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Guess I'm getting that $600 back, then.
Golly, *gee*.
By Moe Lane Posted in Breaking News — Comments (44) / Email this page » / Leave a comment »
Family income qualifies for this, and then there's Daddy's Little Tax Credit to consider.
Guys, it's nice to get the money back and all; and I like roads and the best military on the planet and a judicial system and a space program and, heck, I can even live with a National Endowment for the Arts*. But if you didn't need the money, why in the nine billion Names of God did you take it from me in the first place?
Moe
*I'll even make a proposal: for every ten bucks we cut from other non-military government budgets, we put in one to the NEA's budget. No strings, although we all like jazz concerts and Shakespeare festivals, right? And statues. Statues are nice.
Anyway: deal?
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Guess I'm getting that $600 back, then. 44 Comments (0 topical, 44 editorial, 0 hidden) Post a comment »
Hooray! Free money!
by CrabCakes
It looks like our government has actually become a parody of itself. Can I take my rebate in the form of Elijah Craig bourbon?
"Abortions for some. Miniature American flags for others!"
"We must move forward not backward, upward not forward, and always twirling, twirling, twirling toward freedom!"
Free For Them; Not For Us
by Repair Man Jack
They held this money several months and haven't paid me a dime of interest for it. How about you?
"If this ain't a mess, it'll do until one shows up." -Sheriff Bell, No Country For Old Men
Nope, no interest.
by CrabCakes
The best part of all, though, is, since these rebates are further deficit spending, I'll get to pay MORE interest on them in the form of future taxes.
How do I get off the merry-go-round...?
Become a proud citizen of Tibet <nt>
by Repair Man Jack
"If this ain't a mess, it'll do until one shows up." -Sheriff Bell, No Country For Old Men
They didn't want the money...
by birdmojo
They wanted the *INTEREST*.
Man is free at the moment he wishes to be. --Voltaire
DON't COUNT THAT MONEY YET!!!
by Michael T
WTF George? Cutting off the rebates to people who make $75,000 or more. Are you nuts??? Did people in LA, Chicago, and New York who make 75k, and have enough to pay for rent, food, student loans, and gas, and have a little left over are now so rich that they don't get the $600???
And this non-sense about people who don't even pay income taxes getting a $300 check?
This is commie redistribution of income, to say the least. Take $600 in taxes directly out of the pocket of the person working 50 hours a week making $75k a year and paying off their student loans and who paid 15k of federal taxes last year. Put that in a the pocket of a person making 30k who paid $0 in federal taxes last year!
I have supported GWB from day 1. If this passes as is, he will lose my support, and he should lose the support of all conservatives. I will no longer defend him, and I'll be so embrassed at my party I don't know what to do! Please tell me this isn't true!!!
http://www.breitbart.com/article.php?id=D8UCAOTO0&show_article=1
$300, actually.
by Moe Lane
Plus another $300 for every kid, up to apparently three. Also, if you're married the cutoff is $150K.
I'm not telling you not to be ticked off; just letting you know the parameters. :)
The Fuzzy Puppy of the VRWC. I've been usurped!
Heh, that's just the *tip* of the iceberg.
by scottbomb
I have a friend who paid just under $700 in taxes last year and will get a "refund" of $4500. NO JOKE.
Say hello to the EITC? (nt)
by Neil Stevens
Another GWB capitulation to the left. Lame duck, class-warfare politics in action.
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Don't pay income taxes but do pay payroll taxes.
by shooflyguy68
All legal workers pay taxes. Those who make little and don't pay income taxes still pay payroll taxes. If you think that giving folks a bit of cash will spur the economy then it makes sense to give those on the low end a check. However, in a $9trillion economy, $150billion in tax rebates isn't going to do much. Also, since the checks aren't going out until June or July, we'll be well into any projected recession anyway. If the government wanted a bit of a Keynsian stimulus plan and wanted it to have immediate effect, they could have eliminated the payroll tax for the next several weeks or months and gotten more money to more people more quickly.
Unless they qualify for the EITC...
by zuiko
The purpose of the EITC is to give money to people who don't pay income taxes. So people who pay no Federal taxes at all will get $1200 checks under this plan. And people who pay in a ton of taxes won't get checks at all. Quite the rebate program.
---
Underlying most arguments against the free market is a lack of belief in freedom itself. - Milton Friedman
A whole $300?
by Michael T
Single, no kids. So I pay $15,000 in taxes and get $300 back. Great. Joe Schmoe paid $0 in taxes and gets that same $300.
I was cool with getting an $800 check, even though it was horrible economics. Rebates are just plain stupid. But, I'd rather have the money than let the Dems spend it.
Argh. I'm one p-ed off conservative. I have no candidate in the 2008 race that I love. And my guy, GWB, is about to betray me. What is happening to this country???
That's a whole $0 for you
by zuiko
Sounds like they aren't giving you anything back if you make over $75k, and you'd pretty much have to in order to pay that much in Federal income tax. But hey, if you collected food stamps, housing assistance, and the EITC, but had 3 kids you could get $1200. What a sweet deal.
