OT--- tax rebates...

[lights1961]

WASHINGTON - Democratic and Republican congressional leaders completed a deal Thursday with the White House on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.


House Speaker Nancy Pelosi and Republican Leader John Boehner scheduled a news conference for 1:30 p.m. EST to announce the $150 billion package, hammered out in a week of intense negotiations with Treasury Secretary Henry Paulson.

Congressional aides, speaking on condition of anonymity because the deal had not yet been announced, said they hope the checks could go out as early as June.

Individuals who pay income taxes would get up to $600, working couples $1,200 and those couples with children an additional $300 per child under the deal. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.

The rebates would be limited to individuals whose income is $75,000 or less and working couples with incomes $150,000 or less.

The rebate part of the plan would cost about $100 billion, aides said. The package also includes close to $50 billion in business tax cuts.

The package would allow businesses to immediately write off 50 percent of purchases of plants and other capital equipment and permit small businesses to write off additional purchases of equipment. A Republican-written provision to allow businesses suffering losses now to reclaim taxes previously paid was dropped.

Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes.

THIS IS A BREAKING NEWS UPDATE.

This is what we can do as a country when bickering among the parties stops...
a tax deal in one week??? Money back in our pockets... small businesses helped
too. Even smaller wage earners get a break.

I dont think you will hear people bitching too much about getting a check
back this year...

Rick

[Barb]

My family won't benefit from this, but I'm glad some who don't even pay taxes are getting a $300 check. Whatever. The tax system in this country is fucking ridiculous.

[mistiejourney]

That $1200 will pay for a 4 unit class for me! My daughter turns 18 in March, so I don't think we'll get $ for her.

[Lady Luck]

I dont think you will hear people bitching too much about getting a check
back this year...

Not me that's for sure. I'm already getting a nice tax refund, so this is icing on the cake!

[KenTheDude]

I dont think you will hear people bitching too much about getting a check
back this year...

Not me that's for sure. I'm already getting a nice tax refund, so this is icing on the cake!

I'm bitchin' because I won't be getting the rebate. Although I did my taxes last night and I'm getting a nice refund so I shouldn't complain too much.

[ohsherrie]

Who exactly are all of these people that I keep hearing about that don't pay taxes? I've been doing taxes for about 12 yrs now for everyone from singles who earned less than $10,000 a year to couples with children who earned over $100,000 a yr and I've yet to see anyone who didn't pay any taxes unless they were below the poverty line and had children. Then the EIC would get all of their taxes refunded to them, but every one of those people would much rather have earned about 3 times what they did and given up the EIC refund.

[Barb]

Who exactly are all of these people that I keep hearing about that don't pay taxes? I've been doing taxes for about 12 yrs now for everyone from singles who earned less than $10,000 a year to couples with children who earned over $100,000 a yr and I've yet to see anyone who didn't pay any taxes unless they were below the poverty line and had children. Then the EIC would get all of their taxes refunded to them, but every one of those people would much rather have earned about 3 times what they did and given up the EIC refund.

The stats are out there. Around 50% of Americans pay no federal income tax at all.

[KenTheDude]

Who exactly are all of these people that I keep hearing about that don't pay taxes? I've been doing taxes for about 12 yrs now for everyone from singles who earned less than $10,000 a year to couples with children who earned over $100,000 a yr and I've yet to see anyone who didn't pay any taxes unless they were below the poverty line and had children. Then the EIC would get all of their taxes refunded to them, but every one of those people would much rather have earned about 3 times what they did and given up the EIC refund.

The stats are out there. Around 50% of Americans pay no federal income tax at all.

50%???? Link please. If you include illegals instead of saying Americans I might believe that.

[NealIsGod]

When are the checks being sent out? This should cover beer for the whole summer!

