Married? Make it $1,600!
I’d be re-hashing economic news if I went into where the economy is heading. We all know the giant hand is heading toward the toilet bowl handle for the grand old *flussssssssssh*.
But FEAR NOT!
YOUR President has a plan!
Who wants eight hundred bucks?
Oh yes, TEOTWAWKI warriors. In case you didn’t catch yesterday’s news, ole Bushy wants to try stimulating the economy by giving tax rebates. Check this action:
Right now, President Bush is said to want an income tax rebate that would be generated by eliminating the 10 percent tax bracket, which applies to roughly the first $8,000 of income for single filers and the first $16,000 of income for married couples filing jointly.
That would mean taxpayers could get rebates of up to $800 if single, or $1,600 if married.
Scope the source here. Democrats appear to be on board - so long it’s a full rebate for anyone with earned income. The Democrats makes more sense on this. Lower income households, the people taxes hit the hardest, would get a sweet check. These are also the people most likely to SPEND the money, which is the whole purpose of the rebate anyway - stimulate the economy.
According to the article checks could be cut toward the end of June.
Whether or not tax rebates actually jolt the economy is a whole other question. As I said in a previous post, economists don’t have a clue, worse than weathermen . . . well maybe. Here’s another article covering the same story.
Eight-hundred bucks . . . . . . hmmmm . . . . . . what would YOU do with it?
- Ranger Man
BTW: Gold is around $880 an ounce right now . . . . add 80 bucks and you have an ounce.
12 responses so far ↓
1 Anonymous // Jan 19, 2008 at 1:24 pm
Not sure how “Lower income households” are ” the people taxes hit the hardest”. Lower income households dont pay the exorbitant 35+% tax rate that ‘the rich’ do. Additionally, while the tax bite may affect the ‘lower income households’, those households use disproportionately more of the tax-funded public services. In short, they pay the least and use the most. Also, within certain limitations, true ‘lower income’ (read: poor) households may not have a tax burden at all, in which case they get their services as freebies.
2 Solo Survivalist // Jan 19, 2008 at 3:47 pm
I’m afraid this won’t actually stimulate the economy. Why, you ask? Because this money has already been spent by the recipients, with their maxed out credit cards and enormously unaffordable houses. This money will not even make a dent in debt, and will do nothing for the economy as a whole.
3 ryan // Jan 19, 2008 at 4:03 pm
How I would spend an extra 800 dollars.
2 cases of 7.62×39-320+35 s&h (split w buddy)
200lbs rice-$100.00 (455.00)
1/2 gallon Crown Royal $53.00 (508.00)
10 gallons coleman fuel $66.00 (574.00)
100 rds of .300wm $100.00 (674.00)
1000rds .22lr 26.00 (700)
100 bucks into the emergency fund=$800.00
4 Chris // Jan 19, 2008 at 4:27 pm
This is a stupid idea, it was a stupid idea in 2001 and it is still stupid. Most people will go out and buy an ipod, flat screen TV or some other worthless piece of crap and the money will flow to global corporate giants and China.
It will not create jobs in America and it will not stimulate the economy. It is simply another hand out that will move American dollars overseas to keep China happy. China has, after all, pretty much bought our banking industry out of insolvency. I am guessing that they are now demanding payment or they will start exercising the perks that come with ownership. Basically, if we don’t continue buying more of their cheap crap they will escalate the foreclosures on American homes.
True economic stimulation will only come by creating industry in this country and employing Americans. Keeping Sony’s stock afloat is not the job of the government.
5 worrbaron // Jan 19, 2008 at 8:26 pm
an AR15 upper and ammo
6 worrbaron // Jan 19, 2008 at 8:28 pm
While I partially agree with Chris regarding this issue, I do believe that this rebate with help some areas of the economy.
7 Dr. Richard // Jan 20, 2008 at 10:27 am
I would use 100% to accelerate debt payoffs. This will likely be the most common use and it will have zero stimulative effect. My survival purchases will happen regardless.
8 Maria // Jan 21, 2008 at 2:40 pm
I don’t think that this is a stupid idea. With the economy right now, I think it will help a lot of people to pay their debts, caught up with their expenses. Especially helped people who are out of jobs.
9 Kyle // Jan 21, 2008 at 8:49 pm
Maria -
If people use the rebate to pay off debt it does NOT help the economy. Since we don’t have a gold standard anymore, the economy is based upon all of us Americans spending our dollars. Something like 70% of our GDP is us buying crap. If the rebate is spent on debt, like several others mentioned, it won’t provide any new spending, and therefore no stimulus. It’s all worthless anyhow, as the dollar’s value is in the toilet within 5 years.
10 az1 // Jan 23, 2008 at 9:16 pm
800 bucks!!…can you say new AR15!
11 Starghoti // May 2, 2008 at 11:38 am
$800!
woo hoo I can buy a tank of gas.
sigh
12 hangemhigh87 // May 25, 2008 at 6:38 pm
$800!
Woo Hoo, I can buy a HALF tank of gas!
Waaaa!!!
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