• If you are having problems logging in please use the Contact Us in the lower right hand corner of the forum page for assistance.

Deal Reached on Tax Rebates for Stimulus

A

Anonymous

Guest
Deal Reached on Tax Rebates for Stimulus


By ANDREW TAYLOR
The Associated Press
Thursday, January 24, 2008; 10:40 AM

WASHINGTON -- Democratic and Republican congressional leaders reached a tentative deal Thursday on tax rebates of $300 to $1,200 per household 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 development came as the Bush administration, which also has been pushing for a deal, 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.

Pelosi, answering questions from reporters Thursday after a speech in Washington, said, "I am not confirming anything." But Pelosi added she would have something to say later.

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.

Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said.

Another element of the plan is a package of tax breaks for businesses that could cost $70 billion, far more than had been expected, said a senior House aide and a Democratic lobbyist said.

Sen. Max Baucus, D-Mont., scheduled a meeting of the Senate Finance Committee for next week to discuss the tentative package.

"The Senate will want to speak, as well," Baucus said, adding that he and Sen. Charles Grassley of Iowa, the panel's senior Republican, had "agreed to work together, move quickly, and mark up economic stimulus legislation next week."

Bush has supported larger rebates of $800-$1,600, but his plan would have left out 30 million working households who earn paychecks but don't make enough to pay income tax, according to calculations by the Urban Institute-Brookings Institution Tax Policy Center. An additional 19 million households would receive only partial rebates under Bush's initial proposal.

To address the mortgage crisis, the package also allows Fannie Mae and Freddie Mac _ government-sponsored companies that are the two biggest U.S. financers and guarantors of home loans _ to buy home mortgages much larger than the current $417,000 limit. Rep. Barney Frank, D-Mass., and chairman of the House Financial Services Committee, said that lending cap might reach as high as $700,000 in areas with the highest home prices.

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.

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.

Conservative Republicans were likely to be restless over tax rebates going to those without income tax liability.

Democratic aides said greater GOP flexibility over giving relief to poor families with children _ who would not have been eligible under President Bush's original tax rebate proposal _ was the catalyst that moved the talks forward.

Pelosi's decision to drop expanding unemployment payments and more money for food stamps _ which many lawmakers had assumed would be included in the package _ could prove very controversial with Democratic constituencies, who were already stung by a decision to deny states more money for their Medicaid programs.

Many Democrats had pressed to extend unemployment benefits for people whose 26 weeks of benefits have run out, but Republicans resisted.
 
A

Anonymous

Guest
Yep--Secretary Paulson went out the other day and said "we hope folks will spend their rebate money on US products and that way help the economy" .....

The question that immediately arose is WHAT US PRODUCTS? :???:

Talk at the coffee shop today was---You can't even take your bride out and buy a USA steak- because GW and his USDA have opposed/refused to enforce the law on the truthful labeling of meat in their helping of the multinational Corporate Packers profiteer from defrauding the consumer by passing off cheap imported product as US.......

And like everyone agreed-- that attitude right there is the reason our country is in the economic crisis its in...... :( :( :mad:
 
A

Anonymous

Guest
So much for a President and Congress that care much about the US economy.....Many economists around the world are already saying too late already- and that 5-6-7 months from now this money ain't going to help anything except give both parties bragging rights for what all they did :roll: - and give us a much bigger budget deficit....

First they sat on their hands for months- not wanting to admit that their was a problem in the economy- when most economists were predicting these problems for months- some for over a year....GW's still trying to learn how to spell recession- next week they'll try to teach him what one is :roll: :wink: :lol: :lol: :( Pelosi is a joke and has none of her party following her leadership- already coming out with all kinds of ways to change it that will stall it further.... :(

Now their emergency response is to try and pass it by Feb. 15th (if noone trys to change it, which Senator Baucus and a dozen others have already indicated they will do :roll: ) Then it will take 2-3 months to get the checks cut and in the mail- so the money they claim thats so badly needed to stimulate the economy to keep it from falling into dishevel won't even be in anyones hands to spend until May, June, July at the earliest on their schedule :shock: :( :(

Whatever happened to "emergency sessions"--or just working more than 3 days a week :roll: :( :( :mad:

BOOT THEM ALL should be the US voters battlecry!!!!!
 

