Deal reached on tax rebates for stimulus

[maddezmom]

Source: AP

Deal reached on tax rebates for stimulus 5 minutes ago



WASHINGTON - Democrats running Congress and the Bush administration reached a tentative deal Thursday on $300-$1,200 tax rebates and business tax cuts to jolt the slumping economy.


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.



Read more: http://news.yahoo.com/s/ap/20080124/ap_on_go_co/economy_stimulus

[saigon68]

1. Yes the DLC controlled senate and house

come through again

Hmmm Rebate checks in June--- That will help a lot

</sarcasm>

[AllyCat]

8. And do we have to pay it back like the "rebate" we got from Bush I?

Remember that? I marched right to HR at my company and changed my withholding so that I didn't owe even MORE at the end of the year.

[saigon68]

24. Yes I remember that

Another case of smoke and mirrors to Dazzle the sheep

[Cessna Invesco Palin]

50. Smoke and mirrors?

Hate to break it to you but that rebate was OUR idea. Bush stole it from us and took credit for it.

[uppityperson]

29. I was upset that I didn't get one, then figured out what it really was.

and that I would owe it back when I paid my taxes.

[joeglow3]

33. That was not necessary

The withholding tables took it into account. Effectively, what they did was delay the reduction to the lowest tax bracket for a year, as the "rebate" equaled what you would have saved in that first year.

Either way, it WAS an advancement, although it was administered by delaying one of the tax cuts 1 year.

[Lost4words]

2. they really have a sense of humor dont they!

what do we expect to change, I mean really, what?

8643 and 43s crew!

[liberal N proud]

3. Who is making out on this?

You know it isn't going to be you and me.

[vi5]

4. Wow, what a big surprise...

Dems cave yet again and give bush and the republicans what they want.

Really, please someone tell me again what we get out of "reaching across the aisle" to these clowns? And tell me again how great it's going to be when we control everything? Really, I'd just like to see some fucking proof beyond Chris Dodd and Russ Feingold that ANYONE in the democratic party is will to stand up and fight. And to do what's right. And to put the country before their own political career.

Fuck, I'm so tired of this shit.

[paulk]

55. Bush would have vetoed the plan if it had included what the

Democrats wanted. Bush has shown plenty of times that he is more than willing to put his own agenda ahead of the good of the country. "Standing up and fighting" means you get nothing.

Nothing.

Think about that, for once - instead of automatically blaming the Democrats for what the Republicans do.

You want the Democratic stimulus plan?

Then put a Democrat in the White House, along with a Democratic Congress.

[flaminbats]

59. repeal Bush's taxcuts!

if that happens, I have no problem with a stimulus package. until then let Bush veto a Democratic stimulus plan, and let Bush receive the blame.

if Democrats in Congress renew Bush's taxcuts in 2008, what good is a future Democratic President who gets blamed for raising taxes? :eyes:

[paulk]

64. I expect that they will

Bill Clinton rescinded Reagan's tax cuts in '92, without a single Republican vote.

-------------------


I'm not sure I agree with a strategy of letting things get worse just to blame Bush. Things are bad enough already - failure to do anything is just digging a deeper hole to get out of - at some point it will be too deep to make any difference.

[flaminbats]

68. why did we elect a Democratic Congress?

I wanted a Democratic majority to prevent Bush and Republicans from making things worse, not to pass on those mistakes to future leaders.

blaming Bush for his mistakes doesn't help, but neither does taking credit for them. Democrats are only setting themselves up for a political disaster if they renew Bush's taxcuts. until those taxcuts are repealed, Congress shouldn't make things worse by passing more taxcuts for corporate America.

that's the problem with our compromise stimulus package.

[vi5]

66. We have a democratic congress....

If you don't think that the republicans would act the same way and vote the same way and legislate the same way with a 1 vote majority that they would with a 1 vote majority, then we can disagree on that. So yes, I'm sorry I blame the democrats. Maybe I blame the blue dog democrats more than the others but I think our leadership has capitulated on one thing after another.

Do I understand that they have to compromise? Sure. I'm just tired of compromise meaning Republicans get 75% of what they want and democrats get only 25% of what they want. So with only a 1 vote majority does that mean I'd settle for 60/40 or something of that range? Yeah. But compromise implies a meeting halfway or even split and I'm just not seeing that.

[Doctor_J]

5. Nancy dropped the food stamp & unemployment ins bump so Bill Gates wouldn't get stiffed

on the rebate.

This sucks, but it's better than what happened to SCHIP, which was probably the only alternative.

[Cessna Invesco Palin]

51. Uh, I think Gates makes more than $75,000 a year. n/t

[Doctor_J]

52. TNX. I missed that part

So this actually could have been much worse. I still wish the Congressional Dems would stand up to this doofus once in awhile.

[underpants]

6. ALthough I am weary of the details this is good the Dems need to go after sm. businesses

We write them off and the Republicans take them for granted.

[ixion]

12. just to clarify -- what do you mean by "go after" small businesses?

small business, such as mine, are already struggling. What do you want to go after?

Just curious.

[underpants]

13. Engage them. Reach out to them. Appeal to them.

Try to bring them "on board" or at least not revulse and automatically reject the Dems as they mostly do now.

I knew I didn't word the original post correctly.

[ixion]

21. okay, cool. thanks for clarifying... and I agree with you

I wish they'd do that, too. :hi:

[pitohui]

48. small businesses in my area are gop

they are the enemy and the leaders in making sure folks don't have decent pay or benefits, esp. the tiny mom and pops and esp. the contractors

there is no point in going after them for votes, they are on the other side

seems like most would rather not have health care for themselves (many can't get health insurance for THEMSELVES) if it means a black man might also get it

if you're on DU you're one of the good guys, but admit it, you're also in the minority when you meet at the chamber of commerce, aren't you?

[ixion]

65. it's hard to say...I know liberal business owners and conservative...

my accountant, for one, is a dem. I have several friends who own their own businesses as well, and while they may be fiscally conservative, they have many liberal tendencies. I think you'd be surprised at the number of people who own businesses that are independents and liberals. But certainly, there are many of the GOP faithful out there. Personally, if I know that a business is a Bush supporter, I make an effort to avoid using their services as I don't want my money going to support the BFEE indirectly.

[AllyCat]

7. Looking out for the little people, eh Nancy?

----snip---

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.

---snip---

You have to be earning a paycheck in order to get anything. That should really help out the people who need it most. :sarcasm: Of course, NONE of this brings jobs back to the US which would actually help us instead of put a bandaid on a hemorrhage.

No wonder Congress is such a waste.

[Kittycat]

32. Sadly

There are people bitching on another board that those that work, but don't pay taxes get anything at all. They feel they don't deserve it. Despite one jerk stating that they're just banking their rebate, since they don't need the money.

[flaminbats]

9. DINOs will never learn..

they voted against Clinton's tax increases in 1993 because that would only hurt the economy.

they voted for Bush's taxcuts in 2001 because this would stimulate an already booming economy.

now the economy has crashed and we're in a recession. DINOs make a deal with Bush to pass more cuts in the corporate income tax and ditch extending unemployment insurance, even as Ford eliminates retirement benefits and jobs for thousands of workers. what a package!

but DINOs again announce, taxcuts only stimulate the economy! :wow:

[Nite Owl]

10. I have Bloomberg news on

and the crawl just said that the WH says no agreement has been reached on the stimulus package.

??????????????

[Divernan]

11. Washington Post -Deal Reached on Tax Rebates

(My comment: All the economic gurus said the govt. needed to respond FAST, i.e, immediately pump money into the economy. This response is not only WAY too little - but absolutely too late. A lousy $300?!?! - that won't cover the increased gas prices between now and next June!)
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.


www.washingtonpost.com
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.

[ayeshahaqqiqa]

14. by June that $300 will buy you

a tank of gas and a sack of groceries.

[Sherman A1]

16. Don't count on the sack of groceries

Prices have been going up like crazy at the store I work at. I do the price advances each Sunday and the last 3 weeks has been at least 10 pages per week for grocery with 30 tags per page. Last week I was working on advances for 3.5 hours, never thought I would get done with the damn things.

[CountAllVotes]

28. I bought one piece of chicken for $6.99 a lb.

It made one pot of soup which we ate for 4 days.

I won't be getting a check not that I expected I ever would.

:mad:

[joeglow3]

34. Wow. You need to shop around better

We do all or shopping at WalMart, as they match all competitors ads. That way, we get everybody's sale prices at one place. Just bought 15 pounds of boneless, skinless chicken breasts for about $18.

[CountAllVotes]

37. gasoline costs $3.44 a gallon where I live right now

so quite often it is not worth driving into the local town (about 30 miles away one way) to get a deal on a piece of chicken, etc.

Same with bread - cost is $3.79 a loaf nearby to where I live; in town the cost for the exact same loaf of bread is $2.75. It isn't worth driving into town to realize the savings of $1.00 being gasoline is so high.

So, hence, they got me and many others are in the same exact boat that live in rural areas where supplies are low and demand is constant.

On edit: typographical errors because I really need new glasses but don't have the $ for them right now (gee that $300 would solve this problem wouldn't it?).

[joeglow3]

38. Yeah. Small town places can screw you

In high school, I worked at a grocery store. One family said they bought a couple fridges and would just come to town once a month and get everything they needed.

[CountAllVotes]

40. I make a run into town once a month

I have a neighbor that is 80 years old and she goes into town ONCE a year to sign her income tax return. It is hard to get it all done once a month. I try to do this but vegetables and other perishable foods don't keep for one month. :(

They really do rip you off in these small towns and there is not a thing you can do about it has been my experience.

I bought 5 turkeys around Thanksgiving that were on sale. I still have one of these left in my freezer (guess what else we've been eating around here for MONTHS now?). It is a good sized freezer, but I would have no use for a great big one plus the cost of running a big freezer is likely a lot more than a smaller one and then again, where do you get the money to buy a big freezer?

[joeglow3]

43. We have tried to use frozen and canned vegatables

There are some I HAVE to have fresh (i.e. asparagus). However, after I read a study a couple of years ago that showed that canned and frozen vegatables have just as much, if not more, nutrition than "fresh" I try to switch. However, some of those canned vegatables are just flipping gross.

[CountAllVotes]

46. I've done that too

I have been known to stock up on canned foods (that I really do not like) and find that I don't use them before the expiration dates on the cans. A lot of times if you check the expiration dates of the canned foods "on sale" you'll see that they may only be good for another few months if lucky. :grr:

I had to go to a food bank for awhile and got the "free" gov't commodities. God are those gross! Not even the cat/dog would eat the "canned chicken" that I was advised to make myself a "nice soup" out of. :puke: :puke: I have never gone back to the food bank since. I'd rather starve than eat that sh*t and yes, that is what it is - sh*t.

I prefer fresh vegetables myself too and I think that is because I only had canned vegetables when growing up and never especially liked them.

[joeglow3]

47. I just had canned chicken for the first time

My wife made a buffalo chicken dip appetizer for a party and thought it was awesome. When she made it again and I saw the canned chicken that went into it, I wanted to vomit.

[AllyCat]

41. You get what you pay for at Wal-Mart.

Lower "prices" mean high cost later on:

No jobs because they choke out all competition and make all their cheap $hit in China, then ship it here. That includes growing of food.

Lots of pollution due to all that shipping.

No health insurance for their workers and when they do offer it, the coverage is terrible.

Horrible hours and working conditions for those that make their products and work in their stores.

Weakening of organic standards by the USDA because Wal-Mart wants to label milk from factory farmed cows fed antibiotics "organic" (Horizon Organic is ANYTHING but!! Don't be fooled).

[joeglow3]

44. That is true of ALL grocery stores

Outside of states like California, where they have a union, grocery store suck for benefits. I remember a few years ago in college we looked at a study that compared benefits by business lines. Grocery stores were dead ass last by a wide margin.

[RantinRavin]

35. Exactly what kind of chicken did you buy ?

I can buy whole chicken for 1.49 per pound.

[CountAllVotes]

36. they had only 4 pieces left

it was from the butcher at the local Co-op on the "member only" discount day (they give you 10% off of your grocery bill if you shop on the 2nd Wednesday of every month so you must wait to stock up). There is no WalMart here. The other 3 pieces he had all weighed more (hence costed more than what I paid). It was boneless chicken, I know that much. As to a brand name, there was none to be seen being I bought it from the butcher.

I don't tend to ever buy whole chickens as much of it goes to waste and I don't much care for chicken anyway.

On edit: I found another similar piece of chicken in my freezer the other day. The price was $4.79 a lb. and it was dated Oct. 17, 2007. That is an increase of over $2.00 a lb. in less than 3 months! :grr:

[pitohui]

53. you were robbed

i'd get away from that so-called coop as fast as possible, chicken just doesn't cost that much, it's one of the most popular proteins in the third world because chicken can eat bugs and your thrown out onion peels and other crap and turn it into eggs and usable protein

if you don't like chicken, simply don't buy any at all rather than pay steak prices for chicken

but if it were still allowed in my neighborhood, i would simply acquire some young pullets (females) and keep them for eggs, one of the best and easiest sources of protein, if you want only a few, someone might even give you a couple, that happened to us before, i think all rural people would benefit from having a few chickens around

no reason for a whole chicken to go to waste, what you do is, when you get home, you go ahead and cut it into pieces yourself, put the pieces you won't be using for awhile in the freezer, it lasts for a year (at least) if frozen, use the part with not much meat on it to make the stock/soup

another way if you don't like cutting raw chicken is i cook the whole chicken in the crockpot, then cut up the chicken i'm not eating into small pieces (about an inch square but ir's chicken, it won't be exact) and put maybe 1/2 pound of cut-up chicken in different bags for the freezer, then you have already cooked chicken to defrost another time when making soups, spaghetti sauces and so on

i often see whole chickens on sale for 69 cents a pound so you can see the savings are real

[CountAllVotes]

57. there is ONE store here only ONE

and if you don't like it, pay $7.00 to drive into town (and that doesn't include wear/tear on the car). And I do have a fuel efficient car.

As for the .69 cent a lb. chickens - there are none to be found here that I have ever seen.

[JuniperLea]

54. Do you have a Fresh and Easy in your neighborhood?

I bought a pack of beautiful legs (legs and thighs connected), six pieces in all, locally grown chicken, for just under $5. I bought a lb. of basmati rice for $3... it's $7 for half that weight at the local Vons and Pavillions.

I feel bad that the economy is going to force me to start shopping at WalMart... never have, but I don't have enough money to make the choice to shop elsewhere on principle... principles are expensive these days.

:cry:

Also, Trader Joe's has great deals.

[CountAllVotes]

56. no, there is ONE store here only

and if you don't like it, pay $7.00 r/t to drive into town. It sucks! I did not get "robbed". Had I paid $7.00 to drive into town to buy the piece of chicken it would have cost me close to $10.00! Yikes.

:kick:

[JuniperLea]

62. That sucks out loud!

I hope you have lovely surroundings to live in to make up for that horrid inconvenience and expense!

[pitohui]

49. that's all it buys me now

my husband has metabolic syndrome, we have to have quality protein, not cheap grains like the rice and potatoes crowd

[endarkenment]

15. Pelosi agreed to drop increases in food stamp and unemployment benefits

Hey Nancy:

Fuck Off

[Sherman A1]

17. Agreed & Well Said

[Stuart G]

30. HOW MANY WAYS CAN ONE SAY...........

FUCK OFF NANCY...........MILLIONS NEED FOOD STAMPS.. THEY REDUCED THEM LAST YEAR..LET'S GET THOSE REDUCTIONS BACK..

WHAT HAS NANCY DONE???????????????????
............SOLD US OUT........?????????????
.................EVERY MOVE SHE MAKES, MAKES US SICK...:puke: :puke: :puke: :puke: :puke:

[uppityperson]

31. If you earn less than $3000, no money. Aren't these who would need foodstamp/unemployment?

From OP link:
"Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said."

And so what are they doing to help those who make the least? The ones who need foodstamp/unemployment benefits?

[coalition_unwilling]

63. Let them eat cake -n/t

[OneBlueSky]

18. I can't decide if Congress is thoroughly corrupt or completely stupid . . .

most likely a good dose of both . . .

[flaminbats]

27. what happens next?

Democrats have a majority, so they can easily block this until Bush and enough Republicans in Congress make concessions. they can pass this, while demanding that Republicans give up on renewing Bush's taxcuts. or they could demand that unemployment insurance is extended and none of the workers from Ford lose healthcare benefits.

But Democrats have put the cart before the horse, again compromising to those who have no leverage! They should pass a bill that repeals Bush's taxcuts and reduces deficit spending, not one with more taxcuts and higher deficits. Republicans should get the blame for not extending unemployment insurance and not paying for the war in Iraq.

if Democrats renew Bush's taxcuts this year, I will not vote in November. they had their chance, and Democrats will only earn my vote by correcting their mistakes. we have the majority, so Bush's taxcuts can be repealed regardless of excuses!

