Sunday, January 20, 2008

Rebate or Handout?

An income tax rebate has been proposed by the White House and enjoined by a Democratic Congress to fend off a recession by stimulating consumer spending.

It reminds me of the two corrupt old guys in Trading Places...betting a dollar over their social experiment.

First of all, while these measures may in fact have a short-term benefit to the economy, it is doubtful that they will prevent a recession, a natural and probably beneficial part of our economic cycle.

Furthermore, now that the liberals have jumped on the bandwagon, the rebate idea stands a good chance of becoming yet another handout; transferring funds from those that pay taxes to those that don't. That is not a rebate.

From the AP via the Star Tribune:

The poor are the people most likely to spend a tax rebate, if they are handed one in an economic revival plan.

That a news service can make an unsubstantiated statement like that without attribution is disgusting. Who is to say that the poor would be most likely to spend the dollar? Furthermore, on what would it be spent?

Those that would label our mainstream media "liberally biased" need look no further.

Democrats want to make sure rebates get to more of the poor, including those who have jobs but earn too little to pay income taxes.

Isn't that pretty much the definition of being a fiscal liberal? Again; not a rebate, rather a handout.

The White House, for now, envisions providing one-time rebate checks to people who pay federal income taxes. That would leave out millions of the working poor, who do not make enough to pay income taxes but do pay Social Security and Medicare payroll taxes.

Take note of the wording here. "That would leave out millions of the working poor"

As for me, you can keep your asinine rebate. I already give money to charitable causes every month. Leave me alone.

If you truly want to stimulate the economy, do it right. Do it permanently. Lower taxes for those that actually pay them; for those that hire and employ the "working poor".

That is what our Congress and White House would do if they truly cared about the economy versus buying votes for the next election.

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1 comment:

Uncle Ben said...

Honestly, this is just tacky. Since I'm working part time while in school I might even benefit from this, but it's just a joke that they think that we'll think that they're trying to stimulate the economy with this.