I can see another gun purchase in the future

[Guest bkelm18]

http://www.cnn.com/2008/POLITICS/01/24/economic.stimulus/index.html

Taxpayers would get checks under economic stimulus plan

Story Highlights

*NEW: Deal would give individuals $600, couples $1,200, sources say

*NEW: Parents would get $300 more per child, sources say

WASHINGTON (CNN) -- American taxpayers would get checks of several hundred dollars from the government under a plan to stimulate the economy, sources said Thursday.

Congressional leaders of both parties were still talking with their membership to sell the plan, sources said.

Sources on Capitol Hill and at the Treasury Department said congressional and White House negotiators agreed upon checks of $600 per individual and $1,200 per couple.

A Democratic aide and a Republican aide said there will be an additional amount per child, which could be in the neighborhood of $300.

Checks could be in taxpayers' mailboxes by June, according to an Associated Press report.

The numbers must still be analyzed by the Treasury Department to see what the total price tag of the stimulus package would be, sources said.

To get to the agreement, Democrats dropped calls for increases in food stamps and an extension of unemployment compensation. Republicans agreed to allow people who pay Social Security taxes but not income taxes to get the checks, sources said.

An announcement on the plan could come Thursday afternoon, the two sources said.

Aides in both parties said Treasury Secretary Henry Paulson has been working aggressively in recent days as he tries to make progress before House Republicans head out of Washington for a legislative retreat at the end of the week.

To win over conservatives, the package also is slated to include business tax breaks, according to officials in both parties.

The stimulus package also may face resistance from fiscal conservatives in both parties over worries that it would increase the federal debt. The talks are occurring as auditors report that the federal deficit -- the difference between what the government takes in and what it spends -- is increasing.

The nonpartisan Congressional Budget Office estimated Wednesday the deficit would jump to $250 billion, mainly because of a weakening economy. That estimate does not include any additional spending that would be part of a stimulus package.

The proposal is intended to address economic worries stemming from a worldwide credit crunch created by the mortgage crisis and plunging stock markets. The president proposed the package last week. Watch a debate on whether the U.S. is heading into a recession »

Officials in both parties credited Paulson, the former Goldman Sachs executive known for a shrewd grasp of the markets, with pushing the package aggressively.

"He's been on the phone with practically every member of Congress -- some of them a few times," one Senate Republican aide said. "He's not fooling around."

[Guest db99wj]

That would be great, me, my wife, 4 kids.......nice,

Here is a concern that I have found, CNN says what you posted, MSNBC says the same thing, but that there would be a cap on what a family would get.

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.

http://www.msnbc.msn.com/id/22782454/

also, another hitch, from the CNN report,

Checks could be in taxpayers' mailboxes by June, according to an Associated Press report.

Ummm, the economy is in the crapper today, get them out quicker!

[Rightwinger]

As much as I would like the Fed to fund a new gun for me, I think this is bad policy. Sorry to dampen anyones spirits.

Most of the folks that could use it, will use it, on beer, cigs or worse (shhh drugs). The ones that don't need it, might invest it, buy a gun, etc.

Its not going to stimulate anything! Its not enough to stimulate any section of the economy. You can't buy a car with it (I provide services to GM and Chrysler and would like for them to stay solvent!), you can't buy a house with it, maybe a downpayment assist or a mobile home.

The best thing a market likes is a sound tax plan, ours is not, and a very stable dollar! Take that money and buy back our dollars currently held by foreign countries or pay down the debt. A strong nation with a good economy and low interest rates is what makes an economy work.

This is like saying, well were down to our last hundred bucks, but if we spend 75 of it on lottery tickets, we might just become rich!

That being said, I understand human/American thinking, so hand me my check. I'll re-invest in America somewhere!

[The Rabbi]

This has been tried twice in my lifetime. Both times the results were negligible. At least the economic results. The political results were probably what counted.

A better approach would be to change the tax code to encourage savings and investment--esp corporate investment. The current plan takes either taxpayer dollars and returns them to those taxpayers, less "handling fees", or incurs debt, taking mostly foreign savings and returning them to the American taxpayer. Or non-taxpayer. Incredibly the Dems want to send these rebate checks even to people who havent paid a penny in income tax.

[Guest db99wj]

Very good and legitimate points. If you don't want yours, give it to me.

Yes, this is not the best plan for our economy, it is a political, feel good move to hopefully "buy" back consumer confidence.....long term, it will do nothing for reasons mentioned above.

I have experienced some job changes, maternity leave (well not me but you know what I mean) and some unexpected mechanical failures that were money intensive( a wreck, major car repair, etc), and....anything will help, and this will help me meet my 12 month fiancial plan, and make it a 10 month plan. So no, I will not be buying any guns, even a EBR, at this point, but in 12 or 10 months, debt free again and this bump in the road will be a thing of the past.

[dariks]

Correct me if I'm wrong, but this is not free money from the gubmint. This money is simply a reimbursement on future taxes. For instance, if I was going to get a $2k refund next year I will instead only get $800. This is because my wife and I (no kids) got our $1200 "free" check from the government.

IIRC this is what happened last time Bush tried to "stimulate" the economy. I didn't like it then and I don't like it now.

[Rightwinger]

FAIR TAX !

If you haven't already, read about it. We need this now!

Its just what you've heard from the Dems for years and years, let the rich pay their fair share (they already pay 98% of the taxes, how much more can they do?)

Funny how no Democrat is leading this charge since it lessens government impact on the populace and they lose control!

It also abolishes the IRS.

http://www.fairtax.org/site/PageServer?pagename=about_main

[Guest dotsun]

I'm gonna go buy 24 Lorcins with my money.

[Rightwinger]

Now that's stimulating!

[The Rabbi]

While the basic idea of fair tax makes sense to me I have some reservations about it. There is plenty of tax cheating now. If you raise rates to 22-30% or whatever, cheating will increase exponentially, necessitating JBTs from the IRS.

But I dont have my mind made up on it yet.

[molonlabetn]

It would be difficult to get around paying sales tax... especially if they tighten up the internet ordering loophole. Plus, it would sure save alot of money and paperwork for employers to not have to report and send in income taxes for their employees.

[The Rabbi]

It would be difficult to get around paying sales tax... especially if they tighten up the internet ordering loophole. Plus, it would sure save alot of money and paperwork for employers to not have to report and send in income taxes for their employees.

You've never bought anything from Chasidic-owned camera stores in NYC, obviously.

[molonlabetn]

illegitimately managed businesses are one thing... the consumer having any control over whether a business charges them the proper tax is another.

[The Rabbi]

illegitimately managed businesses are one thing... the consumer having any control over whether a business charges them the proper tax is another.

But it amounts to the same thing, especially where there is collusion between buyer and seller.

[Guest db99wj]

But it amounts to the same thing, especially where there is collusion between buyer and seller.

Nice word!