Thursday, January 24, 2008

Tax Rebate Plan Reaches Tentative Agreement

Looks like a decent way to stimulate the economy without too much governmental "heavy-handedness".

Should the plan go through as it is rumored to stand...
- Tax rebate of $300 to individuals ($600 for married couples), and an additional $300 per child with a cap of $1,200 per family.
- Workers who made more than $3,000 in 2007 are eligible for the rebate.
- Income cap for eligibility is $75,000 for individuals, $150,000 for married couples.

The Democrats were flexible on not extending unemployment benefits for those reaching the 26 week limit and not increasing food stamps, while Republicans were flexible on the minimum income level of eligibility to the point of almost any person earning a paycheck will receive a tax rebate (the original income minimum was much higher in the original Bush proposal). Should the proposal be passed and signed by President Bush, tax rebate checks should arrive in most American mailboxes sometime in June.

Basically, everyone from the working class up to the upper-middle class will benefit from this.

Also part of the Economic Stimulus proposal...
- Fannie Mae and Freddie Mac will be able to buy homes over the current limit of $417,000.
- Tax cuts for businesses, small and large.

For the first time in a while, we're seeing government working together to provide a sensible solution to a major problem...which is "how to stimulate an uncertain economy." I'm glad to see that the Dems went the sensible route, hopefully this sensibility becomes a trend.

12 comments:

Banned at the New Dominion said...

Wrong,wrong,wrong. The Government isn't solving any problem with the economy by giving me $1200. I'll spend it as most people will and it will not go back into the economy. I'll pay down my bills. This will help me but it will not open any new business, stimulate existing business, or create jobs.

The buying of homes from people who made stupid decisions isn't what I want my tax dollar to go towards.

Freddie Mac and Fannie May were created to help new homeowners and to assist those on the edge of homeownership. Bailing out those who didn't have the ability to pay isn't correct. When I had bill's that ate up my paycheck, I had two options. Don't spend any more or find another job.

John Kennedy did the same thing when President and all it did was to lead to a severe recession.

As my better half says, if the government can send money back to me now, why did the need to take it in the first place.

Phil Chroniger said...

I actually agree on the Fannie Mae/Freddic Mac bent of it all...that the government spending money to buy back more expensive houses. I took a deeper look into that after I posted this and realized that it's not a good idea at all.

The tax cuts and incentives for business will be a good thing...as it normally is.

The tax rebate will generate consumer spending from those who are paying their bills, but just need that extra bit of cash to go out and "consume". Plus, paying off your bills allows you to do one of two things with your newly-found bit of extra money each month...spend or save.

While it would be wiser to save, our culture is one that spends money on things we want. While some of us (like me) will put it towards both savings and paying down bills, there will be plenty of people who will spend that money in various ways to stimulate commerce.

I do agree, though...if the government can give me money now, why exactly DID they need it in the first place?

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