend this on? The high price of gas, well well well, the checks get issued out in May, just in time for the 3.50 a gallon gas spike all these "Experts" keep spewing about. So where will your money really be going? Right back in GW pocket, wow he's a genius, he even has the senate approve Americans spending those checks on what he's famous for ripping people on. So when you get those 600$ checks and are just insisting that you put that money to use, and you're at the gas pump, think of GW, he will not be thinking of you, but he'll be glad when you buy a full tank of gas. The economy is so totally screwed it's laughable, I think the next person that becomes president, does it really mattter what affiliation they are politically? Anyone is better that George Bush. There is still 1 Bush left too, Jeb, I really hope he never plans on running for president, and I'm sure in 4 years he will. Think carefully when you get your rebate check, DON'T spend it on gas, unless you would like to, just tell GW to keep your check, same thing.
when it is all said and done gw will go down as the greatest president
why does everyone call it "free money" ? It isnt free. You will be paying it back for years to come. The government is deep in debt and every dollar that they send you is a dollar that they just borrowed and are paying interest on. Since the government's only source of income is your tax dollars, they will have to eventually raise taxes to pay back the money that they sent you today to stimulate the economy. this money is hardly free.
i forgot to mention that the only good thing about this plan is that it is targeted at the working class. I would be horrified if the government had decided to give billions to rich people and large corporations and hope that they invest in capital and create jobs, a la Ronald Reagan.
Let's not forget that the economy would not be this way had 911 not happened and that is Clinton's fault for not keeping the reins on Sudam like he was supposed to. Considering the way Bush's presidency started out, I say he is doing a great job. We may pay this money back with interest in the long run, but everyone needs it now. When the emonomy picks up in the future, we won't care that we are paying it back. We will just be glad we got the extra help when we needed it.
De you are so confused!!!!!! the housing market, this war.... this lie after lie from this administration..... great job!!! are you kidding....... how many people have to die for this bunch.... do you want our children to die for this administrations lies? what is wrong with you the world hates us because of George Bush!!!!!!
Reigns on Saddam.....there are dictators killing their own people every day and you probably don't know or care because why??? they have no oil and do not have a strategic spot in the Arab countries,,, this war is not about terrorism De
I will remind everyone, God appoints our leaders, we just vote and go through the motions.....we learn from each of our leaders, if we keep our minds open. Thank you God for the rebate check, I will give 10% to my Church to further your Kingdom, the spend the rest on my wife and girls....
On the other side, you are more confused than most,..... God appoints are leaders. So he must have appointed Saddam then huh?
you need to think outside the box just once
Yoredness, I will pray for you, the Bible says, (the Bible is the Word of God),
few shall enter.
I was refering our leaders as the USA, not a country like Irak, but who knows, ask God your question when(if)you see Him someday.
Let me also correct your grammer, you said, God appoints "are" leaders, you must have meant "our", if so, you must be speaking about your's and mine, who
at this time is President Bush, unless you are from Irak, in that case, I feel sorry that Saddam was your leader, not a good example of a good leader, may your
country get a better one next time.
Thank you for your time.
Oh selective leaders I see, just the ones for the good guys, that believe in Christianity... in your eyes...
thanks for correcting my grammer and you spell Iraq with a q not a k
You need not waste your time praying for me, thanks for the offer, I do not need it
have a wonderful life and I hope that your God brings you everthing you need
STOP BEING INGRATES! I DONT LIKE ANYTHING ABOUT BUSH, HOWEVER I HAVE 3 KIDS WHO TAKE THIS MONEY AND DO SOMETHING GOOD FOR YOOU OR YOUR KIDS...IF THAT MEANS BILLS, SHOPPING, CLOTHES, ETC WHATEVER IT IS MAKE GOOD USE OF IT , IT ISNT LIKE THEY DONT OWE US SOMETHING FOR ALL THE STRAIN THEY PUT ON US AMERICANS THROUGH OUR MONEY, TAXES, HIGHER BILLS GAS INTEREST RATES AND JUST FOR THE PURE STRESS AND HEARTACHE FOR THE WAR OUR LOVED ONES HAVE TO BE IN THE MIDDLE OF.... BE GRATEFUL DONT OVER ANALYZE!!!!! TAKE CARE
THE REBATE CHECKS IS THE QUICK FIX SOLUTION , FOR A MONTH , BUT WHAT ABOUT THE OTHER 11 MONTHS OF THE YEAR ...??? AND THE YEAR AFTER THAT ..?? BOTTOM LINE --- A CARROT FOR THE DONKEY.... POLICY ... WHAT WE NEED IS , SAVING PLANS 100 % TAXES FREE ( IN OR TAKE OUT ) FOR PEOPLE WITH AN ANNUAL INCOME OF 60,000.00 $ OR LESS .AND A $ 8.50 / HOUR MINIMUM WAGES NATION WIDE .
di: well said. I wish I could vote for you.
