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Bush calls for economic package worth about $145 billion

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WHITE HOUSE (AP) -- President Bush is calling for about $145 billion worth of tax relief and other incentives to stimulate a sluggish economy. Bush says a stimulus package would have to represent roughly one percent of the gross domestic product to be effective. He says the package would have to include tax incentives for business investment and "direct and rapid" tax relief for individuals. Says Bush, "Letting Americans keep more of their money should increase consumer spending." Bush is calling on Congress to send him legislation as soon as possible so the economy keeps growing and so that jobs are created. The president and Congress are scrambling to take action in an effort to stave off a possible recession. Bush spoke at a manufacturing plant in Frederick, Maryland -- hours after he outlined what he'd like to see in a stimulus package. In the White House announcement, Bush supported as much as $150 billion in tax relief. He said there must be tax incentives for business investment and quick tax relief for individuals. Bush said the package should represent about one percent of the gross domestic product, or about $150 billion. As he visited the plant in Maryland, Bush said, "We need to get this deal done and get it out." He said he thinks there can be an agreement on a growth package "very quickly." He said earlier that there's a "risk of a downturn." Treasury Secretary Henry Paulson says the largest part of the stimulus package would be targeted to individual taxpayers. One Republican official says Bush is hoping to target about $100 billion toward individuals, and about $50 billion businesses. Congressional leaders have been working on a broader package that would also include a temporary increase in food stamps. And, there'd be an extension of unemployment benefits, which also could increase.

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I hate to bring this up again....

I hate to bring this up again but in light of what the Senate is trying to add to the bill, I have to get feedback from you all; even those I do not always agree with. I feel retirees need to be included with this rebate. Despite my financial help from time to time, my retired mom could use that rebate. She had a heart attack on the job nearly 20 years ago and had to opt for early retirement; she was on her last resussitation when they brought her back and suffered brain damage from lack of oxygen. For her and the retirees like her, I hope they get a piece of the pie too.

Fair tax

The fair tax will work. And to reiterate everyone's point, all would pay their fair share. From the Escalades to the Kias.

I like the flat tax. It

I like the flat tax. It will allow crackheads to use their previously untaxed "cash" to be able to pay taxes just like us when they shop via a cash register.

Yep

It would also take care of the whole "paid under the table" workforce. I'm all for either the flat or fair tax.

bash no matter what

I can't believe there is so much whinning about getting some of our tax money back. I can see alot of reasons to get made at Bush. But it's ridiculous to bash Bush on every single thing he dose!

bush no matter what

People are "whinning" because they know they will never see the money that is "promised" to them. This is just another lie to the American people promised by a money grubbing American politician who is more concerned about filling their own pockets. So really we need to vote for what we want or move to France, Britain, Germany, Italy or Canada.

I'd love to see you go!

I'd love to see you and some of your ultra-liberal friends go. Please do move to another country. Everyone would be better off then, you'd be hating something else and we wouldn't have to hear you whine. If you were so educated then you would have figured out how to work the tax system for yourself in a profitable way. Your belly-aching just shows your ignorance.

tax rebate

How is this supposed to help the US economy? I bet most people out there will spend that money on thing that were manufactered overseas.

How Convenient...

How convenient to do this near election time! If he really was sincere, this would have happened because we are overtaxed and not to jump start the economy. Trickle down economics is a bad policy and not effective, ask an economist. While we all deserve our money back, we all know what will happen, the poorest will spend it on a frivalous thing that they feel entitled to (what the govt. wants) to bolster key catagory numbers to publicize. The middle class will likely have to use it to be able to pay a major bill that takes a large chunk out of the family budget: a tank of gas, 6-months premium of car insurance, property taxes, 2nd mortgage, college tuition, braces for the kids, something like that. Maybe they can save a portion of it but the savings rates are so poor that they'd be better served paying off a high interest credit card or another type expense. The wealthiest will just say "thank you" and sock it away with the rest of the money they avoided paying taxes on to begin with.

"the truth"? Puh-Leeze

It's called "critical thinking". You should try it sometime instead of spouting off someone else's talking points. Trust me, you'll sound like much less of an idiot in the future. First, try actually looking at the numbers prepared by the Congressional Budget Office. You might find: - The richest 1% of households in the U.S. are now paying a record 27.6% of all federal taxes and a record of 38.8% of all federal income taxes. - The richest 1% of households only earn about 17% of all income. - The top 1.1 million households (the evil rich) pay a greater share of the income tax burden than the bottom 90 million households combined. - The nation's tax burden has been shifting away from typical Americans to the wealthiest households since the early 1980s. sidenote- the wealthiest 1% don't really give a crap about your $800 you might get back. They put it there in the first place.

The wealthy avoid taxes?

