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Archive for Sunday, January 27, 2008

Stimulus rebates could arrive in May

January 27, 2008

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— Most taxpayers could expect a rebate of up to $600 starting in mid-May under the economic aid plan set to go through Congress within weeks.

Couples could get twice as much, with even more for most families with children. All that, however, depends on smooth sailing at the Internal Revenue Service, and the agency already is up to its eyeballs in filings and refunds.

The Treasury Department says that despite the strains of tax filing season, the IRS will be able to begin delivering the payments within 60 days after President Bush signs the plan into law, and complete the process in approximately 10 weeks, possibly sooner. The payments would come separately from regular tax refunds.

But figuring out if you qualify - and for how much - can be complicated, thanks to confusing rules designed to get the money to middle-income workers and ensure it also benefits low-income people who are most likely to spend the cash.

"Almost everyone who earns income will receive some benefit," said Douglas W. Elmendorf, an analyst at the Brookings Institution. "The idea is to target the money on the people who will spend a large share of it, and to target it on people who are likely to be hurt by an economic downturn."

About three-quarters of those eligible for the checks are working people. About one-quarter would qualify solely through pension or interest income, such as retirees or people who are unemployed. Eligible people would get at least $300.

Comments

Richard Heckler 6 years, 7 months ago

George Aligator merrill wrote:
Why doesn't the government create new industry instead of handing out corporate welfare to the same damn multi million and multi billion dollar corporations who are shipping jobs abroad or are demanding that our military protect their special interests abroad.

New Industries would be real stimulus!

Alligator replied: Sho' 'nuff! That sort of thing tends to work rather dramatically. Saab is an interesting example. Founded by the Swedish government for the purpose of producing military aircraft, the company faced lay-offs at the end of WWII, so the government funded and directed the conversion to automobile manufacturing. The result was not just aircraft jobs saved but many new jobs created as automobile exports took off. The public investment has been repaid many, many times over by the taxes paid by Swedish workers in this high-wage company. There are other examples of this type to be found in most European countries.

I think the objection to such a program here is that it would give citizens an ownership stake in our economy." From George Alligator

Meanwhile: Isn't it odd that financial institution rip offs and the Bush name join together:

Neil Bush/Keating Five Savings and Loan Scandal

Jeb Bush and a multimillion dollar scam on a home loan in FloridaGeorge W. Bush and the sub prime scandal

Is this a description of the republican party that do not allow prosecution?

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