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ranting about economic stim package
Feb. 8th, 2008 12:09 pmYou've heard me complain about how the economic stimulus package is really a bad idea. 168 billion dollars handed out to people, supposedly as tax rebates. Supposedly, this will boost the economy because most people will see it as free money and go out and spend it. Whoo hoo! Except that people should be using it to pay off debts, or put it in savings. Also, where does that money come from?
If the government has that kind of money just sitting around, it could be focused on the hungry, schools, energy research, foreign aid. Before you indicate that the hungry will be getting some of the money, I'll point out that until recent changes to the bill, if you didn't pay taxes, you weren't getting squat. Even now, the homeless won't get a penny, but couples making $150,000 will get $1200, maybe twice that if they have a lot of kids.
But really, the government doesn't have that kind of money. So where is it coming from? Increasing the debt? Increasing the taxes of our children's children? According to this MSN money article, the money is really an advance on your tax refund next year. So it's not free money, it's an advance on your refund. If you're not getting a refund next year, then it's an increase in the taxes you'll be paying, if this article has the right of it.
And here's something to think about: Will you be responsible for state/local taxes on this so-called "free money"?
Can anybody tell me how this package is really a good thing? And why is Congress -- both House and Senate, both Dems and Reps, all jumping on it, unless they're afraid to lose our votes otherwise?
If the government has that kind of money just sitting around, it could be focused on the hungry, schools, energy research, foreign aid. Before you indicate that the hungry will be getting some of the money, I'll point out that until recent changes to the bill, if you didn't pay taxes, you weren't getting squat. Even now, the homeless won't get a penny, but couples making $150,000 will get $1200, maybe twice that if they have a lot of kids.
But really, the government doesn't have that kind of money. So where is it coming from? Increasing the debt? Increasing the taxes of our children's children? According to this MSN money article, the money is really an advance on your tax refund next year. So it's not free money, it's an advance on your refund. If you're not getting a refund next year, then it's an increase in the taxes you'll be paying, if this article has the right of it.
And here's something to think about: Will you be responsible for state/local taxes on this so-called "free money"?
Can anybody tell me how this package is really a good thing? And why is Congress -- both House and Senate, both Dems and Reps, all jumping on it, unless they're afraid to lose our votes otherwise?
