Bush Considers Tax Rebate for Low, Middle-Income Earners to Revive Growth

Source: Bloomberg News

Jan. 11 (Bloomberg) -- President George W. Bush and his economic advisers are considering a tax rebate targeted at low- and middle-income Americans as part of plan to avoid a recession, according to a government official.

While the White House hasn't settled on a final economic- stimulus package, the main pillars will likely be a business- investment incentive and a temporary income-tax rebate of several hundred dollars per household, the official said. People in the administration disagree over whether the rebate should go to all taxpayers or only to households with incomes less than $100,000, said the official, who isn't authorized to speak publicly about the matter.

Policy makers are conferring with tax experts and economists, and Bush may present details in his State of the Union speech on Jan. 28. Democrats in Congress are drawing up their own proposals. Calls for stimulus have increased since reports last week showed that manufacturing contracted and unemployment jumped in December.

``The sooner they get one passed, the better,'' Lawrence Lindsey, the former director of Bush's National Economic Council, said in an interview with Bloomberg Television in New York. ``The biggest challenge the U.S. economy is going to have this year is household cash flow.''



Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=a5EJ3wLn_SS0&refer=us

Didn't this moran try this trick once before?

They weren't really tax rebates; they were effectively loans in disguise.

...

And since people are not finding jobs anyway, what's this going to help?

Current trend: CD$ > USD$

Fucking brilliant, Chimp.

Yes give me back my tax money so I can pay some of my bills band aid or not this is reality folks... If I don't have to pay income tax this year and can get a couple hundred back from last year my that would be a lifesaver to me.... :bounce:

does that mean the rich fuckers that got the tax breaks are not reinvesting in america? that is not how this was supposed to work. Trickle down economics correct?

We have an old saying where I come from mr bush
"don't piss down my back and tell me it's rainin"

While I agree with some tax cuts to help out the poor. Most of the really poor pay little in federal taxes. Most of their retirement income is shielded from taxes now or in the future. A couple of hundred in a rebate (similar to what the Democrats put forth last time) would be nice but will only provide a small temporary help. How about increasing services for them too? How about job training and a more secure social safety net? How about actually paying for cuts for the working class by repealing some of the cuts for the wealthy? Nah, that'd make too much sense.

the money will have to be paid back when filing year end taxes.

So the non-elites get nothing while the elites get permanent huge tax cuts.

If tax cuts are good for the elites, why is one not even being considered for the non elites? This is just throwing the non-wealthy a few scraps. They wouldn't dare even think of including the non-wealthy in any plan that would actually lower their taxes.

Just wait this is typical GOP pandering to the rich...they will stick into any tax rebate a provision to make the 2001 and 2003 tax cuts to the rich permanent.

That is Bush and the GOP's number one legislative priority. And they will do anything ANYTHING to get this passed. If these tax cuts become permanent you might as well kiss this economies ass goodbye.

Then in the general election they will declare that the Democrats are soft on the economy and failed to help the poor. The NUMBER ONE issue is to make sure that EVERYONE KNOWS what Bush and the GOP is doing...

They are using legislative political trickery to make these outrageous tax cuts to the rich permanent.

The Democrats have to make sure ANY bill going through congress will not have that provision. That is why BUSH has vetoed bill after bill because the DEMs keep stripping it out and GOP keeps putting it back in...

They think they're soooo tricky.

Unfortunately, they've been getting away with it... Even after Nov 2006.

printing more worthless dollars really won't help anyone as prices spin out of control.

The repub strategy is to not allow the dems to get any credit for anything. If bush is "giving" the little folks a break or benefit of any kind, you can be sure that he is getting something much bigger in return.
Now if only our dem reps would listen to us instead of their benefactors...

Bush and Dick to resign. :dem:

the ones making more than 100K.

like the light bill and the gas bill and the water bill and everything else they're a month behind on. Shoot, if there is any left over, they can start paying on those damned credit cards.

The one thing they won't be able to do is go on a spree at the mall and help the staggeringly bad consumer economy.

The only thing that will do that is raising their wages.

He was the one who advised bush that those lovely tax cuts would act as "insurance policy" against an economic downturn.

He slipped up as we were heading to war with Iraq and said that the war could cost the US as much as $200 billion dollars and was quickly fired.

He was wrong on both counts. Now they're using him as a source for how this idiotic plan is a good one.

it will be $50 rebate or less for the majority.

If tax cuts for the wealthy are so good, why is Bush just throwing pennies at the general public and not talking general public tax cuts?

The useless fuck. God help us.

"Sure I want a booming economy. That doesn't mean i want to PAY for one..."

Get it through your head, George!

$300 each they will go out and spend it immediately, putting it in the hands of the corporations. The low/middle income person is just a funnel for the money.

That makes one every 8 years..about $40 bucks a year.

and for one thing I'll take anything the government gives back to me... hey 300 bucks may not be very much to you but I can pay a bill or buy some groceries or something I have 4 kids to feed... I am all for taxing the rich and returning that money to me.. in fact I don't think I with family of 6 should have to pay taxes at all on my peasly 35k per year salary... Yeah minimum wage increases don't help me out at all however, they may help out my son who will start working at Mcdonalds next year when he is 16 so should I force him to contribute his income to the household expenses.... Sorry but I'm not that type of parent.... Yes the economy sucks and the rich get richer so it is time for the Rich to support the war machine and government agencies not me... and I'm sick of paying Social Security too I will never live to see it so I am paying for someone elses grandparents to suck off of now.... while my family barely makes it through... :rant:

Bush should have been gone a long time ago.
Generations like you & I will pay for Pelosi's mistake for a long time.
Think her family will suffer for her humongeous error in leadership judgement?
nope. They won't even feel it a little bit.

oh that's right, they're getting sent abroad.

How exciting is that? If I can scrape together another $11,300 we'll buy it!

I think they used to call this "Chimp Change"

Just don't turn around and try to cut spending on those who most need it.

Simply put: 300 bucks :shrug: generally means a nice candle-light dinner at the country club for someone that makes 100 grand or more.

Or:

$300 could mean little Janie gets the braces she needs, because mommy only brings in 18K a year as a waitress, and she has squirreled away almost enough over the past 5 years in the cookie jar to get little Janie those braces.

So why not skip the rebate for anyone that makes 100K ofr more per year, and give little Janie's mom $600?

To float this economy until this mess can be dumped and blamed on the next administration.

What are we gonna do with 300, 600, or 1000 dollars? We're gonna buy "Crap We Don't Need That is Made in China" (tm)

Didn't Bush do this when he first got into office? Maybe this is a sign that Bush is now doing something good-he's learned to recycle. :sarcasm:

We,personally don't "need" it, but if they want to send us some money, we'll take it..

:eyes: