Thread: Income Tax Rebate Check vs Market Response?

Very well put.

Originally Posted by CountryBoy

I'm with Rod and Show also and as 5tears said there is no fix. We just have to take our medicine and hope the STUPID and GREEDY people have learned something from this. Ya gotta work to get anything in life and if it sounds to good to be true, then darn it, it is. If the nanny state bails them out these same people will never learn their lesson and will fail to pass any knowledge along to there children. We'll just have another generation of the stupid and greedy being taught how to cheat the working people outta their money.

CB

Here we go, the water is getting muddied! Let's tank Social Security and Medicare quicker Schumer. Limiting the stimulus to those who pay income tax is unfair? So is it unfair that I pay taxes and eat hamburger and chicken on sale while I watch people in front and behind me use food stamps to buy STEAK! Bite me Schumer!

http://biz.yahoo.com/ap/080121/economy_stimulus.html

AP
Schumer: Expand Those Helped by Stimulus
Monday January 21, 2:04 am ET
By Will Lester, Associated Press Writer Sen. Charles Schumer Says Limiting Stimulus to Those Who Pay Income Tax Is Unfair

WASHINGTON (AP) -- Any rebate included in an economic stimulus plan should include people who pay Social Security taxes, not just those who pay income taxes, a leading Democratic lawmaker said Sunday.

"If we did the rebate based on the payroll tax, it would hit a lot more people at a lower end of the spectrum. And so to just say income taxes are the only taxes we're considering that people pay is unfair," said Charles Schumer, the New York lawmaker who is chairman of the congressional Joint Economic Committee. People making $35,000 to $50,000 pay a lot of federal taxes, he said, but much of that is not income tax, but directed to programs like Social Security.

Democrats and the Bush administration say they want to reach a quick agreement so the economic stimulus can be applied quickly to the struggling economy. But any Democratic insistence on covering those who don't pay income tax could be a cause of conflict. The White House, for now, envisions providing one-time rebate checks to people who pay federal income taxes. That would leave out millions of the working poor, who do not make enough to pay income taxes but do pay Social Security and Medicare payroll taxes.

It's interesting that Schumer refers to SS contributions as "tax" in this context. Many times they refuse to call it a tax to avoid the appearance of government imposition.

They are rattled and not thinking before they speak. We are seeing their true colors.

I would love to see someone take on the credit card industry. Lowering interest rate charges would better serve the public at no cost to the Gov,other than a possible decrease in Campaign contributions.

Originally Posted by JOVARN

I would love to see someone take on the credit card industry. Lowering interest rate charges would better serve the public at no cost to the Gov,other than a possible decrease in Campaign contributions.

Lowing rates wouldn't better serve the public.

It would simply give them more of an excuse to remain in debt.

If they would pay their credit cards in full each and every month, better serving themselves, then they wouldn't have to worry about those high interest rates.

Actually, if they had an emergency savings account, then they wouldn't have to worry about credit cards!

Americans love debt... and they love gov. hand-outs!

They simply need to empower themselves!

God Bless

Thank you for lesson in credit card usage 101. I was making a statement that addressed the thread. (Income Tax Rebate Check vs Market Response?) in the long run lowering interest rates on credit cards would place more money in the hands of the consumer then a one time rebate disbursement.
That was it
And there was no need to HIGHLIGHT your comments.

There will be a tax rebate or some other incentive since the President has said there will be, and if Congress doesn't come up with the goods they'll be called to task for "fiddling while the Economy tanks".

Good idea? no. Because guess what, Federal Deficit will have to go up!

http://biz.yahoo.com/ap/080124/economy_stimulus.html

WASHINGTON (AP) -- House Democratic and Republican leaders are looking for imminent agreement with the White House on an emergency package to jolt the economy out of its slump after negotiators on all sides made significant concessions at a late-night bargaining session.

House Speaker Nancy Pelosi agreed to drop increases in food stamp and unemployment benefits during the Wednesday meeting in exchange for gaining a rebates of at least $300 for each person 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.

Heard on the radio this morning that they (in all their wisdom) are thinking about taking the money for the rebate out of the SSN Fund!!!! I don't think they'll do that, so watch out "G" FUND!!!!

According to what I've read, the goal is to have the package passed by President's Day. Although Congress would like the checks to go out immediately, current estimates are June due to the IRS being tied up with filing season.

One thing to remember is that the last time we got those "rebates" we then had to subtract that amount from our withholding when we filed the next tax return. People ended up owing taxes because of this.

Kathy