[ohsherrie]

Who exactly are all of these people that I keep hearing about that don't pay taxes? I've been doing taxes for about 12 yrs now for everyone from singles who earned less than $10,000 a year to couples with children who earned over $100,000 a yr and I've yet to see anyone who didn't pay any taxes unless they were below the poverty line and had children. Then the EIC would get all of their taxes refunded to them, but every one of those people would much rather have earned about 3 times what they did and given up the EIC refund.

The stats are out there. Around 50% of Americans pay no federal income tax at all.

50%???? Link please. If you include illegals instead of saying Americans I might believe that.

Yeah, either that or around 50% of Americans are living below the poverty level with children.

[ebake02]

Isn't george smart enough to understand that throwing money at a problem isn't going to fix it. Just everybody that gets this check will not spend it on something fun like he thinks. Most will use it for bills or save it. [/b]

[Barb]

Who exactly are all of these people that I keep hearing about that don't pay taxes? I've been doing taxes for about 12 yrs now for everyone from singles who earned less than $10,000 a year to couples with children who earned over $100,000 a yr and I've yet to see anyone who didn't pay any taxes unless they were below the poverty line and had children. Then the EIC would get all of their taxes refunded to them, but every one of those people would much rather have earned about 3 times what they did and given up the EIC refund.

The stats are out there. Around 50% of Americans pay no federal income tax at all.

50%???? Link please. If you include illegals instead of saying Americans I might believe that.

Yeah, either that or around 50% of Americans are living below the poverty level with children.

Sherrie, you are ridiculous if you think half this country lives below the poverty line. Find your own damn link. Geezus!

[Eric]

Why the hell are 30% of the rebates going to people who didn't pay taxes? It is supposed to be a TAX REBATE.

[Barb]

Why the hell are 30% of the rebates going to people who didn't pay taxes? It is supposed to be a TAX REBATE.

Vote buying.

[KenTheDude]

Who exactly are all of these people that I keep hearing about that don't pay taxes? I've been doing taxes for about 12 yrs now for everyone from singles who earned less than $10,000 a year to couples with children who earned over $100,000 a yr and I've yet to see anyone who didn't pay any taxes unless they were below the poverty line and had children. Then the EIC would get all of their taxes refunded to them, but every one of those people would much rather have earned about 3 times what they did and given up the EIC refund.

The stats are out there. Around 50% of Americans pay no federal income tax at all.

50%???? Link please. If you include illegals instead of saying Americans I might believe that.

Yeah, either that or around 50% of Americans are living below the poverty level with children.

Sherrie, you are ridiculous if you think half this country lives below the poverty line. Find your own damn link. Geezus!

A lot of businesses pay little or no tax by having headquarters overseas, etc. But 50% of individuals/families? No way.

[Ratgirl]

I dont think you will hear people bitching too much about getting a check
back this year...

Not me that's for sure. I'm already getting a nice tax refund, so this is icing on the cake!

Good... your buying drinks at Disney.

Atleast I know I'll be getting something back.

[Barb]

http://online.wsj.com/article/SB1197862 ... d_outlooks

[JrnyScarab]

This isn't going to do shit. I'm going to pay down some credit card debt and prepare for the shitstorm to come. All it does is add to the country's debt. The big problem right now is the financial system is just about paralyzed. Banks don't know how many $$ in losses they have due to creative mortgage financing that went sour. So they are hoarding cash instead of lending it to other banks who also have an unknown amount of losses. It's a confidence game and right now no one knows who to trust in order to lend. This rebate isn't going to have any effect on this situation. It might forestall a recession by a month but don't count on it.

[ohsherrie]

Who exactly are all of these people that I keep hearing about that don't pay taxes? I've been doing taxes for about 12 yrs now for everyone from singles who earned less than $10,000 a year to couples with children who earned over $100,000 a yr and I've yet to see anyone who didn't pay any taxes unless they were below the poverty line and had children. Then the EIC would get all of their taxes refunded to them, but every one of those people would much rather have earned about 3 times what they did and given up the EIC refund.

The stats are out there. Around 50% of Americans pay no federal income tax at all.