I'm glad the government decided to spend a few hundred million to find out if baseball players lied about using steroids. After all, what is more important than making sure spoiled rich athletes are telling the truth? I don't have a problem with athletes getting their paychecks, but do I really want pay for a circus when our tax money could go to so many other things?
i hope by elderly they don't mean me. i am retired but i also pay a lot in federal taxes and state taxes
If joe was as smart as he thinks he is he would keep his mouth shut about GW and gas prices. The dems. want allow us to drill in anwar so that is where 3.50 a gal. gas comes from. We have to pay what Chavez, from Venezuela and other America haters say we should pay.
Once again, nothing for the elderly or those making so little they don't have to pay taxes. Feel like you don't exist? I'd love a check; extra money to take the pressure off for a few days....decisions, decisions... gas, meds, FOOD, buy something without feeling guilty. Maybe in my next life.
I JUST WANT THE MONEY!!!!!!!!!!
All this is from our wonderful president is a way to say thank you for letting me destroy our country! Its his way of saying I'm sorry and thank you for making me rich from all the extra money you paid to me and my family with the extra gas prices.
Thanks Bush
I am elderly and on disability and believe me my husband and I will not get one of those checks so when he says that I dont believe him because the last time he did this we received nothing and we were paying taxes at that time so I say yeh yeh yeh duh duh dont believe everything you here.
I am just amazed at how Bush stole the whole presidential race and turned a positive deficit into a trillion dollar negative deficit and now he has the audacity to pile on even more in the name of a tax break. My god, can it get any worse. This guy has done absolutely nothing for this country except send innocent young men & women overseas to fight a war that his dad started back in the 90's and he still can't win it or let it go. There should be a formal law implemented to not allow members of the same family to run for president - How can that even be called fair. I hope above all else that people now understand that it does not mean a thing to vote republican or democrat or any other wing if the person they are voting for is incompetent as hell. It should be the right person for the job, not someone living off the prior history of a family member. Glad to see his useless self go and don't let the door hit him in the ass on the way out.
iLL BELIEVE IT WHEN I SEE IT.
SIGH....I just don't see how a measly check will help stable the economy.
i think if the gov lowerd the gas price by 1.oo a gal would help more than rebate
A.J,. in Ca.. so I guess it should be unfair for Hillary to run for president since her a_ hole of a husband already ran.. too bad for this country that Mitt Romney dropped out. He was the only chance this country had to get it's act together. Now we're going to be stuck with a liberal president who will really screw up this country. When you all criticize GW and complain about the deficit, just remember one thing: thanks to him, there hasn't been another attack on our soil since 9/11 and you are all still alive and living in the freedom that you take for granted. This deficit you complain about is a result of 9/11 and keeping your spoiled ,, ungrateful selves free. You should read The Greatest Generation. Also, I have a question: I keep seeing news reporters on CNN, FoxNews etc.. discuss how they are going to spend their check. Then I heard that only those making under $75,000 will get a refund. I'm sure these people on TV are making more than $75K, so they won't be getting a refund right? And that is so unfair. $75,000 in Massachusetts with 4 kids is not enough to get by on. We made more than that, big deal, why shouldn't we get a refund? If my neighbor makes $70,000 and has 2 kids, they are better off. Once again, the middle class in MA gets screwed.
See what this country has become, we are all fighting amongst ourselves over the dumbest things, who cares if we get the check or not we as americans find a way to make it on what little we have and that's how its always been. Live the american dream.....get married, have kids, pay taxes, then you die......some dream isn't it.
Just so all you haters out there know i'm a soldier serving in iraq at the moment. It so very comforts me that you all are so worried over a few hundred bucks and fighting like children. Just remember while your sleeping tonight in your nice warm bed in your nice safe house and neighborhood that WE your american soldiers are fighting to keep you free. Yes it may be a war that might not seem to have a purpose, but has any war??? I have no complaints, so take your check and spend it on something for your family America, stop being so hateful.
I do not care for George Bush at all. I just hope everyone receives a check as he stated. Just don't half step on the American people.
Wow this hub has definately gotten its sharof attention..
I would like to add, that this is not free money. We will be taxed on it next year. Yes it's free now, but it's not non-taxable cash.
Although, I would love to get into the president debate that was above; I'm not putting my nose into it. I have my opinions and you guys have yours... I do agree with those who feel that that Bush could have done things a WHOLE lot different, and did not really do his job well.
Shano- why was Bill an a-hole? I found him a great president, under him our economy was MUCH better than it is today. Although, he had personal issues, in reality that was no one's concern but him and his wife. Not the entire country's.
I think that we should just use these checks wisely. Not waste them. And, not complain.
i will believe when i see it in my mailbox
I think the goverment will get all this money back probably by next week remenber we all pay tax all the time . You worked get paid and pay your taxes then go to the mall and paid taxes again until you die . It simple what we need is person that has no conflict of interest in the white house?
i think by the time the goverment gets there head out there ass family may get 300.00 if there lucky!
i think we all should go tax exempt!
i think we all should go tax exempt!
This happend several years ago where we were supposed to get a check. I believe that it was $300.00 if you filed your taxes as single and $ 600.00 if you had dependents. Needless to say I never recieved any check. Like many other people are saying I will believe that I am getting a check when I have one in my hand and I am on my way to the bank to deposit it. I know people that really believe that they are getting this money, and already have it spent. I will believe it when it is in my mailbox.