---
Underlying most arguments against the free market is a lack of belief in freedom itself. - Milton Friedman
The Dems?
by shooflyguy68
It's been the "Appropriators" of both parties that have been spending like drunken sailors.
The $75K cap doesn't make sense to me.
by Jay_Cee
Some earning more than $75K a year is much more likely to take that money and stimulate the economy by spending it than someone earning less who may feel the need to sock it away for a rainy day.
The theory goes like this:
by CrabCakes
People who make less than $75k a year are obviously stupid (or else they'd certainly make more). Although they certainly ought to sock it away for a rainy day, their tiny poor-people brains will invariably direct them to Walmart, where they will spend it all at once on Pringles and Parliament Light cigarettes.
As a graduate student who makes far, far less than the cap, I think I'm going to invest in sour cream and onion, but hedge with barbeque.
You realize the parliament
by Herodotus
You realize the parliament light's are one of the worst selling brands of cigarettes, right?
...a long habit of not thinking a thing wrong, gives it a superficial appearance of being right...
---Thomas Paine---
Not in the inner cities
by simpson316
I used to manage tobacco departments in a retail chain here in St. Louis. I had to have Parliaments and GPCs on hand at all times...or face riots....ok no riots...just angry people.
.jpg)
for President in 2008
Those filters...
by Michael T
Weren't those recessed filters created so people could put their coke in it?
I thought P-Lights were one of the best selling brands... I see all kinds of smokers with those freezing their butts off outside!
I've never heard that one.
by CrabCakes
When I was a bartender, all the bartenders and waitresses smoked Parlies. One of them claimed that the recessed filter kept the filter from being pressed right up against ones teeth, thereby browning them. I told her she was crazy and that if she had her filter pressed up against her teeth then she was smoking them wrong anyway. I never heard a convincing reason for the recessed filter, though.
At any rate, I gave up smoking when I gave up bartending...but I really, really miss Parliaments.
Really? Parliaments are
by Herodotus
Really? Parliaments are neither generics, or sub-generics. I figure that you would sell a bunch of Newports, and a load of generics, or sub-generics (Cimmerons, Bestbuys, Harley's, etc.)
...a long habit of not thinking a thing wrong, gives it a superficial appearance of being right...
---Thomas Paine---
Not true
by shooflyguy68
What little evidence their is that this type of rebate works (it's very weak evidence) shows that those on the lower end of the economic scale are more likely to spend the money on little things like food, shelter and fuel. When I get my $1200 check (or whatever it is), I'll probably just stick it in my kids' college funds.
Umm...
by Michael T
Most people 'earning less' probably aren't socking too much away for a rainy day...
But you are right that the people most likely to spend that money immediately would be those making 60-100k per year. Either to pay off bills, take a short vacation, buy an iPhone. Something.
Go to college in America. Rack up tons of debt. Then once you find that job making 75k in a big city, the federal gov;t now thinks you are rich. You no longer get to deduct student loan interest (70k cap, unbelievably ridiculous!) and you don't get no rebate.
Maybe there is a middle class squeeze, hehe. Those who live the American Dream - get educated, work hard - are the ones getting the worst deal. Absurd.
I've got bad news for you
by Shaggy Dog
What you say:
"Those who live the American Dream - get educated, work hard - are the ones getting the worst deal."
Ii is only going to get way, way worse in the next 10 years.
Social securtity is a problem but probably a managable problem, but when Medicare exp. hits the fan with Baby Boomer retirements, there is going to be a tax bill due of astronomic proportions, and guess who is going to get stuck with it?
The sad thing is it doesn't even matter that much who is president, its just going to be differences in degress of how bad we get screwed.
My prediction
by scottbomb
America will elect a liberal Democrat. They/we will also elect a very liberal Congress. Get ready for the freebies!!! The government is here to save the day!!! Free health care for all!!
The "boomers" will retire and demand they be served everything on a silver platter.
In a few years, the hard truth (TAXES) will sink in. Our economy will mimic Jimmy Carter days.
THEN, when it finally hurts enough, the people will wake up and there will be a return to Reaganomics.
It's a nightmare with a (hopefully) happy ending but I certainly don't see us heading in the opposite direction.
Unfortunately, once the freebies start...
by CSUFBomb
...it's very, very hard to take them away - no matter how ill-conceived, unsustainable, or destructive they are.
--
"We want great men who, when fortune frowns, will not be discouraged." - Colonel Henry Knox
Eventually "Say's Law" will intervene. n/t
by Herodotus
...a long habit of not thinking a thing wrong, gives it a superficial appearance of being right...
---Thomas Paine---
Really? Parliaments are
by Herodotus
Really? Parliaments are neither generics, or sub-generics. I figure that you would sell a bunch of Newports, and a load of generics, or sub-generics (Cimmerons, Bestbuys, Harley's, etc.)
...a long habit of not thinking a thing wrong, gives it a superficial appearance of being right...
---Thomas Paine---
Opps, I responded to the wrong comment. n/t.
by Herodotus
...a long habit of not thinking a thing wrong, gives it a superficial appearance of being right...
