The Bush-Pelosi Tax Rebate Stimulus Plan

[Taco John]

Deal Reached on Tax Rebates for Stimulus

Jan 24 10:16 AM US/Eastern

WASHINGTON (AP) - 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.

http://www.breitbart.com/article.php...show_article=1

[Taco John]

What a stupid plan.

[baja]

I agree with TJ and So Cal. this will only serve to further weaken the dollar, it's a bad idea especially now.

[Taco John]

They might as well be sending us all coupon books. That's about how effective this is going to be in "stimulating" the economy, whatever that means.

[Hotrod]

Im going to buy duct tape and water with mine.

EDIT* American made of course.

[Taco John]

Whatever we get back, we're using all of it on paying off the Toyota. Looks like we qualify for a whopping $600. Don't I feel stimulated...

[alkemical]

Originally Posted by Taco John

Whatever we get back, we're using all of it on paying off the Toyota. Looks like we qualify for a whopping $600. Don't I feel stimulated...

No, it's a bit limp

[TailgateNut]

Originally Posted by Taco John

What a stupid plan.

This can be said of another plan which surfaced today!

[alkemical]

wow a few hundred bucks?

I know i added up all the taxes fed/state/local/sales/etc taxes and i'm taxed about 42% or so of my TOTAL pay (give or take if i'm somewhere that has "entertainment tax" or something) -

I'd say i'd be willing to compromise at....20% for everything. If i had 25% more to play with - i'd probably save more, spend more and invest more (if not in a company, at least in myself for school, or a business idea).

[Rigs11]

sweet!beer money!

[TheDave]

What a joke...

[Beantown Bronco]

Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement.

If this is accurate, Mr. and Mrs. Bean will be looking at $1,800 that we didn't have yesterday.....I could think of worse things to look forward to receiving in the mail.

[L.A. BRONCOS FAN]

Originally Posted by Taco John

What a stupid plan.

Indeed.

[DBruleU]

I'm just curious what some of you who say, "What a stupid plan," suggest doing instead? What's a better/quicker way to stimulate the economy?

I'm not necessarily in favor of this plan per se...seeing as I don't get much out of it, but I'm sure since it's Bush who's doing it, that plays heavily on everyones opinion of the deal.

[baja]

Read The Thread Title Again.

[DBruleU]

Originally Posted by baja

Read The Thread Title Again.

K...and? I'm still wondering why it's so bad, and what you may think is better?

[L.A. BRONCOS FAN]

Originally Posted by DBruleU

I'm just curious what some of you who say, "What a stupid plan," suggest doing instead? What's a better/quicker way to stimulate the economy?

Stop pouring the contents of the U.S. Treasury down the Iraq profiteering hole, repeal Bush's tax cuts for the wealthiest of the wealthy, enact a windfall profits tax on ExxonMobil and other bloated, giant corporations, and invest in America's infrastructure, for starters.

[baja]

Originally Posted by DBruleU

K...and? I'm still wondering why it's so bad, and what you may think is better?

This is not about Bush hate, it is a bipartisan plan and a bad one. We have to borrow from a foreign country to fund this and the money will just be spent to buy more shiit from China etc.

[Crushaholic]

This will do nothing but help my credit card companies make money, as that's likely where my money will be going...

[L.A. BRONCOS FAN]

Originally Posted by Crushaholic

This will do nothing but help my credit card companies make money, as that's likely where my money will be going...

And you are most certainly not alone on that account.

[Rohirrim]

Originally Posted by Taco John

Whatever we get back, we're using all of it on paying off the Toyota. Looks like we qualify for a whopping $600. Don't I feel stimulated...

Maybe you should use it to buy yourself some Viagra?

BTW, are we paying for this subsidy by printing new money, or borrowing more from China?

[SoCalBronco]

Originally Posted by DBruleU

I'm just curious what some of you who say, "What a stupid plan," suggest doing instead? What's a better/quicker way to stimulate the economy?

Nothing. The economy has to rescue itself. If it can't..then it can't. Its a waste of over 100 billion dollars. This is just a bandaid, it just delays the inevitable. The economy has to pull its way out of this by itself, if it its painful...its painful....we've got a disgusting deficit, which is going to wreck us...and we waste another 100 billion on bandaids? We need to stop spending...whether the economy is sucking or not. If we have to endure more pain, thats ok....its more important that we don't go another 100 billion in the red. In fact, what is most needed is spending cuts (this means NO universal health care, no expansion of benefit programs, small reductions in benefits in SS/Medicare coupled with tax increases there to solve expected shortfalls...no sugarcoating) coupled with general tax increases (with the new tax revenues NOT SPENT ON ANYTHING WHATSOEVER) so we can get back to the black quicker. It would hurt in the short term, but its best for the long term.

[L.A. BRONCOS FAN]

$600?

Too bad you're not a hedge fund manager or one of the other "stewards" of the economy whose crooked ponzi schemes created the present economic mess. BushCo and the fed would not only cover the balance of your loan on that Toyota - you'd probably be able to trade it in for a new Bentley or a Mercedes.

[L.A. BRONCOS FAN]

Originally Posted by SoCalBronco

Nothing. The economy has to rescue itself. If it can't..then it can't. Its a waste of over 100 billion dollars. This is just a bandaid, it just delays the inevitable. The economy has to pull its way out of this by itself, if it its painful...its painful....we've got a disgusting deficit, which is going to wreck us...and we waste another 100 billion on bandaids? We need to stop spending...whether the economy is sucking or not. If we have to endure more pain, thats ok....its more important that we don't go another 100 billion in the red. In fact, what is most needed is spending cuts (this means NO universal health care, no expansion of benefit programs, small reductions in benefits in SS/Medicare coupled with tax increases there to solve expected shortfalls...no sugarcoating) coupled with general tax increases (with the new tax revenues NOT SPENT ON ANYTHING WHATSOEVER) so we can get back to the black quicker. It would hurt in the short term, but its best for the long term.

Does that include spending on Iraq?

How about subsidies and tax cuts for Exxon and the super-rich?

[SoCalBronco]

Originally Posted by L.A. BRONCOS FAN

Does that include spending on Iraq?

How about subsidies and tax cuts for Exxon and the super-rich?

Re: Iraq...yes, there has to be cuts there, too. Mind you, they can't be so debilitating as to substantially impair our operations (I'm concerned about Al Qaeda/Iran filling the vacuum.......I'd love to get the hell out of there, but I think its irresponsible to not at least some kind of residual force to at least try to keep the peace as progress on political benchmarks happens...unfortunately its happening too slow right now, and the Iraqis need to be prodded, if that requires some threats of reduction of economic asssitance etc., I'm for that) but still they've got to also bear their share of the cuts. As to your latter point, yep, that too, although tax credits that go to helping develop R&D in those industries are fairly useful, so I'd hope some of those are preserved (sometimes though, just the market forces in the industry will be incentive enough for those corporations to put significant resources in R&D).

But across the board, there have to be painful cuts....I realize many programs we are invested in are useful and helpful to millions and millions of Americans, but its just more important right now to take drastic measures that might really harm the economy in the short term in order to save it in the long term.