Bush considering $800 tax rebate to boost US economy: report

Source: breitbart

President George W. Bush's administration is considering an individual tax rebate of up to 800 dollars as a short term measure to help boost the sagging US economy, a media report said Friday.
The Republican leader was to unveil a fiscal stimulus plan later Friday, amid grim economic news that has united lawmakers and the Federal Reserve chief on the need to revive flagging US growth.

The White House has said Bush would propose policies, not dollar amounts, because details of the plan must be hammered out with the Democratic-controlled Congress.

"Privately, the White House has discussed its support for a tax rebate of as much as 800 dollars for individual taxpayers, more than double the 300 dollar rebate featured in a 2001 effort to spur economic growth," the Wall Street Journal said.

In a key concession to Democrats, the US administration appeared willing to accept stimulus legislation that does not include an extension of Bush's tax cuts, the Journal said.



Read more: http://www.breitbart.com/article.php?id=080118104215.zxj8hvdk&show_article=1

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I thought this was Obama's plan.

:puke:

Give the rebate check to the Democrat of your choice. Thanks, President Peter Pan!

The president's Republican enablers will support Chimpy even if his plan hurts our country in the long run. Only liberals will admit how irresponsible it is and have the guts to oppose it.

Joe Six-Pack won't see the big picture. To him it's a choice between those who want to give him enough money to make 2 car payments and those who don't want to. Nevermind that his earning have stagnated while his expenses are skyrocketing. So what if he can't afford health insurance and is one illness away from losing his house.

$800 or $300 or whatever, but when you file your return, that money is deducted from your refund.

Mo' ChimpCo Three Card Monty

serious problem and this moron does not have the will or IQ to do the right thing.

That will really stimulate spending on my part. That comes to a whopping $2.19/day. So I can get either a half gallon of gas or get a loaf of bread.

I was just giving examples of what that extraordinarily large sum of money will buy. Maybe I should have included the sarcasm thingie.

$800 is what the robber baron CEOs fart before breakfast. Get a fucking clue. You must live with your parents. Bye. Ignore.

and will the current congress,that voted themselves a $4,000 raise, allow the peasants to recieve such a meaningless token?


let them shop at Goodwill,
let them eat cat food.....

I wonder what the response would be if Obama would have come up with a proposal that gave the lowere 30 % of tax payers $250 ?



or how CLinton would vote for any aid
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3146505just for the sake of arguement that is.

Wow that is a great line. No doubt the powers that be say that on a daily basis. :grr:

800 bucks is more than my mortgage payment. I personally can do alot with 800 bucks. When you're in the hole as far as we are, it's a good chunk of money.

We had to PAY IT RIGHT BACK the next year when we filed our taxes.

It was infuriating bullshit then and it's twice (actually, 2.67 times) as infuriating now.

n/t

What if you set your deductions up like all the financial wizards suggest and don't get, or get as small as possible, tax refund. Now there's the potential that you will actually have to write a check to the IRS in 2009. How good will that be for an economy that has just come through a recession?

Jay

we got last time.

because (even though nothing is official) everything I've read references the structure of the past system. I could be wrong. :shrug:

stimulus package to work it had to be immediate, without offsetting spending cuts or tax increases and it had to go to the middle and lower incomes.

It remains to be seen if that's how it filters through the compromise process, but that's what he said. He also said that messing with the tax code would not help because that's too long term and might actually hurt the process if a recover had already began. Bush didn't hear that 'cause he immediately called for making his tax cuts permanent as part of the package.

I actually watched the testimony--recovering from food poisoning so I wasn't getting too far from bed and bath.

going to come from? We are all aware of how bad the economy is, how much money the US government owes....you know, little things like deficits, trade debt and the like.

Is our fearsome leader going to mint dollars to give us this rebate? Will this just add to the debt our grandchildren will be paying?

