Read the Bills Act Coalition

Thursday, January 24, 2008

Will this Really work?

The new economic stimulus package agreed upon today would give most tax filers refunds of $600 to $1,200. Does this really work or should we be concentrating on helping small business grow instead of given money to people to spend and this measure is just a bandaid to make the President and Congress look good, well I'll tell you... In the short term it works beacuse everyone will take their little check and go to Best Buy or Dillards and buy something but in the long term we need to help the small business, that really sustains the US economy, grow and expand and this measure doesn't do enough along those lines. Some interesting facts from and AP article about the stimulus package:

The rebates, which would go to about 116 million families, had appeal for both Democrats and Republicans. Pelosi's staff noted that they would include $28 billion in checks to 35 million working families who wouldn't have been helped by Bush's original proposal. Republicans, for their part, were pleased that the bulk of the rebates—more than 70 percent, according to an analysis by Congress' Joint Tax Committee—would go to individuals who pay taxes.

Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.

The first rebate payments could begin going out in May, and most people could have them by July, said Treasury Secretary Henry Paulson, noting that the IRS will already be overwhelmed processing 2007 tax returns. The rebates were expected to cost about $100 billion, and the package also includes close to $50 billion in business tax cuts

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