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Duct Tape! I Need Duct Tape!

>> Thursday, January 24, 2008

To keep my head from exploding!

I cannot believe this "economic stimulus" package.
For now I am just going to link you to this article from the Baltimore Sun.

And I am going to wonder, out loud, why people who don't pay taxes are getting rebates???

OK, I've got to go get my babysitter and visit my dermatologist. (Which is not covered by my medical insurance that I pay for myself). But I'm not done with this topic.

Oh, and I'e got to buy some duct tape- my head is about to explode.

9 comments:

Anonymous 2:57 PM  

I think that just included people that didn't earn enough money per year to need to file for taxes. Otherwise, you would have to file your taxes to be eligible for the rebate check.

Jarod

The Fritz Facts 3:05 PM  

The people that haven't paid income are still contributing to social security, that is why they are still going to get a rebate.

Doug Halsted 4:54 PM  

But that is a different fund of money. The rebate isn't coming from there.

Why don't they make the tax cuts permanent?

Doug Halsted 5:04 PM  

My big issue with this is that Congress just sent a bunch of earmarks to President Bush that, if NOT spent, would more than cover the amount of rebate checks. However, it looks like Congress is pressuring the President to spend the earmark money. Members from both parties are to blame.

KL Snow 5:22 PM  

If you haven't read it yet, you should read Joe Kristan's post from the Roth and Co. blog earlier today on the same topic. Here's a link to it:

http://www.rothcpa.com/archives/003316.php

I left this comment there, as well. Sorry to double-dip with it, but I think it's appropriate here too:

If you're looking for a way to stimulate the economy, isn't the bottom of the pay scale the best place to start anyway? Odds are, those Americans with the lowest incomes also have the most pressing unmet or poorly met needs, and are most likely to push that rebate straight back into the economy by purchasing daily needs, home repairs, improving energy efficiency, etc.

I recognize that calling it a "rebate" when it's going to non-taxpayers is a poor choice of words, but if you're looking to hand out some cash to revitalize the economy, it probably is the smartest way.

Whether it should be done at all is another question, of course.


Also worth noting: the taxpayers in question are taxpayers who had no federal tax liability. More than likely, they still pay state income taxes, social security, etc.

I personally don't think rebates should be going to anyone while the federal budget is still in a 12-digit deficit, but if you're going to send one out, and the reason you're doing it is to stimulate the economy, then it makes the most sense to send it to people who will need to spend it.

Of course, I'm planning on using mine to help pay off Christmas debt and this year's taxes, but that's just a timing issue.

Doug Halsted 7:54 PM  

Actually, I do agree, the bottom of the pay scale is the place to start. I just wish that Congress-critters from both parties would quit spending money like it grows on trees.

Doug Halsted 7:59 PM  

KL, are you thinking about starting back up again?


We could use some intelligent debate....

KL Snow 11:20 PM  

I do miss blogging...in fact, I've got another window open where I'm considering starting a baseball blog, but I'm sleeping on it to determine if I really want to commit to it.

As for political blogging...no, I'm done for now. I continue to read at least 5 times as many blogs as I should, and I post comments when things strike me, but I worry about ending up in a conflict of interest if I'm working in non-partisan politics and blogging...I've never been very good at being a non-partisan blogger.

James Carig 1:27 AM  
This comment has been removed by a blog administrator.
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