U.S. Rep. Paul Broun, R-Athens, wants the federal government to cut a check for $9,000 to every taxpayer to stimulate the economy.
Under Broun's plan, every American who filed a tax return in 2008 would get a check for $8,895.75. Broun said cash payouts to taxpayers would do more to help the economy than Obama's plan, which Broun called a "pork wish list."
More here:
what percentage of the people who filed an income tax return in 2008 paid less than $9,000 in income tax? I'm all for tax cuts, but give the money back to those who actually paid it. We always have "progressive" taxes, but flat or non-progressive tax cuts/rebates.
But this has nothing to do with tax policy, rates, or rebates. The idea is to paper the country with money to boost the economy. Ya see, the reason last year didn't work was that it wasn't bold enough.
I still prefer my idea of tossing C-notes from the Goodyear blimp. I've expanded it this year to include a massive video record, which will then be edited and sold on pay-per-view wherever in the world there's money left. "Spend an evening watching people claw each other to death over free money in the comfort of your own home." We could make a bundle.
...And to those who qualify and live in "The South," 40 acres and a mule!
"D. Stussy" wrote
Naaaa. The mule is too messy.
the obvious question is: why the odd amount? why not round it up to
8,896? or even 8900?ChEAr$, Harlan Lunsford, EA n LA
Maybe Paul knows this fellow, since he's from up in his neck of the woods, i.e. Athens, GA.
OT, but last october I was telling a client that I couldn't possibly get that done for him before we left on vacation. (We were booked on a cruise from Athens some may remember.) So I told him it was because we were leaving for two week vacation on Friday, and flying to Athens. He said that was nice; and oh, by the way, he asked, 'Who are they (Bulldogs) playing that weekend?"
ChEAr$, Harlan Lunsford, EA n LA
At least a mule produces less ... um ... er ... ah ... objectionable stuff than Congress does.
Stu
I assume it's the currently-proposed size of the stimulus bill, divided by the number of taxpayers.
Steve
From Channel 11, Atlanta:
For example, each legal tax payer would receive an $8,895.75 check assuming the legislation's cost is $825 billion divided by
92,740,927 taxable returns (number of taxable returns for 2006).
The other post said divided by the number of taxable returns. But the total number of tax returns has to be higher, as some people may owe no tax, but filed to get a full refund of any tax withheld or a stimulus check. So as long as this 9k goes to all potential US taxpayers, it should be divided by a higher number, I'm guessing like
150 million people.
and what happens when all this new money is spent? What we need is someone (other than me) to say we need a new paradigm - i.e., the OLD paradigm. Don't fail to save, don't fail to maintain infrastructure, don't fail to make government programs solvent. What is left is what you can spend on trinkets. all I hear is stop gap measures trying to get the banks and credit cards lending again, house prices up back where they never belonged, and consumers consuming. BAH!
Our lawmakers have to stop thinking in this marriage-penalty way. I'm assuming that of the 92,740,927 returns, some are married, some are single. If every taxpayer gets the same amount, then it means 9k for married folks, 9k for single folks, 4.5k for married filing separately. These days, both spouses often work, so they should not be penalized for getting married. The stimulus amount should be 825B divided by the sum of: the number of single returns plus two times the number of married returns.
The proposal by the Congressman was merely to make a point. It had nothing to do with reality (the real world).
On Jan 28, 10:51 am, "Gil Faver"
"Legal" tax payer, as opposed to illegal tax payers? Is this only for US citizens, as there are non-citizen tax payers such as permanent residents or H1B visa holders.
What's the point?
That the $825B of spending and tax benefits to simulate the economy is a crock and you might as well just give everybody the cash.
Your question is unanswerable as there is no proposed legislation. It was a stunt. Feel free to contact Rep. Broun for more information.
If throwing money at a problem worked, there would be no financial problems.
Representive Brown's proposal would promote irrational, unneeded, and unplanned consumption. It not be as effective as changing the tax rate so that anyone with an income below $45,000 (filing single) pays ZERO taxes. Like the old Lite Beer commercials: Tastes Great - Costs less. After all why are we collecting taxes from the people who need the money the most?
What is need are incentives? What is the status of the tax credit for purchasing US-made capital assets. How would the automobile indusrty be affected by a 10% credit (up to $2,000 for purchasing a US-made car?
It was Jack Kemp who said "When you want more of something, you subsidize it. When you want less of something, you tax it."
We need to subsidize buy American, invest American, job growth, education, and a lot of other things.
Dick
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