What a JOKE
Deficit spending at its best!!
Just like the war that was won but not really.
I laugh at all of you who put all these woes on GW....I can see the elementary schools across the midwest that have not been going to school are the children typing on this post. First off the war was inevitable, say what you want about oil, had we had a democrat in office after 911 you don't think we would of went to war? Secondly, this mini recession we are going through is the fault of the Clinton's regime. What? you think economic swings happen overnight? I've seen blah blah blah god mentioned a few times......yeah I guess that's why we are poor and have all this war....god is really doin a fine job of lookin out! Come to Michigan...enjoy the worst economy in the 50 states....it's great. Oh yeah, we're run by a female democrat.
rebate means when you buy something and send in receipt then you will get a rebate. In this case when you pay less taxes you get more REBATE and when you pay more taxes, you get LESS or NOTHING. This is NOT a Reabate, this is more like a welfare to me. LOL. Please don't call a Rebate. Not fair at all.
so is it true that you will get $600 for yourself as a single person with kids and $300 for each child . I sure hope that I have a better chance at getting the money this time the last time the money was given out I never got any thing. GOOD LUCK TO EVERYONE!!!!
I thank God Almighty for the right to be free and live in this country. i will say that some things that Bush has done is not right, yet i think he is a Great president. The biggest issue i have with the entire country is that you have people living in the projects paying 8 dollars a month in rent, having a baby every year, not working and my hard earned money pays for their clothes, their cars, cell phones, education and anything they want. i am married with a young son, and i am the only one supporting my family, try to take care of three individuals on 25000 a year and still have money left over to take care of bills, food, clothing, diapers and formula for a new born. The government hasn't given me a damn thing, and i'm fine with that because i know that i will work hard to support my self and my family. That is the American dream, to succeed. Anyone can make it in this country if they work hard and do waht they are good at. I am proud of our men and women over seas fighting for our freedom to bicker and argue over who we think is a great president. I just thank God that i have the ability to do everything within my rights as an American Citizen to stop the Communist Hillary Clinton from ever being in the White House again.....yes i said it Communist, she believes that if the government we larger and controlled everything that our country would be better. Is that not communism? Every country on this planet that has government controlled health care is in foul shape. You have to wait months on end for Chemo if you have cancer. How is that helpful....so what the meds are cheaper. But the people who put their hard work and minds into making those drugs deserve being paid well for what the have created. The other problem i have with Clinton, and Obama for those keeping score, is that they believe that a person who has worked hard making 100,000 a year should be penilized for making that much. I don't believe its in the best interest of our country to take money from those who work had and give it to those who are too damn lazy to work hard, or even work for that matter. This will be my only post, so God Bless, and I Love America......
Jester
What ever !! I mean This is not anything at all , remember it will all be the last thing we didn't do if we aren't ready or don't try so give up, or make sure your there on time
I'm blessed to live in America and my only wish is for everyone to take a minute and look at what you are given and look at what you have then take a step back and look at many other people from countires not as fortunate as ours and see what they have. Living in a home without heat and running water would be a luxury to them. Be Greatful for what you are given and make the best of life.
I can't believe everyone on here is saying that after 9/11 we had to go to war in Iraq... Did we forget who killed all those people.... It's the one we can't find... Remember him?? Osamo Bin Laden???? We hear more about the war in Iraq and less about the soldiers getting killed in Afanastan. Get some facts straight... who cares about this check. We are in dept BIG TIME!!!! I hope Clinton gets elected. Then maybe we will have free health care and money for our kids to go to college. When Bill Clinton was in office we had money... Social Security... Start paying attention what means the most for our children's future and less about money.... Our ecomony is going to hell and we talk about money. People are dying because they don't have health care and we talk about money... Start caring about people and the place where we live!!
OMG.....YOU ALL GET A GRIP OF YA'LL SELFS. JUST BE HAPPY YOUR STILL BREATHING. MY GOSH COMPLAIN TO MUCH YOU PEOPLE. JUST BE HAPPY THAT UR ABLE TO WAKE UP EVERY MORNING TO BREATH AND GET TO SEE YOUR FAMILY. WORRY TO MUCH ABOUT WHATS GOING ON IN THE WORLD. WORRY TO MUCH ABOUT WHATS BEING SPEND BLAH BLAH BLAH!!!! JUST LIVE EVERYDAY HAPPY AND NOT WORRY. WATEVER HAPPENS, HAPPENS. JUST KEEP ON LIVING AND PRAYING.
GOD IS LOVE................GOD BLESS!
Everyone is complaining about this stupid check that we will probably not even get. There are more important things we should be concerned about like what position will the United States be in in the next 5 years. And this war is a joke! Bush is a terrible president! What the hell are we over there fighting for! We are not even looking for the person that everyone forgot about like BIN LADEN! This is all about oil and everyone knows it. Bush does business with Bin Ladens family. Hell after 911 he put Bin Ladens family on a plan and brought them to the U.S.! Was this for their safety? or to secure his wealth? My husband is in Iraq now and if they were really over there fighting for something that really served a purpose then yes I am all for it but this so called war CANNOT be won by the military. This is a religious war. I just pray that whoever takes office in Jan. 2009 bring our troops home ASAP! We have already lost to many great soldiers. We need to focus on healing our country before we can try to heal someone elses.
