WASHINGTON - With unprecedented speed and cooperation, Congress and the White House forged a deal Thursday to begin rushing tax rebates of $600 to $1,200 to most tax filers by spring, hoping they will spend the money just as quickly and jolt the ailing economy to life.
Rebates would be even higher for families with children.
The one-time tax rebates are at the center of a hard-won agreement to pump about $150 billion into the economy this year and perhaps stave off the first recession since 2001. House Speaker Nancy Pelosi, Republican leader John Boehner and Treasury Secretary Henry Paulson worked out the details in negotiations that stretched into Wednesday night at the Capitol.
About two-thirds of the tax relief would go out in rebate checks to 117 million families beginning in May. Businesses would get $50 billion in incentives to invest in new plants and equipment.
Individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child under the agreement. In a key concession to Democrats, 35 million families who make at least $3,000 but don't pay taxes would get $300 rebates.
I just read this on YAHOO and I am a little beside myself. Now I could use a couple of bucks extra now and then but is this really a good idea, going 150 billion dollars or so more in debt. This will stimulate our economy? How about maybe stop overspending and build up a little cash then if you want give it away. The economy is not nearly as bad as those in power would have you believe. How many flat screen TVs do ya think were bought last year? Please God send us a real conservative to fix our country.
2 comments:
Funny thing is - the Dems made sure that the people who dont make enough to pay taxes, get a tax rebate. How does that make sense? Isnt that kind of a slap in the face to people that DO pay income taxes? My neighbor bought a F250 pickup truck and got a $2,000.00 rebate - why didnt I get one?
I think they should issue all of the rebates on debit cards so the government can track everything (o.k....stop with the big brother stuff)that is bought. I bet we would see Katrina all over again - "certain" kinds of people spending their rebate on strip clubs and "Old E"
You are correct my friend. Tracking the spending is a fantastic idea I am curious to find out where people are spending their rebate. I will use mine to pay off some bills. But I am sure the average idiot American will blow it on crap instead of using it to get a little bit ahead
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