Tax Rebates Deal Announced. Good and Bad

Discussion in 'Business & Economics' started by sandy, Jan 25, 2008.

  1. sandy Banned Banned

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    W's economic stimulus package will give most tax filers refunds of $600 to $1,200, and more if they have children.

    The rebates will go to about 116 million families. Repubs were kind of ticked off that democrats threw in $28 BILLION to people who DON'T PAY TAXES.

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    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.

    Workers who make at least $3,000 but don't pay taxes would get $300 rebates.

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    Pelosi wanted increases in food stamp and unemployment benefits.

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    http://www.breitbart.com/article.php?id=D8UCFD1O0&show_article=1
     
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  3. ashura the Old Right Registered Senior Member

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    This entire package is ridiculous.
     
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  5. kmguru Staff Member

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    Tax cuts, rebates are always good and both parties agree...however geting that money in June may be a bad idea.
     
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  7. sandy Banned Banned

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    I almost choked when I saw all the pork the liberals demanded.
    Unbelievable.

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  8. USS Exeter unamerican american Registered Senior Member

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    I think it was for people who are unable to pay taxes! What I think that doesn't make sense is that the rep. provide tax cuts for the rich and continue to tax the middle and lower class more! It is as if the Rep. want the rich to stay rich, the middle to stay middle, and the poor to become poorer.

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  9. Orleander OH JOY!!!! Valued Senior Member

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    Wooo Hooooo We're getting back $1800 just in time to take a summer vacation!!!! Woooo Hoooo
     
  10. sandy Banned Banned

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    So you think people who don't pay taxes should get tax rebates?

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    We don't tax the middle and lower class "more". They pay little/no tax compared to the rich. And after these new cuts the rich will actually pay MORE than before.
     
    Last edited: Jan 25, 2008
  11. joepistole Deacon Blues Valued Senior Member

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    They are trying to put money in the hands of those most likely to spend it. It is a bad policy...a bandaid at best for the economic woes that the United States faces. It is designed to delay what will be an economic disaster of monster porportions.

    What is really needed in basic economic reform...markets need to be more competitive. Investments need to be made in infrastructure...not of those things are happening. Instead we keep giving away tax breaks. Just as the cure for all social ills is not a law. The cure for all economic ills is not a tax break.
     
  12. original sine Registered Senior Member

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    I don't know who said this and I'm not going word-for-word, but it was something akin to this statement:
    "We're borrowing money from China to give back to the people so that they can buy things made in China."

    I don't see how this idea will stimulate any long-term economic growth.
     
  13. kmguru Staff Member

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    The idea is, when people buy stuff, companies hire people who can buy more. It is that money circulation thing. If you set up an anchor industry that produces $x dollars, you get an economy of $5x to $8x due to the circulation of money. A small city rises out of that anchor. Assume that there is a local city that has a paper mill with sales of $300 million and employs 200 people. The town that grows up over the years would have about 4000 people, and an economic impact of about $1.5 Billion.
     
  14. oreodont I am God Registered Senior Member

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    Not really. The U.S. is the biggest exporter in the world and the per capita exports of the USA is 8 times that of China. Most americans won't run to Walmart with their rebate. Most dollars go into housing, automobiles, health care, etc.

    The package is dumb because it doesn't address any fundamental issues. A 'stimlus' means more of the same with no change in course. Why would it change fundamentals 18 months from now? Just more 'borrowed' money to add to the over 9 trillion dollar debt....a debt that costs every citizen thousands to service each year.
     
  15. ashura the Old Right Registered Senior Member

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    Exactly, it doesn't really address or fix what led us to be in this problem to begin with. If this is their solution, we're going to end up back where we started pre-stimulus, or worse.
     
  16. spidergoat Liddle' Dick Tater Valued Senior Member

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    Uh, yeah. The poor are the ONLY ones that should get the money. I don't freaking need it. The rich SHOULD pay more. They need the money less.
     
  17. 15ofthe19 35 year old virgin Registered Senior Member

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    It's hard to get excited about getting money back that you basically loaned to the govt at 0% interest for the year. I'm not complaining about getting the check, but this does nothing to fix the long-term problems of an economy based on retail spending.
     
  18. joepistole Deacon Blues Valued Senior Member

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    This is not the first time we have executed the money give away solution. Look at the first Bush II tax rebate. A few years later we are in the same bucket. So it it did work, as Bush II claims. It had no prolonged effect.
     
  19. joepistole Deacon Blues Valued Senior Member

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    There is a limit as to how much money we can give away.
     
  20. sandy Banned Banned

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    We had to do something. We inherited a recession from Clinton that would have been horrible.
     
  21. joepistole Deacon Blues Valued Senior Member

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    Even if the recession was Clinton's fault, the money give away or tax rebate solution does not appear to have fixed the larger picture as we are now back in a worse boat that we were before.
     
  22. mouse can't sing, can't dance Registered Senior Member

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    I was led to believe that Germany is the biggest exporter. This list on Wikipedia seems to agree: http://en.wikipedia.org/wiki/List_of_countries_by_exports
     
  23. sandy Banned Banned

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    I'm not saying the recession was Clinton's fault just like the current state of the economy is not W's fault. This economy is cyclical. We see this same stuff every 7 years or so. You do have a good point in that the rebates won't fix the larger picture. But we are doing the quickest, easiest thing first.
     

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