I see alot of comments about how the economy is bad and the war is bad blah blah blah....Let me tell you, if it wasn't for the war, the U.S. would probably be in full depression. Don't forget about what happens during war time, many jobs are created. Unlike the U.S. auto companies, military tanks, vehicles, etc are only made in America and won't accept parts made from China; although they do accept parts from Canada. That's about the only jobs you can get right now in Michigan. Alot of you say it's GW's fault for this economy. Last time I checked Clinton signed NAFTA and that is truly the downfall of our country. Take a drive around Michigan and you will see empty auto factories....drive through the Ohio Valley and you'll see empty steel factories. Thanks Clinton. I was doing very well until a couple years ago when my factory was closed for cheaper wages in Mexico. After the joke of unemployment, I then had to settle on working two jobs...days at Mcdonalds and nights and Walmart to support my two kids. It sickens me to see people living off welfare who "can't find jobs." You people are just plain lazy. I have now been graced with a job making tanks....a job that probably wouldn't be here without the war. Do I agree with the war, no...if it was me I would drop a nuke on the middle east and say take that. The whole area is a mess and will never be fixed...terrorist cells are all over, not just Afghanistan, if we are gonna be over there, we should of sent enough troops to clean up the whole middle east and put our own government there....oh wait, isn't that kinda why we went there the first time, cuz Iraq invaded Kuwait? For those thinking of voting democratic let me leave you with this story. When our bitch governor one her election last year, the first thing that happened....all the people on welfare got a 7% increase.....now you know how she got her votes. Welfare is bullshit and the democrats think that giving lazy people money helps our country...perfect example....Michigan=7.8% unemployment. Thanks Granholm.
WOW, I've stayed out of these little comment battles, but that is without a doubt the most unenlightened, uneducated bullshit I have ever read.
What Decade are you living in? Holy Crap
http://hubpages.com/_1foo2pql6hdja/hub/2008-Forex-^^^^^^Must be a democrat on welfare
GW signing the bill authorizing OUR rebate checks on Wednesday. He was practically begging Americans to spend their checks rather than pay down debt, or god forbid, save a few of those pennies
I cant believe that LAZY dead beats who are happy living off welfare will still get a check...And Billionares like Bill gates if they change what the rebate includes. Stop taking out Medicare and social security, Give me The Damn money I earned, And use the rebate Money, For families who ACTUALY Work!!!!
I am a widow and a waitress. Who has moved into a shared house with my daughter and her two children, as neither of us could afford living on our own....she receives no chil support or other help. Ohio's new minimum wage law of 7.oo, just means I have to claim more tips and my check is smaller....oh yeah with the economy my tips did not increase. As my husband was sick for 3 years before he died...all savings and everything gone....and he was a Viet Nam Vet....whose health care for Vets sucks.....So I could really use this tax rebate...which I probably won't fet
The saddest part of reading this blog is the argument of whether or not it is "free" money. It is not free money unless you didn't pay any taxes. It is "your" money that was over taxed to begin with. GW is just saying he thinks "we" the tax payer will do a better job spending it than the government. If you are old and pay taxes you will get a refund, if you are poor and pay taxes you will get a refund, if you didn't pay anything into the system it would be hard for them to give it back to you. I know many of you delight in the fact that the "rich" won't be getting anything. I for one am sad that the people that fuel this economy and shoulder much of the tax burden will not be seeing any of their money back because of the jealousy that exists in this country.
I think it is hilarious that people are complaining about getting their refund because they will have to pay taxes on it later. Tell you what, you give me your refund and I will pay all of the tax burden for that refund.
For those of you complaining about GW destroying the economy: you really should take an economics class sometime. The sitting president has very little control over the economy while they are in office. We are now seeing some of the economic impact of 9/11 and some of the things GW needed to fix from the Clinton administration. If you want to blame Bush for a bad economy you really need to wait 3 or 4 years to see the impact. The only immediate impact that a sitting president can have is what GW is doing right now. He is trying to give the economy a jump start by infusing cash into it. It is not supposed to be a long term fix, it is just supposed to artificially change the consumerism mentality. Our economy is driven by how people "feel" about spending money. So, take the money, spend the money, understand that it is taxable so you may need to stash a small % away for next tax year and get on with your life.
I couldn't agree more with what Rebate means it is ours said. I for one am using this money to take my family on vacation. The way I see it is.....it's money I otherwise would not have gotten. No paying bills or anything like that. This is the true definition of "mad money".
i read a comment that said this is just a band aid for the real prob....and i couldnt agree more with that comment...but people dont go taking this as a whatever deal....hell its money that's prob due to us anyway....so of course we all will do whatever we feel is best to do...pay bills, vacations, upgrades on the house or invest it....but whatever we do do with it do it well....and yea i agree...the band aid could be made better if we got more of these "rebates" like someone said maybe once or twice a year...then maybe we REALLY could get out of the recession we are in. hey im no bush fan but when someone gives me money and i dont have to pay it back...and i worked hard for a good life...then im not gonna cut my nose to spite my face...i just wish it was more often that we got "A BREAK"....peace all and well voting this year.....it's more important now then ever before....