50%???? Link please. If you include illegals instead of saying Americans I might believe that.

Yeah, either that or around 50% of Americans are living below the poverty level with children.

Sherrie, you are ridiculous if you think half this country lives below the poverty line. Find your own damn link. Geezus!

I didn't say they were Barb, I just can't come up with any other explanation for that 50% figure. I haven't seen it in my experience, but then I've never done taxes for any financial wheeler dealers who can afford a CPA either. I've only dealt with poor, lower - upper middle class people.

Maybe it's some of those wheeler-dealers who are fudging on their taxes.

[ohsherrie]

This isn't going to do shit. I'm going to pay down some credit card debt and prepare for the shitstorm to come. All it does is add to the country's debt. The big problem right now is the financial system is just about paralyzed. Banks don't know how many $$ in losses they have due to creative mortgage financing that went sour. So they are hoarding cash instead of lending it to other banks who also have an unknown amount of losses. It's a confidence game and right now no one knows who to trust in order to lend. This rebate isn't going to have any effect on this situation. It might forestall a recession by a month but don't count on it.

That's what I read this morning in some opinions by various economists, including Alan Greenspan. I agree with the rest of you post too.

Like Barb said it's buying votes, but not just from the people who didn't pay taxes.

[JrnyScarab]

This isn't going to do shit. I'm going to pay down some credit card debt and prepare for the shitstorm to come. All it does is add to the country's debt. The big problem right now is the financial system is just about paralyzed. Banks don't know how many $$ in losses they have due to creative mortgage financing that went sour. So they are hoarding cash instead of lending it to other banks who also have an unknown amount of losses. It's a confidence game and right now no one knows who to trust in order to lend. This rebate isn't going to have any effect on this situation. It might forestall a recession by a month but don't count on it.

That's what I read this morning in some opinions by various economists, including Alan Greenspan. I agree with the rest of you post too.

Like Barb said it's buying votes, but not just from the people who didn't pay taxes.

Yep, mere pandering. Just bill our children for it.

[KenTheDude]

http://online.wsj.com/article/SB119786208643933077.html?mod=opinion_main_review_and_outlooks

Where in that article does it say that 50% of Americans pay no taxes?? It says that "the richest 1% paid about 39% of all income taxes that year. The richest 5% paid a tad less than 60%, and the richest 10% paid 70%." It did not say that only 39% or 60% or 70% paid in, it's 39%, 60% & 70% OF THE TOTAL 100% that was paid. BIG difference.

This article says the figure is 32%
http://en.wikipedia.org/wiki/Lucky_duckies

[Barb]

http://online.wsj.com/article/SB119786208643933077.html?mod=opinion_main_review_and_outlooks

Where in that article does it say that 50% of Americans pay no taxes?? It says that "the richest 1% paid about 39% of all income taxes that year. The richest 5% paid a tad less than 60%, and the richest 10% paid 70%." It did not say that only 39% or 60% or 70% paid in, it's 39%, 60% & 70% OF THE TOTAL 100% that was paid. BIG difference.

This article says the figure is 32%
http://en.wikipedia.org/wiki/Lucky_duckies

Even if it is 32%, which I believe it is much higher, that is still unacceptable!

[KenTheDude]

http://online.wsj.com/article/SB119786208643933077.html?mod=opinion_main_review_and_outlooks

Where in that article does it say that 50% of Americans pay no taxes?? It says that "the richest 1% paid about 39% of all income taxes that year. The richest 5% paid a tad less than 60%, and the richest 10% paid 70%." It did not say that only 39% or 60% or 70% paid in, it's 39%, 60% & 70% OF THE TOTAL 100% that was paid. BIG difference.

This article says the figure is 32%
http://en.wikipedia.org/wiki/Lucky_duckies

Even if it is 32%, which I believe it is much higher, that is still unacceptable!

Well I'll have to agree with you on that one. I'm definitley picking up the slack for one or two that aren't paying their share. Whether I want to or not.

