Free Money On The Way

[Thrashdragon]

Well, it's not really free, it's actually a little of your money that the government has decided to give back to you, as well as giving some of your money to people that didn't earn it. But hey, it's more than you would've had, so go out and buy something frivolous (I will probably pick up a PS3 with mine, assuming Sony manages to figure out which model to offer at the rumored impending $299 price point).

The government wants everyone to immediately go out and spend every dime in order to boost the flagging economy. Stupid idea, but I'm not going to turn the money away, either.

Here's the important stuff from the full article:

The measure would send $300 tax-rebate checks to those whose Social Security benefits, veterans' disability payments and earned income totaled at least $3,000 last year. Those who earned enough to pay federal income taxes would receive more, with individuals eligible for as much as $600. Couples could receive $1,200 plus $300 for each child.

Lawmakers agreed to phase out rebates for individuals earning more than $75,000 and couples earning more than $150,000. Lawmakers also amended the legislation to ensure that illegal immigrants couldn't receive the checks.

Treasury Secretary Henry Paulson said the first rebate checks would go out in May, and the distribution would be done by the end of the U.S. summer.

Paulson encouraged taxpayers to file their 2007 tax returns early.

The legislation doubles the amount of equipment costs a small business can expense in the first year to $250,000 and allows a 50 percent bonus depreciation for businesses that buy major equipment.

This has been passed by Congress and Bush has indicated that he will sign this version of the bill.

[Rand{CLR}]

By the way, ignore the CNN article on this currently up on their site. Their reporter is a nitwit. He claims that this refund is more of an advance on next year's rebate, and you'll essentially end up repaying it next year.

Ticked off my wife, so I went and looked up the actual House Bill. Looks like he just read it wrong. Besides, if that were the case, I think at least one of Bloomberg, Wall Street Journal, NY Times, or Washington Post would have picked up on it...not to mention that this is an election year, and it would be political suicide to mislead people like that. And practically speaking, how exactly do you recoup the smaller refunds from those who wouldn't normally pay taxes at all, or owe taxes every year?

I hope they smack that CNN guy around a bit.

-Rand

[Thrashdragon]

I hope they smack that CNN guy around a bit.

-Rand

I wish. Inaccurate reporting is no longer the exception, it's the rule. I picked that article up from Bloomberg and it corresponded with everything I've been hearing about this bill for the last week or so, so it should be accurate.

[paceman]

I won't be getting one. According to the government - I'm one of the "rich" people.

Because this is Cain's Lair I will refrain from saying what I think of this ludicrousness.

[unorignal]

Bushmaster Carbine time.

[CarbonFire]

I won't be getting one. According to the government - I'm one of the "rich" people.

Because this is Cain's Lair I will refrain from saying what I think of this ludicrousness.

Rich, even in this country, is really relative. $75,000 is a fortune in on part of the country, and in others (like where I live), it's "barely making it". Does seem a bit on the low side to me.

oh well....yay "free" money!

[Thrashdragon]

I won't be getting one. According to the government - I'm one of the "rich" people.

Because this is Cain's Lair I will refrain from saying what I think of this ludicrousness.

Rich, even in this country, is really relative. $75,000 is a fortune in on part of the country, and in others (like where I live), it's "barely making it". Does seem a bit on the low side to me.

oh well....yay "free" money!

$75,000 is a pretty respectable income in paceman's area (I live in the same town, make a little more than half that, and could buy a decent home here), but it's still definitely middle class and not "rich" (and if he's the only breadwinner in the household it's not even close), but even if it was $250,000...those who pay more should get more back, and those who pay nothing (most of whom will get $300 under this plan) should get nothing.

As a hypothetical scenario: Maybe paceman was going to buy that dirtbike he wants, and the extra money would've put him over the edge and had him contributing $5K to the economy. Instead, some welfare schlub will get it and spend it, and not one penny more.

This is really just a blatant socialist experiment in the redistribution of wealth. :P

Look for a sudden increase in the sales of vienna sausages, cheap beer, gold teeth, and cheap "bling". Also, look for the economy to keep nosediving right into the crapper.

I'm still gonna buy a PS3 or a new paintball gun with mine, though.

[Mobojo]

Sweet, I might get a PS3 or a 360 with it! Or I might actually use it towards my technology certifications...

[paceman]

I won't be getting one. According to the government - I'm one of the "rich" people.

Because this is Cain's Lair I will refrain from saying what I think of this ludicrousness.

Rich, even in this country, is really relative. $75,000 is a fortune in on part of the country, and in others (like where I live), it's "barely making it". Does seem a bit on the low side to me.

oh well....yay "free" money!

$75,000 is a pretty respectable income in paceman's area (I live in the same town, make a little more than half that, and could buy a decent home here), but it's still definitely middle class and not "rich" (and if he's the only breadwinner in the household it's not even close), but even if it was $250,000...those who pay more should get more back, and those who pay nothing (most of whom will get $300 under this plan) should get nothing.