G.W. IS A JOKE THE MAN CANT EVEN SAY THE WORD NUKELEUR
WHAT IF U OWE TAXEXS , WILL U STILL GET A CHECK
Ms_Secret, if you file you are eligible. I don't know if they will garnish part or all if you still owe taxes. Knowing our government, I doubt that they are quite that smart.
Will everyone just relax? Bush is doing something to help strengthen the economy. It doesn't matter if one will pay bills off, go on vacation, or go to the bar. The bottom line is that it will increase everyone's spending capability to either get ahead or take a break. The stock market has a lot to do with psychology. Happiness has spending power.
Give the money to the Big Three Auto Makers, and preserve American Jobs, Mr. President, and Congress! People with good jobs stimulate the economy.
We've been sold out. The corporate fascists think we'll be appeased if we can get our old cars fixed up enough to live in them.
I have an accountant who reads the fine print. The tax "rebate" is nothing more than a cash advance on your tax refund next year. They are giving it to you one year early and calling it a "rebate." Next year you will not get a tax refund because they are sending it to you this year.
Next year there will be millions of very unhappy people when they find out.
if you dont like the idea of getting a rebate check why don't you just send it back when it arrives
Just blow it and be happy for a couple of days.. It doesn't matter who is president. This country will always have it's ups and downs.. My only wish would be to bring our troops home and start focusing on our homeland. God Bless the USA. Yes I said God Bless the USA.
For those who think the money is not going to help. Then donate all of yours to OUR starving children here in the USA.
Take this Warning if it turns out like the rebate received a few years back for those with children they issued those checks in mass yes but when you cashed it you agreed you would pay it back the next year. Nowhere in anything I have read does it say we will not have to pay this back if we cash these checks. So yes VERY short term next year we could all get slapped with and additional $$$ to pay back during tax season.
Yes this check is an advance on next years taxes , if you are getting back $2000 next year and you will recieve a stimulus rebate check this year for $1200 you will minus that from the 2 grand your getting back next year So if you usually owe every year on april 15, tack your rebate check on to what you will owe next year. my advice is if you owe, put this money away until next year!
bla bla bla...... here is what is going on. the rich are freaking out. People like myself, the hard working upper poor class, have been payed the same wages for years with no increases while our bosses make more and more. That one guy, the wealthy boss, makes a few investments and makes more money while forgetting to pay more attention to the devoted workers. That boss lives pretty good for a while as prices of food fuel and necessities increase more and more do to the wealthy investments of the few wealthy bosses and the lack of pay increases to the working class... blue collar workers out way the white collars.... eventually all those invisible money making investments bottem out in their price climing and the cost of nesessity reaches an all time high. The lower working class, you know the majority of america, simply cannot afford anything including the nesessities. We stop spending and buying and basically show the world we can't take it anymore. prices come back down to affordability and sensibility and just when the working man starts spending once again the boss is crying cause he's not making his millions so he cuts your pay and we go round and round again. GREED is the key to america. God bless us all. until there are no rich and we realize that we need to share our bounties the world economy will never heal completely.... just when it scabs over..... the greed bleeds it out again. have a good one!
so do we owe the irs next year let me know rickytruettjr@tmail.com
Everybody's talking about free money yeah right. Yall do know that we have to pay that money back.......When we get 2008 income tax, the government is going to deduct the amount you get from this rebate from your 2008 refund.
Bush is living in his own little world and using us as his political pawns; the war, the economy...He's a bafoon!
I mean "BUFFOON"!
I DON'T KNOW IF ANY OF YOU ARE AWARE OF THE NEW EMBASSY IN BAGDAD THAT BUSH IS BUILDING FOR OUR TAX DOLLARS OF 7 1/2 MILLION - AND OF COURSE WE WILL BE TAXED ON THAT REBATE. HILLARY CLINTON SOLD OUT THE FEMA VICTIMS BY PLACING THEM IN TRAILERS THAT WERE TOXIC FILLED WITH FAMALDERHIDE & ALSO IN N.C. IN ORDER FOR OUR CHILDREN TO GET THEIR LICENSES THEY HAVE TO SIGN A DOCUMENT THAT INLIST THEM IN THE MILITARY, SO DAMMED IF WE DO AND DAMMED IF WE DON'T - BUT IN THE MEANTIME SOMEONE SUGGESTED THAT IN ORDER FOR THE WELFARE RECIPIENTS TO RECEIVE THEIR CHECKS THEY SHOULD HAVE TO PASS A DRUG TEST, JUST LIKE SOME OF THESE JOBS.
WE
It might be a good thing to some but what is this check doing for us it not lowing down gas prices , food, clothing and etc. So what the point of this us as american what to see these gas prices and other thing to go down. they need to do something about that instead of sending out check that not helping make these gas prices and taxes go down. Its ashame how high gas is and taxes are on stuff.
This is NOT a rebate - rather a redistribution of money from hard working americans to those who don't even work enough to pay taxes.... This is nothing other than taking away a rebate due to us - and giving it to non deserving worthless individuals who will do nothing with it to stimulate the economy....
All who are negatively impacted need to check the voting records on this and refrain from ever voting for any individual who voted to pass this insane piece of legislation...
The cost of the war in Iraq is more than $3 trillion!!! and it pushed the oil prices to $116 to profit owners of oil companies.
Just take the friggin money.
I HOPE I GET ONE ESPECIALY FOR THE FACT THAT MY INCOME TAX RETURN WAS TAKEN BY CHILD SUPPORT.NOW IF THEY TAKE THIS,WELL LOOKS LIKE I WONT BE ABLE TO SPEND MY CHECK BACK IN THE ECONOMY,FOR THE FACT THAT I WOULD USE MINE FOR GAS TO DRIVE TO CA WHERE THEY LIVE
The check would be great but I don't get one. Cause I am on disability.
It is not fair I own a car I buy my own food, and gas I pay taxes every year What about me and the others that is bearly making it? no one pays my bills or pays my rent (no Im not on section 8 or low housing) or buys my gas or food but me. I live off of just under 700 a month with no help. God I would love to go out to eat or just go buy me something nice. and even take my grandkids some where for the day.
it doesn't seem like the stimulus is working as well as originally planned. I was reading this report about it, and everyone seems to be just using it for gas and such
Hay, you got it right! A carrot for a donkey IS the American WAY!
Its very nice information and very informative. Thanks for shraing this information.
NPR on the economy
- NPR: 01-02-2009 Economy
Stories: 1) Hospital Industry Braces For Tough Times 2) Economists Duke It Out Over Stimulus Plan 3) Slow Sales Mean Big Business For Some Liquidators 4) U.S. And China: Different Paths Out Of Downturn? - 4 days ago
- NPR: 12-30-2008 Economy
Stories: 1) Bailout of GMAC Could Boost GM Car Sales 2) Latest Economic Data Bleak 3) Economy Makes 2008 A Year To Forget 4) Banks Got Bailout; Are They Making More Loans? - 6 days ago
- NPR: 12-26-2008 Economy
Stories: 1) Economically Speaking, Just How Bad Was 2008? 2) Small Banks Count On 'The Bank Lady' 3) Nonprofits Help Donors Choose, Spend Wisely 4) Printer Sees Recession In Black And White - 2 weeks ago
Last Chance to save the American Economy
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Additional 2008 Tax Rebate Checks info at IRS.gov
Link to Hub offering advice on many Free Tax Preparation Services. Free Tax Preparation Software, Free Tax Preparation Websites, and various IRS sponsored programs.
This is getting increasingly woeful, these type of last ditch efforts tend to remind me of price controls and other failed government efforts to impact the Free Market Economy. We must urge the government to allow the excesses of the Real Estate Boom to work there way out of the system naturally. As painful as that may be, it is the quickest way to restore balance to the US and the World economies.
The 2008 Bush Tax Rebate Check Plan will do more harm than good.
Most taxpayers could expect a rebate of up to $600 starting in mid-May under the economic aid plan set to go through Congress within weeks.
Couples could get twice as much, with even more for most families with children. All that, however, depends on smooth sailing at the Internal Revenue Service, and the agency already is up to its eyeballs in filings and refunds. economy
The Treasury Department says that despite the strains of tax filing season, the IRS will be able to begin delivering the payments within 60 days after President Bush signs the plan into law, and complete the process in approximately 10 weeks, possibly sooner. The payments would come separately from regular tax refunds.
"The IRS has already begun trying to prepare for this," said Andrew DeSouza, a Treasury spokesman. "They'll be ready to go."
But figuring out if you qualify — and for how much — can be complicated, thanks to confusing rules designed to get the money to middle-income workers and ensure it also benefits low-income people who are most likely to spend the cash.
"Almost everyone who earns income will receive some benefit," said Douglas W. Elmendorf, an analyst at the Brookings Institution. "The idea is to target the money on the people who will spend a large share of it, and to target it on people who are likely to be hurt by an economic downturn."
People who do not make enough to pay taxes but had at least $3,000 in earned income would get $300. Those earning less than that would be disqualified, as would the wealthiest. Older people living solely off Social Security checks would not get the rebate.
Individuals with adjusted gross incomes of more than $75,000 and couples with income exceeding $150,000 would get smaller checks. Contributions to individual retirement accounts, 401(k) retirement accounts and health savings accounts would not count toward the limits.
About three-quarters of those eligible for the checks are working people. About one-quarter would qualify solely through pension or interest income, such as retirees or people who are unemployed. Eligible people would get at least $300.
For middle-class people, the rebates are fairly straightforward. Most individuals would get a $600 rebate, couples would get $1,200, and those amounts would rise with the size of their families. High- and low-income people, however, would get only a partial benefit.