Steve

Well-known member
OldTimer
Whatever happened to "emergency sessions"--or just working more than 3 days a week

They do enough damage in three days,

if they agreed to 150 million in cuts the markets would increase immediately...
 
A

Anonymous

Guest
Steve said:
OldTimer
Whatever happened to "emergency sessions"--or just working more than 3 days a week

They do enough damage in three days,

if they agreed to 150 million in cuts the markets would increase immediately...

You could be right...

But they are all in the damn the torpedos, full speed ahead mode- to give us all some money-- but are going to piddle with it and put in special interest things- and take forever doing it- and the money isn't going to get out there in time to do a bit of good- if it ever was :???: ....

And I guess anyone in Ag shouldn't be complaining about Baucus's plan either- as it should help stimulate the Ag community too- as he wants to put a chunk of the money immediately into the Food Stamp Program- which would give lower income folks food- and stimulate the buying of Ag products-- but I'm afraid is also going to open up the whole bill for pork everywhere....

I just don't trust any of them anymore...
 

Steve

Well-known member
OldTimer
as he wants to put a chunk of the money immediately into the Food Stamp Program- which would give lower income folks food- and stimulate the buying of Ag products-

ain't most of the Marijuana and cocaine imported? :roll:

The stamps are also used in drug deals. Narcotics investigators assert that some street-level dealers sell crack and heroin for stamps although they charge $5 or $10 above usual prices. The dealers often operate out of neighborhood groceries and can easily redeem the stamps, according to Robert H. Silbering, New York City's special narcotics prosecutor.
Although officials would not speculate about the amount of money involved in such cases, they say that more than 70 people have been convicted of charges involving more than $60 million in illegal food-stamp trafficking in the region since 1991.
http://query.nytimes.com/gst/fullpage.html?res=9F0CEED6113BF935A15751C1A965958260
 

Goodpasture

Well-known member
I sure liked Huckabee's response about this, tonight.

"$150,000,000,000 that we are going to borrow from the Chinese, so our citizens can go buy products made in China.....it sounds more like an economic stimulus plan for China than it does for us."

What is wrong with just cutting government spending and balance the budget?
 
A

Anonymous

Guest
Steve said:
OldTimer
as he wants to put a chunk of the money immediately into the Food Stamp Program- which would give lower income folks food- and stimulate the buying of Ag products-

ain't most of the Marijuana and cocaine imported? :roll:

The stamps are also used in drug deals. Narcotics investigators assert that some street-level dealers sell crack and heroin for stamps although they charge $5 or $10 above usual prices. The dealers often operate out of neighborhood groceries and can easily redeem the stamps, according to Robert H. Silbering, New York City's special narcotics prosecutor.
Although officials would not speculate about the amount of money involved in such cases, they say that more than 70 people have been convicted of charges involving more than $60 million in illegal food-stamp trafficking in the region since 1991.
http://query.nytimes.com/gst/fullpage.html?res=9F0CEED6113BF935A15751C1A965958260

Maybe if the cattle industry goes flat we can go to growing maryjane...Food stamp fraud used to be a heavily enforced and often prosecuted criminal act- but since GW arrived he doesn't believe in any type of government fraud prosecution- and the food stamp investigators have all but been done away with.....
 
A

Anonymous

Guest
Ron Paul Unveils a REAL Economic Stimulus Plan

Ron Paul 2008.com
Thursday, January 24, 2008

Four-pronged approach will strengthen the economy by reforming taxes, cutting spending, improving monetary policy and eliminating burdensome regulations

FOR IMMEDIATE RELEASE

January 24, 2008

ARLINGTON, VIRGINIA –Republican presidential candidate Ron Paul has unveiled a comprehensive economic revitalization package. The four-pronged plan is designed to stem the current economic slide and address the unsound governmental policies that are harming Americans’ pocketbooks.

“Real economic reform must address the underlying reasons for the current economic malaise,” said Ron Paul. “This plan is more than just a band-aid for our economy; it fundamentally reforms four areas where government policies are damaging our national economy. When enacted, my plan will provide both short-term stimulus, and lay the groundwork for long-term prosperity.”

The comprehensive economic revitalization plan is available online at:
http://www.ronpaul2008.com/prosperity


The four areas that the plan covers are:

1. Tax Reform: Reduce the tax burden and eliminate taxes that punish investment and savings, including job-killing corporate taxes.

2. Spending Reform: Eliminate wasteful spending. Reduce overseas commitments. Freeze all non-defense, non-entitlement spending at current levels.

3. Monetary Policy Reform: Expand openness with the Federal Reserve and require the Fed to televise its meetings. Return value to our money.

4. Regulatory Reform: Repeal Sarbanes/Oxley regulations that push companies to seek capital outside of US markets. Stop restricting community banks from fostering local economic growth.

Congressman Paul has written or co-sponsored numerous bills to enact the policies in his plan. In Congress, he has been a champion of lower taxes and limited government.

Congressman Paul is the ranking member on the House Financial Services Committee's Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. In Congress, Dr. Paul has never voted for a tax increase or for an unbalanced budget.
 

Sandhusker

Well-known member
Goodpasture said:
I sure liked Huckabee's response about this, tonight.

"$150,000,000,000 that we are going to borrow from the Chinese, so our citizens can go buy products made in China.....it sounds more like an economic stimulus plan for China than it does for us."

What is wrong with just cutting government spending and balance the budget?

That's the smartest thing I've heard him say.
 

kolanuraven

Well-known member
Sandhusker said:
Goodpasture said:
I sure liked Huckabee's response about this, tonight.

"$150,000,000,000 that we are going to borrow from the Chinese, so our citizens can go buy products made in China.....it sounds more like an economic stimulus plan for China than it does for us."

What is wrong with just cutting government spending and balance the budget?

That's the smartest thing I've heard him say.


One more good thing he did say was that it would be a smarter investment of that money to put it toward the repair of OUR infra-structure ( interstates, bridges, etc) and hire OUR workers to do the work.
 
A

Anonymous

Guest
kolanuraven said:
Sandhusker said:
Goodpasture said:
I sure liked Huckabee's response about this, tonight.

"$150,000,000,000 that we are going to borrow from the Chinese, so our citizens can go buy products made in China.....it sounds more like an economic stimulus plan for China than it does for us."

What is wrong with just cutting government spending and balance the budget?

That's the smartest thing I've heard him say.


One more good thing he did say was that it would be a smarter investment of that money to put it toward the repair of OUR infra-structure ( interstates, bridges, etc) and hire OUR workers to do the work.

I agree with him. Our highways, bridges, dams need maintenance and those kinds of construction jobs pump money into the economy. I'm not going to spend any money they send me. It'll go into some savings/investment account. With a lot of people, they'll pay down their debt, not spend the money to buy some trinket.
 
A

Anonymous

Guest
Sandhusker said:
Goodpasture said:
I sure liked Huckabee's response about this, tonight.

"$150,000,000,000 that we are going to borrow from the Chinese, so our citizens can go buy products made in China.....it sounds more like an economic stimulus plan for China than it does for us."

What is wrong with just cutting government spending and balance the budget?

That's the smartest thing I've heard him say.

Yeah. And the biggest cost that can be cut is the Iraq war. $2 billion a week could be cut, not to mention future medical care for soldiers being wounded and mained there. The Iraqi war is a shining example of "unnecessary spending."
 

kolanuraven

Well-known member
ff said:
kolanuraven said:
Sandhusker said:
That's the smartest thing I've heard him say.


One more good thing he did say was that it would be a smarter investment of that money to put it toward the repair of OUR infra-structure ( interstates, bridges, etc) and hire OUR workers to do the work.

I agree with him. Our highways, bridges, dams need maintenance and those kinds of construction jobs pump money into the economy. I'm not going to spend any money they send me. It'll go into some savings/investment account. With a lot of people, they'll pay down their debt, not spend the money to buy some trinket.



But with a lot of people with these HUGE credit card debts....i.e. $10K+....I doubt $300 is enough to meet the req. min payment for a month!!!
 

Latest posts

Top