Bush Wants Personal Tax Rebates

Source: AP

Bush Wants Tax Rebates, Business Tax Breaks in Stimulus Package; Bernanke Sees Need for Aid

WASHINGTON (AP) -- President Bush told congressional leaders privately on Thursday he favors personal income tax rebates and tax breaks for businesses to help avert a recession, officials said, as Federal Reserve Chairman Ben Bernanke joined in calls for an economic stimulus package.

>> Bush spoke with congressional leaders as top House aides worked on an economic rescue package that included more money for food stamp recipients and the unemployed as well as tax rebates and cuts.

>> One official said the president did not push for a permanent extension of his 2001 and 2003 tax cuts, many of which are due to expire in 2010. That would eliminate a potential stumbling block to swift action by Congress, since most Democrats oppose making the tax cuts permanent.

>> Although Republicans and Democrats differ over what provisions should be part of any economic stimulus package, there's widespread agreement that tax rebates along the lines of the $300-$600 checks provided in 2001 are likely to be part of the measure. The country last suffered a recession in 2001. This time around, the rebates could be larger. It's also likely that unemployment benefits will be extended as part of the package.


Read more: http://biz.yahoo.com/ap/080117/economy_stimulus.html

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Somehow I do not believe that a check for perhaps $300 or $600 nor a few extra food stamps will solve this huge problem.

:dem:

Rebates are a joke. What a foolish term. It's not even a proper rebate!

Build a strong consumer base? What a novel idea...

that hundred bucks is going to do a bus boy a hell of a lot of good. It's really going to stimulate that economy.

That million and a half Mr. Plutocrat gets will stimulate the economy, all right, in ASIA.

and has a minimal income to report (like say ~$8,000.00). You might not have to pay taxes on this amount but try living on it.

Do people in this category get anything? Likely NOT and they probably don't qualify for adequate food stamps either.

It IS the economy stupid is my message to this ship of fools.

:dem:

when I had a mortgage eating up $560 every month. Don't do the math unless you want to get totally depressed.

I take it your inheritance had not happened yet? Yikes.

just ask me.

2003-2005 tax years and are still trying to pay off our tax obligations owed for that time. Sorry, you gotta eat and pay utilities. I didn't evade and had no control over the situation - I could not pay! It's not much, a raindrops worth in the ocean, but still the Feds confiscate anything coming our way to pay those back taxes, so I guess I'll not be part of the stimulating orgy that will turn this debacle of their making all around. Feelin' the love, NOT!

:sarcasm:

I think it needs more cowbell.

No, no - more tax cuts.

Oh tax cuts, is there nothing you can't solve.

Didn't we find out that they were actually our tax refunds that were sent to us early? Those who received the "rebate check" and found out they were not getting a tax refund had to repay it when they filed their taxes. Fool me once, etc. etc. BTW, I thought the economy was suppose to be so good according to smirk not that long ago.

This deal, like everything congress and bushco do, will be a bait and switch. They'll dangle some tax rebate to the peasants and wind up doing a pork extravaganza for their base while we're treated to some fake news.

If I get $600, that is. :eyes:

the coming recession? Making the wealthy even more wealthy doesn't mean they will create jobs, especially in the short-run. If the business climate sucks, business-owners won't open a new plant, restaurant, etc. In this instance, supply-side economic strategy may actually stifle the economy once they stick their tax breaks into CDs, or buy treasuries.

Ah, trickle down - the only positive effect it has for me are sometimes better quality stuff at the thrift store....

gives a shit what Bush wants? Let me guess...Bush wants to fuck everybody over just one more time before his sorry ass leaves office. I cannot wait until this bastard is gone.

bush failed in every business he was involved in, why are people suprised he would bankrupt AMERICA?

would get spent immediately by people who otherwise would not have the money to spend.

On the other hand if I (and likely a lot of people with my income) get $500 I probably am not going to spend it - I would likely throw it into an IRA, which is good for me but not so good for the economy.

rates on income over 1M to 50%?
That would get the economy going and not bankrupt the country....not that GW or any politician would ever propose this.

the Afghanistan's opium field.

Might as well take the pipe while the dreams are still there.

...a little money this year prior to elections borrowed from next year's income tax filings - No real help to the middle class and working poor but will temporarily prop up the current administration - Next year, smaller refunds or paying back these prebates will cause greater long term damage...

If someone makes 85K a year they don't, or should not, need a $500 rebate.

Better to give $1000 to someone that makes 35K or less.

I'm not holding my breath, but why not reverse it? Tax breaks for the Middle Class and below, and tax rebates for small business.

How about a one-time $2000 tax credit for those making less than $100,000 a year?

How about making all tuition tax deductable, or better yet...a 50% tax credit on all college tuition?

How about raising the marginal rates on those top 5%, and making it retroactive to 1 January 2007?

or,

HOW ABOUT DEMANDING AN END TO THE OCCUPATION IN IRAQ, REPEAL OF THE BUSH TAX-CUTS ON THE TOP 1%, AND USE THAT MONEY TO INVEST IN OUR CRUMBLING INFRASTRUCTURE AND A NEW COMPREHENSIVE GI BILL?

How about a "Marshall Plan" to rebuild America after the abuse of the neo-cons for the past 3 decades?