People with income less than $75,000 would get a rebate equal to the taxes they paid in 2007, up to $600. Couples with income less than $150,000 could get up to $1,200. Those who earned more than $3,000 but owed little or no taxes would get a flat $300, or $600 per couple.
So a low-income family of four — with $35,000 in income and virtually no tax liability — would get $1,200. That includes the flat $600 per couple and $300 for each child.
A single person earning minimum wage would receive the lower rebate, $300.
A single parent of two with income of $38,000 and a tax bill of $433 would get $1,033 — a $433 tax rebate plus $300 per child.
To focus the payments on middle-class people, the plan includes rules that reduce the rebates for those with higher incomes. For each dollar over the limits, the payment goes down by 5 percent.
That means that while a family of four with income of $95,000 would get $1,800 — $1,200 for the couple and $300 for each child — a family of four with income of $160,000 would get less, and the same family making $200,000 would get nothing.
Income of $160,000 would put a family $10,000 above the income threshold, reducing the benefit by $500 for a rebate of $1,300. The wealthier family, which falls $50,000 above the threshold, would see its rebate vanish under the formula.
Similarly, a single person with no children who had $16,000 in income would get $600, while the same person making $85,000 — $10,000 above the limit — would get just $100.
People would not have to work to receive a rebate. A retired couple owing $4,000 in taxes would get the full $1,200; if they owed no taxes, they would receive only half that. If the couple earned less than $3,000, however, they would be ineligible. That includes 20 million older people whose only income is their Social Security checks.
The plan would allow people who do not qualify for a rebate this year to get one in the spring of 2009 if they become eligible based on their income level or tax liability in 2008. That has been a standard feature of past rebates, although it does nothing to stimulate the economy.
Internal Revenue Service: http://www.irs.gov/The most general trends in economics are still (I think) in the realm of common sense. It are these that I hope to “address” today. I say “address” because I’m using a didactic tone when I have no authority whatsoever. But I’m sure you’re all used to that by now.
Paul Krugman of the New York Times pointed out in a recent column that the looming maybe-recession is caused by a confluence of two factors: the burst of the housing bubble, which I’m sure everyone with half a brain saw coming eventually, and the sub-prime mortgage crisis, which I think passed most people by except those unfortunates who were affected by it. Economists like Krugman had been predicting the problem before it happened, but for most people without an ear to Wall Street, it would likely escape their notice.
But now of course, everything is obvious in hindsight, and economic relief is just around the corner in the form of a tax rebate. Oh, boy. I could theoretically get a grand back from the government, though I don’t think I’m in the eligible bracket for tax relief. The basic theory behind giving people ready cash seems to be that economic growth relies on capital moving around; so you should go out and spend the rebate to get the economy revving again. It should also be obvious as result of this theory that the lower and middle classes are really the driving force of the American economy, since rich people save their money, and people below the poverty line probably don’t (and ostensibly ought not to) even pay taxes, hence their ineligibility for a rebate.
It is worth pointing out as a side note that it would seem that credit is a major factor in our juggernaut economy continually rolling along. The benefit of credit from an economic standpoint appears to be that people can continually spend without the necessity of actually having the money to do so. This strikes me as a somewhat unstable system, but it seems to be working so far.
So, if all these factors are true, giving people money that can immediately be spent seems like a good idea. However, people are also more likely to save if it looks like a recession is looming, so the rebate could in a sense backfire, at least with cautious people who can still scrape by without the rebate. And of course, the White House is blocking relief to the group most likely to spend a rebate: the unemployed. The bill was earmarked for food stamps and additional welfare money, but obviously that goes against the Republican code of government only being able to do damage. Never mind the inherent hypocrisy in approving a bill via government to stimulate the economy and then cherry-picking the relief funds based on a philosophy that government can do no good. Yes, so why did you approve a bill to “prevent a recession” in the first place? Not that I was surprised or even particularly annoyed. We’ve all learned to expect this kind of behavior from people who have never had to worry about money all their lives, and therefore refuse on principle to sympathize with those less fortunate them themselves.
Also, it strikes me as strange from a general standpoint that any trend can continue indefinitely. Relating to economics, it seems like it would impossible for the economy to continually improve ad infinitum. Wouldn’t it make sense that there would be bumps along the way? I would think that recessions, mild or severe, would be inevitable unless our country was constantly right on the cutting edge of every trend and hence was always producing the most in-demand product at any given time, whether it were clock radios or multi-million dollar ideas. I find this to be laughably unlikely, though perhaps the golden age of America was defined by just this ability. I feel like with outsourcing to India and China, we’ve lost a great deal of our old white-collar edge, and must look to new intellectual products to retain our edge.
I would also like to mention briefly that no empire seems to have ever learned to gracefully step aside when its time of prominence has come to an end. The length of time that an empire exists is inversely proportionate the level of technology at the time, which is why Rome lasted longer than the Holy Roman Empire, which lasted longer than England’s imperialism, which lasted longer than America’s imperialism, which I have to say, thanks to our last misadventure in Iraq, is probably drawing to a close. Bush just had to lash out with the big, clumsy, imperialist boot one more time. And it was such a thinly-veiled attempt! I can’t tell you what a disservice that rat bastard did to our country.