[JrnyScarab]

http://online.wsj.com/article/SB119786208643933077.html?mod=opinion_main_review_and_outlooks

Where in that article does it say that 50% of Americans pay no taxes?? It says that "the richest 1% paid about 39% of all income taxes that year. The richest 5% paid a tad less than 60%, and the richest 10% paid 70%." It did not say that only 39% or 60% or 70% paid in, it's 39%, 60% & 70% OF THE TOTAL 100% that was paid. BIG difference.

This article says the figure is 32%
http://en.wikipedia.org/wiki/Lucky_duckies

Even if it is 32%, which I believe it is much higher, that is still unacceptable!

It's been said that the current Fed Chairman Ben Bernanke has said that he will drop money out of helicopters (Just a phrase for printing money) in order to prevent another depression. It looks like it's starting. Those who get checks that never paid taxes are getting free money!

[Barb]

http://online.wsj.com/article/SB119786208643933077.html?mod=opinion_main_review_and_outlooks

Where in that article does it say that 50% of Americans pay no taxes?? It says that "the richest 1% paid about 39% of all income taxes that year. The richest 5% paid a tad less than 60%, and the richest 10% paid 70%." It did not say that only 39% or 60% or 70% paid in, it's 39%, 60% & 70% OF THE TOTAL 100% that was paid. BIG difference.

This article says the figure is 32%
http://en.wikipedia.org/wiki/Lucky_duckies

Even if it is 32%, which I believe it is much higher, that is still unacceptable!

Well I'll have to agree with you on that one. I'm definitley picking up the slack for one or two that aren't paying their share. Whether I want to or not.

So are we! And let me tell you.... $75K a year in the Bay Area in California is NOT the same as $75K a year in Arkansas, but the government treats it the same.

[KenTheDude]

http://online.wsj.com/article/SB119786208643933077.html?mod=opinion_main_review_and_outlooks

Where in that article does it say that 50% of Americans pay no taxes?? It says that "the richest 1% paid about 39% of all income taxes that year. The richest 5% paid a tad less than 60%, and the richest 10% paid 70%." It did not say that only 39% or 60% or 70% paid in, it's 39%, 60% & 70% OF THE TOTAL 100% that was paid. BIG difference.

This article says the figure is 32%
http://en.wikipedia.org/wiki/Lucky_duckies

Even if it is 32%, which I believe it is much higher, that is still unacceptable!

Well I'll have to agree with you on that one. I'm definitley picking up the slack for one or two that aren't paying their share. Whether I want to or not.

So are we! And let me tell you.... $75K a year in the Bay Area in California is NOT the same as $75K a year in Arkansas, but the government treats it the same.

I don't know how an individual/family making $75K a year can afford a house in California. It just doesn't add up unless you have a 50 year mortgage.

[mistiejourney]

Who exactly are all of these people that I keep hearing about that don't pay taxes? I've been doing taxes for about 12 yrs now for everyone from singles who earned less than $10,000 a year to couples with children who earned over $100,000 a yr and I've yet to see anyone who didn't pay any taxes unless they were below the poverty line and had children. Then the EIC would get all of their taxes refunded to them, but every one of those people would much rather have earned about 3 times what they did and given up the EIC refund.

The stats are out there. Around 50% of Americans pay no federal income tax at all.

Say WHAT?

[mistiejourney]

Isn't george smart enough to understand that throwing money at a problem isn't going to fix it. Just everybody that gets this check will not spend it on something fun like he thinks. Most will use it for bills or save it. [/b]

Hah! I may say "forget school" and spend it on a JSS road trip!

Priorities - thank goodness I'm willing to break 'em!

[Gin and Tonic Sky]

Its nice people are getting a refund but it aint gonna help the economy. This is failed Keynesian economics.

Unless you permamently cut marginal tax rates and reduce the burden that small and medium business face thereby increasing the incentive to invest and creat jobs, no progress will be made - better save that 300 dollar check for the shitstorm ahead