Bush calls for $145 billion dollars in tax relief

[sabra]

Source: CNN

Bush calls for $145 billion dollars in tax relief

Read more: http://www.cnn.com/

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[HughBeaumont]

1. Ah, "TAX RELIEF".

As in "Here's some more pilfered cash we don't have, everyone. Who cares??? It'll be your kids and grandkids payin' for this anyway! Now watch this drive . . ."

[Johonny]

2. So his plan is to

Decrease funds coming into the Federal Government, which will increase debt (since he never cuts spending), which will decrease the dollar value, which will increase inflation which will make the few dollars you get in Tax relief simply enough to account for the inflation.

[aquart]

13. Yes. That's his plan.

That's ALWAYS his plan.

[Eurobabe]

3. Just put it on the credit card

Thanks Congress.

Priceless.

[MaineDem]

4. Aren't we already in debt?

The country and individuals?

Will the USA have to borrow to pay this "relief"? (Go to China? Or maybe he arranged it with the Emirates during his recent trip?) And I bet many people will just pay off personal debt with this money. How does that stimulate growth?

[liberal N proud]

5. Oh boy and another loan on my income tax return

I am sure that will jump start the economy and bail out those who are facing foreclosure.


NOT!

[Doctor_J]

6. Another $145B onto the deficit. I see two upsides:

1. By the time * slithers from office, these $145B will only be worth about $145.00
2. Apparently he involved the Congress in coming up with the plan. Or was it just the Repukes in Congress?

[peace13]

7. The press will sell it and the idiot Americans will buy it.

Unfortunately people are in such dire straights that they will have to take it in an attempt to plug the hole in the family finances. I am irate that * is borrowing again in my name.

[Purveyor]

8. Wall Street didn't like what it heard. Was up 180pts earlier, now down over 100pts. eom

[Lorien]

9. Who will get the lion's share of the "tax relief"?

Oh yeah, stupid question.

With less than a year left to go, I wonder what more BushCo can do to completely destroy our economy?

[HughBeaumont]

10. Who is "The Wealthy most not in need of it"?

:think:

[InkAddict]

12. Countrywide execs? n/t

[bif]

11. We dont need tax relief, asshole!

We need money in our pockets. What fuckin' part of that don't you get?

[TheFarseer]

28. what we need is the high paying jobs back in America

and not moved to India to increase profits. That would increase consumer spending. Skilled autoworkers and computer programmers spend alot more money than temp office workers or Walmart shelf stockers. It's funny how they diagnose the problem as people not spending enough. People are saving at a negative rate, they're cashing out their homes and cars and even tapping their 401k's to spend money on crap they don't need and according to them, we are still not spending enough!!! We need to invest in our future instead of sending our future to China in exchange for 35 cents off cheap plastic toys that might kill out children.

[Rambis]

14. Same old shite

Q: Have tax cuts always resulted in higher tax revenues and more economic growth as many tax cut proponents claim?
A: No. In fact, economists say tax cuts do not spark enough growth to pay for themselves.



http://www.factcheck.org/askfactcheck/have_tax_cuts_always_resulted_in_higher.html

[Hawaii Hiker]

15. Sure, Bush's approval ratings are in the tank, the GOP candiates in 2008

are all equally worthless, so what is there to do?.....Try to BUY the election....I can see the ad now "See, you vote Republican, not only do we guarantee your safety, we also send you cash (in the form of the proposed rebate) to"...

Some people would probably buy it to, :banghead: :banghead: :banghead: :banghead: :banghead:

[doubleplusgood]

16. MSM stenographers use GOP framing again

Meanwhile, Wall Street is unimpressed:

http://biz.yahoo.com/ap/080118/wall_street.html

Stocks Pull Back on Bush's Stimulus Plan
Friday January 18, 1:18 pm ET
By Madlen Read, AP Business Writer

Wall Street Pulls Back From Early Gain, Appears Unmoved by Bush Stimulus Plan

[inMD]

17. I don't like it

...but it looks like something is going to easily push through pushover Congress. Pelosi and Reid have made statements in support. Details still up in the air.

http://money.cnn.com/2008/01/18/news/economy/rebate_how_it_works/index.htm?cnn=yes

"It is the one element both President Bush and the Democrats agree on and it's likely to be politically popular."

"Right now, President Bush is said to want an income tax rebate that would be generated by eliminating the 10 percent tax bracket, which applies to roughly the first $8,000 of income for single filers and the first $16,000 of income for married couples filing jointly."

"Democrats could get on board with an income tax rebate if it's fully refundable, meaning that everyone with earned income would get the full rebate, even if they didn't make enough money to owe income tax"

"The rebates would likely be limited to individuals with incomes of $85,000 or less and couples with incomes of $110,000 or less, the aides said, speaking on condition of anonymity because no final decisions had been made"

[toiletpaper]

18. I'm all for lower taxes.

God knows that I pay enough, but I want specifics before agreeing to anything.

exactly what taxes will be cut?
will all taxpayers get the same percentage cut? (if not, then then they should)
where will the corresponding spending cut be?

[sellitman]

21. How the heck do you get a tax break when the government is broke?

Who is going to pay for the war on terra?

[Massachusetts]

19. The chimp graduated from Harvard B School

Now what textbook is his latest ecoscheme from? The village idiot continues his rampage.

[Faux pas]

20. Maybe the Chinese will loan him the money.....What a maroon. n/t

[RUMMYisFROSTED]

22. He spends like a drunken, AWOL sailor.

Unbelievable.

[MasonJar]

23. Literally the only president to ever engineer tax cuts during war time strikes again!

[boruhila]

24. BUSH SPEND THE MONEY LIKE DRUNKARD SAILOR

HE WILL PRINT MO MONEY WHO CARES?????

[boruhila]

25. BUSH SPEND THE MONEY LIKE DRUNKARD SAILOR

HE WILL PRINT MO MONEY WHO CARES?????

[Thor_MN]

26. Am I incorrect in remembering that the last "rebate" was just a loan?

Wasn't the "rebate" that Georgie gave us just a loan? We had to pay it back come tax time if I remember correctly. I am doubting myself as NO ONE is talking about that. Every freaking talking head I have heard has said jack about the rebate just being window dressing on not collecting part of our taxes until tax time the next year.

Also, has ANY other president pulled a smoke and mirrors stunt like this before? I can't recall in my history of paying taxes (back to 1978 or so) where a "rebate" was put up to try to cover up inept management of the Federal Budget.

[Frank Cannon]

29. You are 100% correct, amigo.

We had to pay every penny of that last one (2001, I believe) right back to the IRS the following year. I couldn't believe that Americans fell for it the first time. Now watch this country exhibit the memory of a housefly as they swallow it hook, line, and sinker again.

[TheFarseer]

27. No deal, I want $145 billion and a Playstation 3

If he gets the money from Lee Raymond's retirement package, I'm for it. If he gets it from a Chinese bank or just cranks up the printing presses, I'm against it - but I'm guessing it's not coming from Lee Raymond.

[Vinca]

30. His solution is to "send 'em a check and shut 'em up."

The real mystery is how he found a manufacturing plant in the United States to have a photo op at.