Call me naive but I think this is a fool's errand.

of the economy at large. The economy will just absorb it like it does so many other things. The key is to get money moving again, not stuck in somebody's 401k or tax shelter. If the $100 billioin changes hands 3-4 times it has the stimulus of $300-400 billon without the inflationary pressure of printing more money.

same place he gets money for his torture schemes - they are spending a lot of money on crap now - they might as well give us some of it

Turn them Billions you are giving the ungrateful Iraqis to us lower income Americans... I read somewhere the cost of the war was like 50k per family in America... If the government would just give me the 50k I would be debt free and really be able to live the American dream but instead.. I work to pay high interest loans and feed my kids and with anything leftover... I might get a trip to walmart to buy a new set of jeans or something once a year.

What did Reagan say about 70's inflation? Carter was running the printing presses around the clock? Something like that? Better spend those greenbacks while they're still worth something.

There's a rainbow in the sky
So let's have another cup of coffee
And let's have another piece of pie."

Well, the $2.19 a day will at least buy another cup of coffee. We'll have to skip the pie.

You have a Senior Citizen discount.

I must be pretty old.

What a lame solution.

Print up some money, actually make an entry in the computer, and send a little tidbit to the masses, hoping they'll go out and buy more crap made overseas. What if it was just used to pay off debt?

But I agree with your brilliant observations ;^)

Bush Plan doesn't seem to do much good if we a) just print more money, or b) just borrow more money from the Chinese. And even then the only way it would stimulate the US economy is if we only bought "Made in USA" stuff to reward those companies which still provide jobs to the US middle class and working poor.

I vote for paying off the debt and ending the war in Iraq, instead. We simply can't afford to continue to adhere to Chimpy's (with apologies to simians everywhere) deft diplomatic and economic policies. SARCASM thingie inserted here if I knew how to

Just type :sarcasm: and t'will magically appear.

Ok, that didn't work right so, I will try again. Go to the colon key, and type ":". Then type the words "sarcasm" (without the quotation marks). Then go back to the colon key, and type colon again.

Actually, a lot of the smilies are just the word enclosed by colon marks. Try hugs surrounded by colon marks, see?

Mighty thanks!! :hugs:

--THB

our pockets into the pockets of the oil companies. This is another damned government corporate welfare proposal.

Want to stimulate the economy? END THE FUCKING WAR!!

Times are tight now and I will take anything that the government will give... sure how about let me pay no tax this year. 100 percent refund of my payroll taxes.

I guess those on this board so cynical that $800.00 means nothing too them but it would pay off one credit card and maybe help turn my personal situation around.

I don't know how taxing the corporations that employee people like me heavier is going to fix anything because I assume that my job will be cut to offset the company having to meet the governments increased taxes...

If my job is cut... I go on welfare... which in turn will cost taxpayers more money...

So you may quibble about the amount but I think government needs to do something.

It comes out of your refund, and if you don't get that much or more as a refund, you'll owe as a back tax.

It's not a good thing, in any light. MKJ

I want my taxes recinded for this year... How but if they say everyone that makes less than 50k household income does not have to pay tax this year and above that will be adjusted to say 100k and people making more then that should be ok. These are just ideas... I hope that the Democrats in Congress rationalize that people really are hurting out here and focus on the specifics like I stated. But if Bush wants to give tax breaks to EVERYBODY including the wealthy then he is obviously out of his mind.

it has to be a short term "gift" not paid for with spending cuts or tax increases. The last $600 was a "pre-bate" on a future tax return this is pitched as a rebate on taxes already paid.

It won't affect the deficit because it is one-time and short term as opposed to tax law carrying forward.

I never receive a refund. I always have to pay. So I don't want to pay double the next year.

refund of past taxes already paid. If passed as he asked for it would have no affect on future tax filings.

I always get something back.... but I agree that I don't want a check now to undercut my return later... I simple want both.

I think(I hope anyway)that your misreading the sentiment here. I can use the money as well. The problem is that there is going to be a hefty bill attached in 2009. The government isn't doing anything for you but loaning you your own money.

Jay

Because I know that he won't give me something and then take it back from me. He understands that what the middle and lower income classes need is real stimulus. Something to help us get out of the recession that has been plaguing us for years... Yes the booming U.S. economy and millions of us were left behind.

i.e., what good did it do for Congress to pass a minimum wage increase of a few dollars when the cost of gas doubled? I mean the majority of working America uses a car to get to an from.... So a minimum wage increase only works for those few people that can walk to work or ride a bike the rest got screwed... Thats a real kitchen table issue.

