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Thread: Deal reached on tax rebates for stimulus

  1. #1
    Elite Member nwgirl's Avatar
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    Default Deal reached on tax rebates for stimulus

    Don't know if this should go in news or politics. Please move as necessary if it's in the wrong place.

    WASHINGTON Democratic and Republican congressional leaders reached a tentative deal Thursday on tax rebates of $300 to $1,200 per family and business tax cuts to jolt the slumping economy.

    Congressional officials close to the negotiations said House Speaker Nancy Pelosi and Republican Leader John Boehner of Ohio reached agreement in principle in a telephone call Thursday morning.

    The officials, speaking on condition of anonymity, said the two wanted key members of their parties to sign off on the accord before any announcement.

    The movement came as the White House said agreement seemed imminent. "Our understanding is there is no final deal yet but they are making progress," presidential spokeswoman Dana Perino said early Thursday.

    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.

    Families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.

    Another element of the plan is a package of tax breaks for businesses that could cost as much as $70 billion, far more than had been expected, a senior House aide and a Democratic lobbyist said.
    The business tax portion would give businesses incentives to invest in plants and equipment, give small businesses more generous expensing rules, and allow businesses suffering losses now to reclaim taxes previously paid.

    After a key Wednesday night meeting in which the parameters of an agreement were reached, Pelosi and Boehner spoke again Thursday to cement the accord.

    In the talks, Pelosi pressed to make sure tax relief would find its way into the hands of lower-income earners while Boehner pushed to include upper middle-class couples, according to congressional aides.

    Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
    Comcast.net News - Deal Reached on Tax Rebates for Stimulus
    Can someone please explain to me why people who don't pay taxes will be eligible for a "refund" while some people who actually do pay taxes won't be? Yet, the repayment of this little stimulus package will eventually fall on the people that pay taxes.

    Makes no sense to me.
    "The difference between genius and stupidity is that genius has its limits."

  2. #2
    Elite Member Mr. Authority's Avatar
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    Honestly, I can't explain it myself. Nothing the government does make sense anymore and this "stimulus" plan sure as hell is'nt going to help this economy.

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    Elite Member greysfang's Avatar
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    Everyone who ever walks into any store/gas station/restaurant whatever and buys something pays taxes. Just because they don't pay a big lump in April to the IRS doesn't mean they don't pay.
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

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    Elite Member crumpet's Avatar
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    Not everyone pays income tax though. This system is so fucked. Everyone should pay the same flat tax percentage. If some dumbass gets knocked up in high school, drops out, then gets her GED but can only get low paying jobs, don't cut her a tax break and tax me more because I made better choices and had better goals for myself. Just when I start 'making it' I get penalized for doing well while some loser squirts out her fourth brat which I also get the pleasure of supporting.

    edited to add: I could not care less if that makes me seem like a heartless bitch. I've busted my ass to better my standing and I resent getting fucked for it.

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    Elite Member Mr. Authority's Avatar
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    Here's some more info on this crap plan:
    Congress unveils economic stimulus deal - Yahoo! News
    Here's the kicker:
    House Speaker Nancy Pelosi agreed to drop increases in food stamp and unemployment benefits during the 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.

    Families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.

    The emerging package was already drawing fire from liberal activists and labor unions upset that proposals to extend unemployment insurance and boost food stamps had been dropped. They said those ideas could pump money into the economy more quickly than tax rebate checks that won't be delivered until June.[/B]
    So basically the "catch" of this plan is that you'll get a rebate, but the lower income people who don't work won't get shit cuz obvious they're to lazy to get a job

    Even worse the proposals to expand food stamps and umemployment benefits were dropped to get this worthless plan going. Seriously now is the government even trying to pretend to care about the poor anymore? God damn this is not going to benefit the lower-income or middle class. It's not.

    So thank the GOP, the DINOs in Congress, Nancy Marie Antoinette Pelosi, and the Bushits for this stupid bullshit rebates that we'll get sometime IN JUNE!

  6. #6
    Elite Member nwgirl's Avatar
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    Quote Originally Posted by greysfang View Post
    Everyone who ever walks into any store/gas station/restaurant whatever and buys something pays taxes. Just because they don't pay a big lump in April to the IRS doesn't mean they don't pay.
    I'm not sure if we're talking about the same thing or not. Are you talking about sales tax, like when you buy a shirt and you pay tax? I think that's a State tax, and is different than federal income tax. 90-some percent of the federal government's tax revenue comes from income, payroll and corporate income taxes. Taxes paid on goods (excise taxes) only accounts for like less than 5% of all Federal tax revenue, and I'm not even sure if the consumer directly pays for that or not. (I'm sure we end up paying for it in some form as it's calculated into the price of the product or service, but not as direct as adding 10% to the top of the purchase price as it happens with regular sales tax. Any taxes you pay on top of the purchase price of something would be State sales tax.) I think.

    Quote Originally Posted by Mr. Authority View Post
    Here's some more info on this crap plan:
    Congress unveils economic stimulus deal - Yahoo! News
    Here's the kicker:

    So basically the "catch" of this plan is that you'll get a rebate, but the lower income people who don't work won't get shit cuz obvious they're to lazy to get a job

    Even worse the proposals to expand food stamps and umemployment benefits were dropped to get this worthless plan going. Seriously now is the government even trying to pretend to care about the poor anymore? God damn this is not going to benefit the lower-income or middle class. It's not.

