Skip to comments.Bush Looks to Reprise Tax-Relief Measures - Stimulus proposal Echoes the Rebates.....
Posted on 01/09/2008 11:35:01 AM PST by Sub-Driver
Bush Looks to Reprise Tax-Relief Measures Stimulus Proposal Echoes the Rebates, Breaks Given in '01 By MICHAEL M. PHILLIPS January 9, 2008; Page A3
WASHINGTON -- Faced with recession fears, the White House is considering tax rebates for individuals to encourage spending and tax breaks for businesses to encourage investment, according to people familiar with the matter.
The plan, if finalized by the administration and passed by Congress, would mark President Bush's first major steps to address the broad economic slowdown. He has limited himself to addressing the wave of home foreclosures and the Wall Street chaos caused by the collapse of the subprime-mortgage market.
With polls showing voters deeply concerned about their economic fortunes, the administration, congressional Democrats and the presidential candidates are competing to come up with responses.
In a Rose Garden press conference yesterday, President Bush said his administration will "look at all different options." He added: "We're watching very carefully, and we're listening to different ideas about what may or may not need to happen."
The president's main options include a tax rebate of perhaps $500 for individuals to encourage spending and a change in tax laws that would allow companies to deduct from their taxes a substantial portion of investments in equipment, according to people familiar with the discussions. President Bush is expected to prepare the economic-stimulus package before his State of the Union Address on Jan. 28.
The two measures at the top of the president's list would reprise his tactics during the economic slowdown faced during his early years in office. In 2001, while the economy was in recession, the Treasury sent checks of $300 or $600 to two-thirds of U.S. households during a 10-week period.
(Excerpt) Read more at online.wsj.com ...
“We’re watching very carefully, and we’re listening to different ideas about what may or may not need to happen.”....What needed to happen Jorge was stopping banks from making rediculous home loans to anyone who walked in the damn door!
Win Win. If he gets them the economy gets a booster shot. If not it will blow back on Congress and the Democrat candidates.
Keep in mind that the “rebate” discussed here is not really a rebate at all . . . it’s sort of like an advance on your tax refund. If you get a $500 “prebate” (as it’s more accurately called) in February but your tax return filed before April 15th indicates a rebate of $2,000, then your actual rebate becomes $1,500. If you file your tax return and it indicates that you OWE $2,000, then you actually have to pay $2,500.
This would be great as tax cuts have shown time and time again to help the economy, but at the same time he needs to announce cuts in spending.
Bush proposes increasing debt and inflation to fix economy.
What a genius.
Cut the taxes. Pay down the debt. I don’t want a prebate, a postbate or a master... well nevermind.
President Bush, it’s my responsibility to take care of myself. I don’t need you to be my nanny.
Reduce taxes all you like. I support the idea. Just use the increased revenue to pay down the debt, and start defunding the liberal infrastructure.
Start with the Department of Education.
While you’re at it, figure out how much taxes it takes to support education, reduce taxes by that amount, quit returning money to the states for education and let local communities take over the funding of their own schools.
We need to gutt the NEA as well, and privatization of schools would go a long way toward that necessity.
Check out the comments above. Amazing.
Bingo! This has been my mantra since I read my first salary pay stub and do my income taxes 40 years ago.
Rebates, prebates, and all the tax cuts in the world aren't going to fix this.
More than a year ago I said it was starting to look an awful lot like the mid-1970s for the U.S. economy, and I haven't seen anything -- including the pending prospect of a Democratic administration that will serve during a period of serious economic malaise -- to change my mind about that.
What a genius.
Seems you didn't get the memo. Take an economics class and look at the economic growth since the President's tax cuts in '03.
The man does love to spend on entitlement programs; for which I strongly criticze him.
“Seems you didn’t get the memo. Take an economics class and look at the economic growth since the President’s tax cuts in ‘03.”
This is a handout not a tax cut - people who pay no taxes get checks too.
Cut marginal tax rates.....
Read my previous post agreeing that we need a tax cut, not some silly rebate, pre-bater or master...
but it was paid for on credit card, and the debts are unsustainable; we were having our cake and eating it too. Lower taxes but increases in government spending (a mix of supply side and keynesian economics) did boost the economy, but it cannot continue that way
(Like it or not, government spending can increase the economy because agencies spending the money in the right places and creating demands can be a huge economic incentive)
Same here. I appreciate the note of agreement.
What the hell are HUD, Education, Energy, Arts, SS, Medicare/caid... for? Other than hiring morons to sleepwalk 9-5 filling out forms.
This country is suffering from "entitlement crises." President Bush like to exacerbate this with DHS, No Child Left Behind, and Prescription Drugs. None of this crap existed 70 years ago.
I wonder what new programs will be created by the next president, regardless of political party...
The Federal Department of Heating & Cooling.
Read this: http://www.freerepublic.com/focus/f-news/1950985/posts