I am so far left of a fiscal conservative its like Neocon vs anti-war. I don't care how in debt the government goes as long as I can keep food on my table and if that means that the rich should triple what they pay to keep the govt afloat then so be it.

the point is it is a hideous band-aid kind of fix to serious economic troubles

We're going to pay for this someday, only it'll be more expensive because of the interest. This economy has developed a nasty habit of using credit for everything, including credit sourced from money supply manipulation as the Fed does regularly.

That nasty habit will unfortunately take a while to correct out, and because we've been so foolish it will hurt like fucking hell, but at the end of the day the economy will still be around and our nation will be more fit to compete with other nations.

Bush is trying to prop up a fucked up economy, he's interfering in it's process of supply/demand self-regulation and it will only cause this problem to continue and get worse in the long run. Sometimes medicine is gross tasting, but life saving.

Let the country fall into another Great Depression... Of course those that Have won't be too bad off because you will hoard and those of us that don't have will get stuck again.... Hey "FEEL MY PAIN" buddy.

Do we have to declare it on next year's 1040??

What good is a one-time "gift" (and I DO use that term loosely)? Maybe that will cause a small blip in spending, but where's the long-term benefit? This is ridiculous.

I heard on CNN Radio News this morning that the 2001 checks were SOOOO successful because most people "went right out and put the money back into the economy"--oh, you mean like being able to buy FOOD or pay the heating bill?
:woohoo: :wtf:

Paying off a credit card that is raping me with 22 percent interest rate. How come no candidate talks about the banks that are ripping us off... We in the never ending cycle of poor credit = high interest so we wind up paying 3x the amount for a product then the guy that can pay cash or who has good credit?

60% of the GDP is consumer spending. It isn't about how much money is in the system, it's about how much money is moving around in the system, changing hands and contributing to people's lives.

It's trickle up economics and for it to work short term two things must happen: it must be "free money" in that it isn't paid for with cutbacks elsewhere and it has to go directly into consumer spending.

Given to lower and middle income people it generally goes directly into the system. People buy bread. The store restocks the shelves. They hire more shelf stockers to keep up. The bakery bakes more bread. They buy more flour. The farmers sell more wheat. The delivery company hires more drivers and buys more trucks. The auto maker etc, etc etc.

Give to upper income people not much happens. They already have everything they want, so a few hundred $$ doesn't make them change spending habits therefore no stimulus.

There is one fly in this ointment though. Consumer debt is so high right now that a lot of the rebate will pay credit cards instead of going into new spending. Not too little, just too late.

This is an admission that the Republican economic policies dating back to Ronald Reagan are a failure. Low and middle class incomes drive the economy by spending a large percentage of their income. High incomes do not because if they wanted something, they already have it.

I'd wager most folks would send it to their credit card company to pay down some consumer debt.

What would the effect be of a shot in the arm like this to CC companies? Not what Bush expects, I imagine. Or is it? :shrug:

cover everyday expenses they'll just have that much more room on the CC and it'll get spent that way. Six of one, half dozen of the other as long as it goes into the economy as consumer spending.

I would pay down a CC... because my interest rate is excessive.. even though the card was low when I got it.... seems like as soon as you use it to buy something you really cant afford they up the rates... No fixed rates on CC's....

13 months from now.

in 2001.

At first, anyway?

Shopping appears to be his solution of all problems.

"UP TO" $800. Like, hellloooo, what is that enough money to do, pray tell? It's OUR tax money...so we pay out a shitload to the government and we get a pinch of our own money back. Take your $800 and stuff it.

Tax Rebate...if you paid taxes last year you will get a check. Perhaps you have to pay at least that amount in taxes to realize the refund, I don't know, but if that's the case, the poorest don't benefit at all.

At least it looks like the rich won't be getting the rebate..."The rebates would likely be limited to individuals with incomes of $85,000 or less and couples with incomes of $110,000 or less, the aides said, speaking on condition of anonymity because no final decisions had been made". We'll see if that actually happens!!!!