As a hypothetical scenario: Maybe paceman was going to buy that dirtbike he wants, and the extra money would've put him over the edge and had him contributing $5K to the economy. Instead, some welfare schlub will get it and spend it, and not one penny more.

This is really just a blatant socialist experiment in the redistribution of wealth. :P

Look for a sudden increase in the sales of vienna sausages, cheap beer, gold teeth, and cheap "bling". Also, look for the economy to keep nosediving right into the crapper.

I'm still gonna buy a PS3 or a new paintball gun with mine, though.

I couldn't have said it better!

And really are the folks that are being "given" the money, (those that aren't paying taxes in the first place), going to go spend it on stuff to "spur the economy". They are going to try to continue to pay their bills.

This is just election year politics at it's finest. </sarcasm>

[unorignal]

If I can claim you as a child paceman I'll split it with you

(They might catch on )

[-IRC-MIKE]

If I can claim you as a child paceman I'll split it with you

(They might catch on )

Nevermind that, if you were a day late on your December Child Support payment, GUESS WHAT?

You don't get SQUAT!.... and by the time they deduct the .... 300 dollar child support payment and send you the remaining, ANOTHER PRESIDENT WILL BE ELECTED by which time you will be POSTAL and/or in jail for Suspension of Drivers License, Non-Payment, Neglect, MURDER of a minimum-wage government employee, OR just plain breathing air.

TA DAAAA!~

~~mike~~

[mapes]

I'm telling you right now ....you should spend my wife and mines money in as a frivolous manner as possible....


Yep we pay a ton of taxes and we're getting nothing back...


In Roman times this was known as Bread and Games. One of the Roman emperors realized if you just gave the people food and sporting events they wouldn't care about anything else.



sigh

[-IRC-MIKE]

I'm telling you right now ....you should spend my wife and mines money in as a frivolous manner as possible....


Yep we pay a ton of taxes and we're getting nothing back...


In Roman times this was known as Bread and Games. One of the Roman emperors realized if you just gave the people food and sporting events they wouldn't care about anything else.



sigh

~~sigh~~
There's a difference between EARNING a dollar and MAKING a dollar. The ones who earn it actually work. I earn mine. It just sucks to see someone at the checkout counter who didn't.... but they're working less, driving a better vehicle, and paying nothing for it with my money and non taxable income on a government funded program, (DEEP BREATH) Who are commonly becoming mistaken for natural U.S. citizens and/or own the store I'm purchasing my goods from with ALL of the above mentioned credentials.....

I want a president who will force the person from which my necessities come, pay taxes just like I do.. Enforce the laws that have been in place SINCE my birth.. and Cause Each and EVERY one of us to have EQUAL RIGHTS as a UNITED STATES CITIZEN! keyword, CITIZEN.

[mapes]

I'm telling you right now ....you should spend my wife and mines money in as a frivolous manner as possible....


Yep we pay a ton of taxes and we're getting nothing back...


In Roman times this was known as Bread and Games. One of the Roman emperors realized if you just gave the people food and sporting events they wouldn't care about anything else.



sigh

~~sigh~~
There's a difference between EARNING a dollar and MAKING a dollar. The ones who earn it actually work. I earn mine. It just sucks to see someone at the checkout counter who didn't.... but they're working less, driving a better vehicle, and paying nothing for it with my money and non taxable income on a government funded program, (DEEP BREATH) Who are commonly becoming mistaken for natural U.S. citizens and/or own the store I'm purchasing my goods from with ALL of the above mentioned credentials.....

Personally I don't really see non citizens as an issue here. I think they end putting more money into the system then they take out. Take for example social security. How many illegals have put down some random SS number? They're basically putting into the system but will never ever draw from it.

[-IRC-MIKE]

I'm telling you right now ....you should spend my wife and mines money in as a frivolous manner as possible....


Yep we pay a ton of taxes and we're getting nothing back...


In Roman times this was known as Bread and Games. One of the Roman emperors realized if you just gave the people food and sporting events they wouldn't care about anything else.



sigh

~~sigh~~
There's a difference between EARNING a dollar and MAKING a dollar. The ones who earn it actually work. I earn mine. It just sucks to see someone at the checkout counter who didn't.... but they're working less, driving a better vehicle, and paying nothing for it with my money and non taxable income on a government funded program, (DEEP BREATH) Who are commonly becoming mistaken for natural U.S. citizens and/or own the store I'm purchasing my goods from with ALL of the above mentioned credentials.....

Personally I don't really see non citizens as an issue here. I think they end putting more money into the system then they take out. Take for example social security. How many illegals have put down some random SS number? They're basically putting into the system but will never ever draw from it.

Me either.. not percentage-wise, but I felt like getting it off my chest since I was in the zone.