I only bring up the “step aside gracefully” thing in because our economy is rapidly being outpaced by the aforementioned outsourcing countries, India and China. It would serve us best to brainstorm how we can create a beneficial relationship with these new powerhouse countries rather than insisting that we are the leaders of the world, long after it has passed. In this context, recessions are inevitable, but the important thing is to pick yourself up, dust yourself off, and get right back on the economic saddle. Tighten your belts and wallets, everyone. This may get worse before it gets better.
Note to my international readers: you are not required to tighten your belts or wallets, unless you want to show solidarity with America. I can’t imagine why you would, but the gesture is appreciated nonetheless.
We need your help, Spend your Rebate Check
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2008 Tax Rebate Check Stimulus Plan
Better than nothing, but limited effect at best
2008 Tax Rebate Check
The Bush regime announced a tentative deal with congress today to rebate American tax payers a one-time tax rebate check of more than $1200 to families in the lower tax brackets with children, in a last ditch effort to save a stumbling economy. It must be pretty bad, worse than we're being told, when first the Federal Reserve attempts to save the stock market with a panic 75 basis point rate cut, followed 2 days later with a "stimulus" package that both a republican whitehouse and a democrat controlled congress agree to a tax rebate check program. Most experts outside of government control agree that these moves will have a limited effect at best. Although the rebate is larger than the original estimates of approximately $800, it will still have little impact on an economy bound for recession, possibly depression, and on the verge of suffering from stagflation. As prices rise in the Oil, Gold, and Food(both grains and meat futures) markets, while the economy contracts to negative growth.
As many of you know, the "gubment" has decided to send out tax rebates to taxpayers across the country.
Single people could get 600 dollars, couples 1200 and there is said to even be room for those with kids leading to an extra 300 per child. A family of 4 could theoretically see 1800 bucks late spring/early summer if all goes well.
The thought of money and a check from the government thrills most, however this reminds me of 2001 all over again.
Send out a check in spring, and then low and behold come 2002, my refund was a bit less than expected. Turns out my "rebate" wasn't a rebate on taxes I paid the previous year, but instead an advance on the current year.
I'm sure I am not the only one who thought "well son of a bitch" when I realized they got me.
The media hasn't come upon much in the way of details and I haven't heard it from any other sources, hell it could be free money. I highly doubt it though.
I'm not too big on refunds as it is, it is essentially giving the government an interest free loan, I think I'll end up putting my check into something that can make me a few dollars on the side.
Aside from all that, I fail to see how this will have any real economic stimulation. Did it really do much in 2001? I guess it is hard to tell for sure since Sept 11th was right around the corner. Even if it did help, well that was before we were knee deep in a war that has sent debt through the roof. If anything we will see a quick shot in the arm type response that will last over the summer, but once that money is gone... Then what? People will rush out to spend it and the economy will look like it is booming. It isn't going to create any new jobs.
It's been awhile since I have been in economics as well, but I would think this could actually devalue the dollar even more.
Ahh I love it, my tax dollars hard at work figuring out what to do with my tax dollars.
Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.
Before headlining a campaign rally for presidential candidate John McCain in
Phoenix, Jon Kyl offered his assessment of the proposed economic stimulus package.
The proposed $150 billion tax rebate program would distribute $600 each to 117 million eligible taxpayers who earn $75,000 or less a year. That comes to $1,200 a couple earning a combined $150,000 or less a year. Plus, $300 for each child.
Kyl, the Senate’s No. 2 Republican, told me he doesn’t support the plan at all.
“What don’t you like about it?” I asked.
“Um, how much time do we have?” he replied.
Keeping in mind that the McCain rally was scheduled to begin in a few minutes, he offered the condensed version of his concerns.
“First of all, it’s a great re-investment,” Kyl said sarcastically. “They take 1 percent of the GDP and they’re expecting a return of seven-10ths of a percent. Now, you wouldn’t stay in business long with that kind of a return – and that’s an optimistic forecast. It adds dramatically to the deficit. I don’t think it will stimulate the economy very much. And there are better ways to do it.”
Most importantly, Kyl said, the tax rebate package that’s currently being produced in House won’t be the final version. Democrats in the Senate already are taking about expanding it. The final version could end up $30 billion or $40 billion fatter – or even fatter still.
Despite Kyl’s personal reservations, he expects the measure will pass. “Politicians want to do something,” he said.
If the measure stays on track and President Bush signs it, $1,200 wide-screen televisions should start disappearing from store shelves in May.
Unfortunatley it would appear that we are entering a dark phase in US ecomomic history. When the goverment panics giving emergency tax rebate checks and 75 basis point cuts rates prior to a scheduled federal reserve meeting to save troubled banks, it is difficult to believe the smiling White House economic advisors as they continue to say that they are not forecasting a recession.
working
privateye2500 says:
11 months ago
There is NOTHING this idiot could say that would ever make sense ;}