I still think it is a stupid idea. It seems that Bushco thinks it does, and it looks like Congress is going to rubber stamp it through quickly too, can't they come up with anything else. It's the new govt math, "we can't have fluctuating markets, so if things are bad we'll just print more money and give it to you to spend". But if you aren't buying because your fuel costs and personal debt are too high and income too low...you'd be smart to use the return to pay off those bills, not go buy more material goods.

Update : "Lawmakers (Congress) were instead discussing a $500 rebate for individuals, the aides said, with details for couples and people with children still being negotiated. Aides to lawmakers involved in the talks said the White House also wants to eliminate the 10 percent income tax bracket for one year."

??

my guess on that is, yes.

which can keep business going. If I remember correctly from my college macroeconomics class, anyway. However, it depends on who you give it to. Lower and middle income people usually spend it on goods and services, which stimulates the economy. Rich people just stick it in their savings with all their other money, which does nothing for the economy. So the whole Republican approach of giving money to the comfortable doesn't help much.

Anyway, they have waited so long, and the amount of money is so small, I'm skeptical about whether any of these plans will do anything but make the politicians look like they are trying to do something.

A band-aid solution if there ever was one.

There goes the National debt.... thanks assholes.

Like me this year. Do I get the $800?

Oh, and by the way, it won't do shit for anybody. $800 is less than a joke.

I made, like $5,000, in 2001 because I was in college and I didn't get diddly. My guess is you're screwed unless this plan is different in some way.

Though I guess that might help Citi!

you have to pay for something really important like car repairs and don't have the cash. We use it for things like that and buying stuff on the net.

And I'm surprised bush offered it actually. It certainly doesn't fit with his supply side dogma.

$800 rebates won't do much overall to stimulate the economy, but people could use the money, so it's worth it.

I wonder if the posters here saying that $800 is no big deal are all rich or what? Maybe they should just vote Republican with attitudes like that about $800 being no big deal.

Bush did this in 2001. He "granted" us a $300 tax "rebate". Most of us sat in stunned silence as we were informed that we had to pay it right back when filing our taxes the following year.

You are either too young or too cognitively impaired to remember that. Either way, you get a pass.

This is just more of the same shit. People were stupid to fall for it then. They are beyond help if they fall for it again.

I got more then $300 in that one time rebate back in 2001. I'd gladly take $800 and claim it on my taxes.

Do you have a link to post that backs up your theory of giving back that rebate that congress authorized and even expaned to include even a lower income and those already getting assistance?

The 2001 "rebate" was no rebate. It was an advance against your refund the following April. I'll try to find my 1040 from that year and site the line this is on, but you can look it up yourself if you don't believe me.

I have 3 children, one car.

I have:

$1,200 mortgage/month

$1,100 insurance/month

$300/heating

etc, fucking etc.

I made $52,000 this year and $800 don't mean shit.

You know Bush** is desperate when he's willing to abandon his precious "permanent tax cuts for the rich" legislation.

Both Bush**'s legacy and the Republican party's vaunted skill in managing the economy are over. They are now going to try anything and everything to salvage their mismanagement, but it's way, way WAY too late for that.

This debacle is going to hard for most Americans, but it's going to be a death sentence for Republicanomics, and so there is a silver lining after all.

No we can't do that to Bushco's oil whores. We will just print more worthless pieces of paper backed by our tin plated Pretzeldunce's lies.

$1600 for my wife & I will cover 2 months of occupational therapy for our son. Stupid medical insurance.

On the other hand, defecit spending has plenty to do with the recession we're on the verge of.

Nice job, Chimpy!

Be interested to see how our Democrat "leadership" plays political theater then caves again to the idiot's sucker "plan." Batten down the hatches, there will be a big blow with spin machines and sunshine pumps running full tilt boogie.

Like others have said here, it won't do no good (but I'll still take the check thank you). A couple billion dollar stimulus will hardly make up for the trillions of dollars of loses in the real estate market. This isn't the same problem as 2001-02.