---Thomas Paine---
If only
by The Gadfly
I think you nailed points 1 and 2. After that things get a bit murky.
The boomers will have demanded far more than was being demanded by the Dems when Carter was in office. And for all the good Reagan accomplished, he didn't manage to end one government program.
Then there's the whole Iranian bomb thing. Now that State has managed to control the NIE, the mullahs get the bomb before the end of the next presidential term. The Russians were corrupt, but at least they were rational. The mullahs aren't.
After those two events, I'm not sure even Reaganomics brings us back.
It's like getting...
by Tim Schieferecke
It's like getting a $600 "gift" from your kid that used your 12 to 13% interest credit card. You get a gift you'd be better off without and get to pay for it or receive a lower credit rating. That sounds like a lose, lose strategy. Oh well, I don't get it anyway. I'd much rather see the money do real good by axing the corporate tax rate to a competitive 9-10%. Then, we could bring some manufacturing jobs back to America, and the investment of capital by not taking it in the first place would pay us back by the boatload. But what do I know?
Tim Schieferecke
Well
by Darin H
The Wife™ and I want to buy some bikes, and they cost $320 each. Looks like we'll be out of pocket for $40.
___________________________________
Two thirds of the world is covered by water,
the other third is covered by Champ Bailey.
1) This is sort of like a one-time tax cut. But aren't tax cuts the problem with our economy?
2) Why do they call it a tax rebate if it has nothing to do with having paid taxes?
3) Aren't the Dems going to enforce PAYGO and refuse to pass this without $150B in cuts?
4) There are $50B in business tax cuts in addition to the $100B in so-called tax rebates. But aren't most of these going to the small businesses that the Dems keep saying got too big a tax cut from Bush and aren't paying their "fair share"?
I'm soooooo confused!!!
ms_nj
The reason they took your
by BradE
The reason they took your money is because it's their money. The reason you will get some of it back is that you are being paid to do something for them. It's like wages.
Picking apart the AP article on Yahoo News
by scottbomb
Workers who make at least $3,000 but don't pay taxes would get $300 rebates.
How is that a "rebate"? It's a giveaway.
The package would allow businesses to immediately write off 50 percent of purchases of plants and other capital equipment...
PLANTS? Is this a typo?
Reid said senators would want to look at add-ons including the unemployment extension and possibly money for highway projects.
A Dem. just can't pass up another opportunity for pork, can they?
Bush has supported larger rebates of $800-$1,600, but his plan would have left out 30 million working households who earn paychecks but don't make enough to pay income tax.
That's because a REBATE implies that something has already been paid. Duh.
To address the mortgage crisis, the package also raises the limits on Federal Housing Administration loans and home mortgages that Fannie Mae and Freddie Mac can purchase to as high as $725,000 in high-cost areas. Those are considerable boosts over the current FHA limit of $362,000 and the $417,000 cap for Fannie Mae and Freddie Mac's loan purchases.
FHA loans on houses that cost HALF A MIL?!
Democratic aides said greater GOP flexibility over giving relief to poor families with children — who would not have been eligible under Bush's original tax rebate proposal — was the catalyst that moved the talks forward.
Thar she blows!
Intentional misuse of the term
by Right Again
You're absolutely right, Congress is intentionally using the wrong term for the money they are giving away.
It will be fascinating to watch how they expect this rebate/handout to be reported on next year's tax return. The last time President Bush did this, it reduced your next year's refund or increased the amount of tax you owed. If they do that this time, there will be a lot of lower income folks screaming next year. I guess President Bush will be gone by then, so what does he care.
I support President Bush. I think he has done many good things. But this is a mistake.
And scottbomb, I don't know if you were picturing living "plants" above, but it means manufacturing plants.
Plants as in facilities
by zuiko
I didn't see the mortgage crap... that's just stupid. I guess the problem they are trying to solve is that Fannie and Freddie don't have enough bad loans for overpriced properties on their books. Heck, why don't we allow them to buy stated-income stated-assets option ARMs while we are at it?
---
Underlying most arguments against the free market is a lack of belief in freedom itself. - Milton Friedman
Re: plants and loans
by The Gadfly
Plants, I can see, although when I see that in the business context I'm thinking manufacturing facility, not leafy green things. But I'll concur that it could have been more clearly worded.
Loans. Yeah, the numbers look insane. But then you probably don't live in one of those high cost areas. Townhouses where I live, even with credit crunch, are still selling for $300,000. I'm not talking elaborately finished luxury places either, I mean the serviceable three bedroom townhouses with almost no kitchen and a combined dining room/living room. And I live a good 20 minutes outside the "sweet commuting spot" where those same townhouses probably cost another $100,000 or $200,000 if you are looking for something in Potomac. Which means in my area the Freddie and Fannie limits exclude many families that are just starting out, which if you accept the justification for Freddie and Fannie in the first place, means they are helping the people they are supposed to help. Of course, this situation also helps explain why Congress has no conception of how real economics work.
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I guess President Bush is reverting to pre-9/11 form as well. That tax 'rebate' last time was a bad idea, and we were just lucky he followed it up with a supply side tax cut.
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