[ima_sinnic]

19. any way to refuse this? I'm in enough debt already.

I want to Just Say No to this payday loan. Knowing these scumsuckers, they'll make us pay interest on it, too, next year.

what a fucking joke! It's not enough to invest in anything, it won't earn jacks**t in a savings account and barely takes a bite out of a mortgage payment. So it can buy some worthless gadget made in China--are Americans that stupid? (sadly, I already know the answer to that one ...)

[RebelOne]

20. Well, if they send me a check, I am going to try to return it.

I always have to pay taxes at the end of the year. I never receive a return. So I don't want to have to pay back the rebate on top of my taxes.

[meegbear]

22. Taxpayers would get checks under economic stimulus plan

Source: CNN.com

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

<snip>

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 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.

<snip>

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

[fed-up]

26. by JUNE???? looks like it will be awhile before the economy gets "stimulated" nt

[baldguy]

58. Well you have to pay your IRS bill first, silly.

[TlalocW]

23. Well, nice of the government to do this I suppose...

I won't be cooperating though. The $300.00 will go to my Mom's credit card, which I'm paying off for her. No stimulus for the economy there.

TlalocW

[fed-up]

25. so food prices increase-but not food stamps-food bank donations down- thanks a heap Nancy

guess you really don't want to help the neediest of the needy

[AllyCat]

39. She's just helping the neediest of the needy corporations and BushCo

[newportdadde]

42. Rebate or Advance? Big Difference..

[Earth_First]

45. We'll take ours to our credit union and place it into a 36 mo. CD @ 4.5128 fixed...

It'll cover the 'advance' on our return next year and then some...

[Javaman]

60. anyone else have the feeling this is a circular firing squad about to happen? nt

[ChiciB1]

61. I Read The Article On My Comcast Page... But What Does This Mean

for people on disability and social security? Are THEY going to get increases or not? I didn't read anything about that, so was wondering.

Anyone know???

[earth mom]

67. So is there a chart somewhere to show us what we can expect to get?

And this is a dumb question I know, but will this money be taxed? Can't remember if the one we got a few years ago was taxed or not.

Okay, so I'm having a pre-senior moment. :blush:

[lakercub]

69. Our economy is in biiiiig trouble

First, the banks, thanks to horrible loan practices, are in huge trouble. The sub-prime mortgage mess will cost billions and billions to clean up. We have no concept of just how costly this will be, but it will be staggering.

Second, the Bush tax cuts to the rich absolutely raped the Treasury. Any talk of financial solvency that doesn't begin and end with repealing those cuts is useless noise.

Third, we are now handing money out of the treasury just like in 2001 (it didn't work then either). Our government is already massively in debt (thanks Ron and George), which means we can't keep doing this crap because we simply can't afford it. Also, who owns much of our debt? China...oi.

Fourth, energy prices are still going up, and we will have 150/barrel oil prices within 12-18 months, if not sooner. This is a sign of massive inflation.

Fifth, the dollar is struggling against foreign currencies. The buying power of the dollar is getting lower and lower which is going to start causing even more inflation.

Last, we have the Fed knocking down interest rates in a big way...which was an unintelligent thing to do. The rate cut was too large and too rushed. This looked like, and was, panic, which will not do the economy any good. Combined with the inflation worries above, this could be the knockout punch. When inflation is rising, interest rates are supposed to go up...ours went down. This will provide minor short-term relief, while causing even further inflation which could devastate the economy for a long time.

The first step toward fiscal responsibility is to clean up the debt. We cannot keep going further and further into debt to foreign countries. This means the tax cuts must be repealed. If we can't reduce the debt, then we will have no money to handle the crises that are already on their way. The only way out at that point is to let people starve, or print money like there is no tomorrow. If that happens...make sure you have a wheelbarrow to hold all the cash you will need for a loaf of bread.

Any compromise with Bush that doesn't include some repealing of tax cuts isn't compromise...it's fiscal suicide.

[Zhade]

70. Trying to bribe us with pennies worth less every second.

And these ridiculous Democratic fools keep on with the complicity.