    So thank the GOP, the DINOs in Congress, Nancy Marie Antoinette Pelosi, and the Bushits for this stupid bullshit rebates that we'll get sometime IN JUNE!
    As I read it, the lower income people will get a rebate, even if they didn't pay any income taxes. The higher earning people ($150k and above) won't get anything. That's where I'm having the problem. If you don't pay income taxes, why should you get an income tax refund? And if you do pay income tax, and lots of it, you don't? That's what's not making sense to me. Otherwise, don't call it an income tax refund cause that's not what it is.
    "The difference between genius and stupidity is that genius has its limits."

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    This stimulus package is stupid. What a waste of money, it should be paid toward our debt instead. Dropping the interest rates and giving money away is just putting bandaids on our crumbling economy. Borrowing and spending is what created this mess, I don't think more spending is the answer. I think this all about making Americans feel better more than creating any real "stimulus". I agree the 150k limit sucks but I can't remember the income level that the crappy Bush tax cuts kick in. Maybe that had something to do with the cutoff.
    If you can't be a good example -- then you'll just have to be a horrible warning

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    Elite Member crumpet's Avatar
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    The whole idea that people with money owe something to people who have less is the biggest co-dependent paternalistic crock I've ever heard. My household income is significantly higher than the medium. Big deal. Lots of people have more than me,too, but they don't owe me anything extra because of it whether they've actually worked for it or if they just won the lottery. It's theirs. If you didn't pay income tax you do not deserve a credit just for gracing me with your presence. And I don't want to hear any whining about how haaaard it is to be a minimum wage earner who has threee kids they never could afford in the first place.

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    Elite Member ManxMouse's Avatar
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    Crumpet, I agree with you 1000% !!

    And I am a pretty left-wing person on most issues. But there is ZERO common-sense to this and it pisses me off. Don't pay income tax? Then no income tax REBATE for you! Must be nice to get free fucking money (at the expense of the rest of us).

    This is in no way a stimulus plan, it's an appease-the-masses plan. At least economists on both the left and right were agreed that extending unemployment and food stamp benefits would actually help the economy. But no --this plan is the stupidest combination of all the proposals. Way to go, assholes. Retarded chimps couldn't do worse at running this country.

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    Elite Member greysfang's Avatar
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    Quote Originally Posted by nwgirl View Post
    I'm not sure if we're talking about the same thing or not. Are you talking about sales tax, like when you buy a shirt and you pay tax?
    Well you said "people who don't pay taxes" and that was what I was addressing. There is no such thing as a person who doesn't pay taxes. Now if you mean income tax, that's a whole different story.
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

    http://www.gossiprocks.com/forum/signaturepics/sigpic4098_9.gif Healthy is merely the slowest possible rate at which one can die.

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    Elite Member msdeb's Avatar
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    i just dont get the government sometimes, but hey if they want to give me money, i'm okay with that.
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    Elite Member nwgirl's Avatar
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    Quote Originally Posted by greysfang View Post
    Well you said "people who don't pay taxes" and that was what I was addressing. There is no such thing as a person who doesn't pay taxes. Now if you mean income tax, that's a whole different story.
    Sorry. I thought income tax was a given. (I've read about ten articles on this over the last few days and they all mention something different.)

    The more I think about it though, the less sense it makes regardless of what they call it. Income or otherwise, it would seem that people with more money pay more taxes, regardless of what kind they are or how they are paid. Higher incomes spend more on disposable goods, housing costs, vehicles, gas, food, etc. Don't they (seriously, I've never researched it, but that's what I would think would happen)? So why wouldn't they get at least the same cut lower incomes will get?
    Last edited by nwgirl; January 25th, 2008 at 12:58 PM.
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  13. #13
    OCD
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    They want more money in our pockets so we can go blow more money, how is that helping anyone?

    I'll tell ya what the government has done a fine job teaching it's people's how to deal with money.

    Remember folks always:

    Take take take as much as you can get no matter the consequence.
    Spend more than you make.
    Use credit instead of cash whenever possible.
    Don't save- spend, it helps keep America strong, er I mean a couple rich old dudes.
    And always show up in an emergency and promise money you don't have.

    Last, but not least make sure you are always indebted to people (countries) you hate.

    The man knows best kids.

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    Elite Member Mr. Authority's Avatar
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    Quote Originally Posted by OCD View Post
    They want more money in our pockets so we can go blow more money, how is that helping anyone?

    I'll tell ya what the government has done a fine job teaching it's people's how to deal with money.

    Remember folks always:

    Take take take as much as you can get no matter the consequence.
    Spend more than you make.
    Use credit instead of cash whenever possible.
    Don't save- spend, it helps keep America strong, er I mean a couple rich old dudes.
    And always show up in an emergency and promise money you don't have.

    Last, but not least make sure you are always indebted to people (countries) you hate.

    The man knows best kids.
    Cheers! This plan is anything but stimulating. It's more bullshit to get the "little people" to spend more money on crap from overseas so the economy can get going...even though any economy that is reliant on shopping is'nt a very solid economy in the first place.

    We'll be in a nation-wide depression by next year cuz of this crap, just watch.

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    Gold Member Corsair's Avatar
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    Didn't we already do this once?
    Don't worry about what other people think. They don't do it very often.

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