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Old 01-24-2008, 10:20 AM #1
paintballpimp092
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Tax Rebates

What are your thoughts on this?

http://news.yahoo.com/s/ap/20080124/...onomy_stimulus

Quote:
Originally Posted by Yahoo! News
WASHINGTON - Democratic and Republican congressional leaders reached a tentative deal Thursday on tax rebates of $300 to $1,200 per family and business tax cuts to jolt the slumping economy.

Congressional officials close to the negotiations said House Speaker Nancy Pelosi and Republican Leader John Boehner of Ohio reached agreement in principle in a telephone call Thursday morning.

The officials, speaking on condition of anonymity, said the two wanted key members of their parties to sign off on the accord before any announcement.

The accord came as the White House said Thursday an agreement was imminent.

Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes.

Families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.
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Old 01-24-2008, 10:31 AM #2
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Tax cuts are very good.
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Old 01-24-2008, 10:35 AM #3
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If that's all there is to it, then it sounds like a good idea to me. I just wonder if there's something they're not telling us?

Me getting $300 back even though I only paid $10.83 in (all my checks were small, and I've only been working since September) is something that sounds too good to be true. However, I guess we'll see!
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Old 01-24-2008, 10:45 AM #4
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Another small band-aid applied to a gaping-hole-of-a-wound.
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Old 01-24-2008, 10:48 AM #5
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Quote:
Originally Posted by Furious Ge0rge View Post
Another small band-aid applied to a gaping-hole-of-a-wound.
Agreed. I wonder what's going to happen when China wants all of their money back, lol.
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Old 01-24-2008, 10:53 AM #6
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Quote:
Originally Posted by Furious Ge0rge View Post
Another small band-aid applied to a gaping-hole-of-a-wound.
Not really. $175 billion is a pretty big band-aid.

Quote:
Originally Posted by paintballpimp092 View Post
Agreed. I wonder what's going to happen when China wants all of their money back, lol.


That's not going to happen in the next 100 years. It's ridiculous for people to even worry about it. We've got bigger worries and as long as the debt is payed off slowly, it's no big deal.

EDIT:

Quote:
Originally Posted by paintballpimp092 View Post
Me getting $300 back even though I only paid $10.83 in (all my checks were small, and I've only been working since September) is something that sounds too good to be true. However, I guess we'll see!
There are stipulations as to who gets them.

Quote:
Originally Posted by article
Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said.
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Old 01-24-2008, 10:55 AM #7
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Quote:
Originally Posted by graysonp View Post
That's not going to happen in the next 100 years. It's ridiculous for people to even worry about it. We've got bigger worries and as long as the debt is payed off slowly, it's no big deal.
I didn't say it was going to happen anytime soon. Are we paying them back now?

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There are stipulations as to who gets them.
Figures. I missed that.
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Last edited by paintballpimp092 : 01-24-2008 at 10:58 AM.
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Old 01-24-2008, 10:57 AM #8
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Quote:
Originally Posted by graysonp View Post
Not really. $175 billion is a pretty big band-aid.





That's not going to happen in the next 100 years. It's ridiculous for people to even worry about it. We've got bigger worries and as long as the debt is payed off slowly, it's no big deal.

EDIT:



There are stipulations as to who gets them.

Because I won't see a $300 paycheck with my name on it, I don't currr.
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Old 01-24-2008, 10:59 AM #9
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Quote:
Originally Posted by paintballpimp092 View Post
I didn't say it was going to happen anytime soon. Are we paying them back now?
It won't ever happen. They won't just ask the US to repay all debt one day. If anything, they'll sell off the bonds that they currently have, and they'll do it slowly. They depend on us just as much as we depend on them.
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Old 01-24-2008, 11:05 AM #10
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Quote:
Originally Posted by Furious Ge0rge View Post
Another small band-aid applied to a gaping-hole-of-a-wound.
Bush's tax cuts didn't work last time and my guess is they probably won't work this time.
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Old 01-24-2008, 11:07 AM #11
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Quote:
Originally Posted by kowz76 View Post
Bush's tax cuts didn't work last time and my guess is they probably won't work this time.
What? They worked pretty well last time. There's no reason this won't work. Lowering taxes will stimulate the economy. The only thing that would work better is making it a permanent tax cut.
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Old 01-24-2008, 11:18 AM #12
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Quote:
Originally Posted by graysonp View Post
What? They worked pretty well last time. There's no reason this won't work. Lowering taxes will stimulate the economy. The only thing that would work better is making it a permanent tax cut.
Correct
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Old 01-24-2008, 11:28 AM #13
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Quote:
Originally Posted by Furious Ge0rge View Post
Another small band-aid applied to a gaping-hole-of-a-wound.
Things need to be addressed in the long run as well, but a short term stimulus package was badly needed.
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Old 01-24-2008, 11:39 AM #14
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Stimulate the economy? What economy? Americans will just go out and buy stuff that will more than likely help overseas companies.

Also, does anyone feel that the income range to get the money is a little high? A household that makes over $150,000 doesn't need a $1200 boost. The main people that NEED it are households that make under $40,000. Atleast those people will spend it domestically... i.e., it will go to utility companies and leasing offices more than likely. It will be spent on education, their children, and even public services (transportation).
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Old 01-24-2008, 11:44 AM #15
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Quote:
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Stimulate the economy? What economy? Americans will just go out and buy stuff that will more than likely help overseas companies.

Also, does anyone feel that the income range to get the money is a little high? A household that makes over $150,000 doesn't need a $1200 boost. The main people that NEED it are households that make under $40,000. Atleast those people will spend it domestically... i.e., it will go to utility companies and leasing offices more than likely. It will be spent on education, their children, and even public services (transportation).
RTA... it says the max income for people to receive this will likely be $75,000 for an individual, $150,000 for a couple.
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Old 01-24-2008, 11:45 AM #16
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They should look at my bank account and realize I spend every dime I get on gas, food, etc. even though I made less than $3000 last year.
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Old 01-24-2008, 11:50 AM #17
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**** a tax rebate. Give me some ****ing money for school.
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Old 01-24-2008, 11:57 AM #18
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Quote:
Originally Posted by larry_wendel View Post
Stimulate the economy? What economy? Americans will just go out and buy stuff that will more than likely help overseas companies.
It doesn't matter. They're buying products in the US economy, and spending money at US businesses. It doesn't matter if they buy foreign products. It still stimulates the US economy.

And as mentioned before, the tax rebates are for families BELOW $150K, not above it.
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Old 01-24-2008, 12:40 PM #19
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**** a tax rebate. Give me some ****ing money for school.
This.
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Old 01-24-2008, 03:41 PM #20
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I could use $300.

Good thing I made 3K last year!...most of it went to taxes, rent and cellphone bills....
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Old 01-24-2008, 03:59 PM #21
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Not really. $175 billion is a pretty big band-aid.
If I'm not wrong, these tax 'breaks' are supposed to stimulate the economy where it needs stimulation; at the bottom. It's obvious making a living in this country in the lowest echelon is impossible. If you really think giving families $1,200 a year is going to help them, you're wrong. They'll spend it, sure, but what happens next year? The fact is, many of them are living pay check to pay check, the last thing they need to do is get the idea that the Government is going to give them money every time the economy is in a tough spot. If the Government wants to fix the issue in the lower class, maybe they should invest in affordable housing. Coming from a single-mother household that has benefited immensely from a similar welfare program, I can say it works. Living pay check to pay check, paying rent each month and putting $20 in the bank for 'savings' is what's killing the lower class, and denting the economy. Cost of living goes up in virtually every area [Food, Energy, Utilities], yet, wages remain stagnant. I'm no longer a socialist, but I also think it's unfair for the price of living to skyrocket, and to be making the same amount of money you did 10 years ago.
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