Hang in there a little longer. Here's some news that's come out this morning with some details of the proposed economic stimulus package:
Congressional aides, speaking on condition of anonymity because the deal had not yet been announced, said they hope the checks could go out as early as June.Individuals who pay income taxes would get up to $600, working couples $1,200 and those couples with children an additional $300 per child under the deal. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.
The rebates would be limited to individuals whose income is $75,000 or less and working couples with incomes $150,000 or less.
I am always up for a little extra cash but it just chaps my hyde that people who don't pay taxes would get a tax rebate. That is absolutely ludicris to get money back when you don't pay in. I say just apply the excess to the national debt or give more to those of us that do pay taxes.
Almost everyone pays taxes in one form or another. The working poor who will get rebates have to pay payroll taxes. Why is it okay to refund income taxes but not payroll taxes? That makes no sense to me.
In any case, the purpose of the stimulus package is to spur the economy, not to reward those of us who are a little better off. It's exactly those working poor who don't pay much or any income taxes who are most likely to spend their rebates, and hopefully generate some economic activity.
Whether it will be enough to make a difference is anyone's guess at this point.
Are we suppose to feel good after knowing those in Washington including the Presidents past and present, Congress Senate, and lobbyists screwed our economy?
It's not a rebate to the lower income workers, it's a gift. They do not pay income taxes and many don't pay payroll taxes because they get the Earned Income Tax Credit that's worth up to $4,000 to offset those taxes. Yet they still get credit for paying social security taxes. I'm not arguing the merits of the credit, just it's existence. $4,000 is equal to a $2 an hour raise.
Sheesh. Once again, the purpose is to stimulate the economy, not to put more money in the pockets of those who need it the least. Lower income people are more likely to spend the money, and put the money back in circulation. Why so much animosity towards the poor?
I am sure that most everyone is going to spend their rebate thus going back into the economy. We are not having anim osity towards the poor just sick of them getting free breaks which doesn't encourage them to do better. Everyone should pay taxes no matter who they are. I just wish there was a flat tax so everyone can pay their share.
"the purpose" is to divert attention from the root causes of this depression we're about to enter...the Bee story about Bill Gates and Warren Buffet divesting in America, (taking their money to Asia and Europe) says more about the economy than anything else, ...we on the left have been consistantly warning about the consequences of de-regulation for years,(28), again, we had it right, but we still don't get credit, (or a candidate for prez). nor will we be welcome in the next administration...a hundred billion or so, will not have any significant effect on this 12-15 trillion dollar crash, but prison-time for the guilty might be a good start. first off, I recomend the former federal reserve chairman!...claims he didn't see this coming, and gee, he just can't explain the trillions of dollars that literaly vanished under his watch. (It's hard to find this story) but trillions of dollars have vanished, last seen going in the front door of the federal reserve, which is not so much "federal" as it is a hand full of men secretly conspiring to steal everything that aint nailed down, when they ran out of plunder, they gave credit cards to the poor. Are they "evil"?... naw...they just read "data"... "consumer optimism" will play no role in this tragedy.
If all the special interests people would toss their money into the ring instead of wasting it on all this election garbage we would be better off. Even those that are running for prez are taking their money elsewhere. Again they could put some of their money into the economy here instead of hording all of it.