Apparently, not very well. Directly from the US Treasury, for CY 2005: The top 1% of earners pay 39.4% of all personal income taxes collected. The top 5% of earners pay 59.7%% of all personal income taxes collected. The top 10% of earners pay 70.3% of all personal income taxes collected. Meanwhile, the bottom 50% of earners pay only 3% of all personal income taxes collected. Yeah....those stinkin' rich people.....just not pulling their fair share, are they?

SO WHAT

As well it should be...

It figures...

It figures the ditto crowd would "Rush" out to defend their village idiot. Those figures are a representitive of "reported" income. Do you not recall the debate between Perot, Clinton, and Bush Sr? Perot announced "I pay attorneys hundreds of thousands of dollars searching for loop holes to avoid paying taxes in our current tax system" and then he moves to strengthen the IRS's power, he wanted to eliminate the exemptions for federal subsidized intrest on large vacation and secondary homes. Why should the feds be subsidizing intrest for the wealthiest of Americans? You then have to look at other loop holes the wealthiest use to add and hide additional income like the exemption from taxes on employer paid health care insurance, it should be taxed as additional income because it supports the wealthiest while encouraging rising health care costs for the rest of us that do not get that type of break. There are so many more loop holes in our tax system favoring the most wealthy and I have only mentioned a few. If the 57th richest man in America is working NOT to pay his taxes, what are the rest of them doing?

READ before you regurgitate

You aren't being taken seriously because every point you bring up has been discounted in the thread. Quit regurgitating argument points without looking to see where the discussion is, you look like an idiot. The Fair Tax, if you'd bother to read about it, is actually the best thing you could ask for if you'd take your blinders off and expose your mind.

Facts are horrible things, aren't they?

I love it when you people cry about truth. Let's talk about your imaginary loopholes. I defy you to open a brokerage account without providing your SSN and having 1099s sent to teh IRS. Try to buy or sell any real estate investment without it being reported. Try to execute any cash transaction over $10k without it being reported to the IRS. As far as your interest on second homes, hey, I'm all for eliminating the interest deduction on PRIMARY homes, because it's all a part of the same corrupt system of taxation we now employ. I'm in favor of a flat tax that takes X percentage of your income for every single American, rich or poor, married or single, buyer or renter, ten kids or no kids. I would also back The Fair Tax, which replaces our ridiculous income tax with a consumption tax. The bottom line is that claiming the rich don't pay their fair share is beyond left-wing rhetoric: It's an outright lie, as proven by those figures the **IRS** provides. The rich pay far MORE than their fair share. In a nation founded on the premise that all men are created equal, where our Constitution promises equal treatment under law, the idea of taxing Mister Jones at 15% and Mister Smith at 31% should make every single true American ill...

Let's Talk About These Imaginary Loopholes

Is it my imagination or what? Private equity and hedge fund managers have devised a way to make the bulk of their compensation look like capital gains, to take advantage of the fact that income from capital gains is taxed at a lower rate than income from work. Specifically, they arrange to take their compensation for providing investment advice and asset management services in the form of a percentage of profits ("carried interest") of the funds they manage. So, they pay federal income tax on that compensation at a maximum rate of only 15 percent, instead of the top rate of 35 percent that applies to income from work. They also avoid paying the 2.9 percent Medicare payroll tax. This means that a single woman earning a little over $40,000 per year is in a higher income tax bracket than a billionaire hedge fund manager. Fund managers can reduce their taxes even further by putting unlimited amounts of deferred compensation in offshore accounts. Isn't that lovely of them.

...and guess what?

Under the current tax code, IT'S PERFECTLY LEGAL. You too are blaming the wrong people. Blame Congress and the IRS. Change the law. But don't blame the people who are taking advantage of the law. Do you blame people who drive at 70 mph on I-40 for driving that fast, when the law allows it?

Not Guess What...See What!

Yes, I do blame Congress, the government and those who have pillaged America. Look where we are at today. It was a set up from the start. Regulation protecting those who refuse to make the (once) American dream come true and deregulation to allow the plundering of the common working Joe. All perfectly legal...right?!!! Maybe this 700 billion will provide some fancy golden parachutes to those who least need it. God help us.

Do You Have A Spare Set Of Blinders?

It so nice that we can give those down trodden rich a folks a tax break on that nasty Social Security (that is going bankrupt BTW)on incomes that have gone over $98,000. Will you toss me a hotdog out the backdoor when I'm too old to work?

Do you know why there's a cap on taxed earnings?

Because it is tied to the cap that exists on payments. The cap is raised as the maximum allowable payments rise, usually annually. If the two weren't linked, there'd be no way that you'd ever see the excess above the cap that you paid in returned in benefits. The excess you paid in would simply disappear into the black hole of Washington. BTW, when you're too old to work and hungry, swing by and I'll SELL you a hot dog. The bun will be extra.

Social Security

Several year's ago A democratic congress was forced to allow an experiment to take place that they wish to remain secret. By law, the employees of Galvaston county Texas opted out of SS and established their own retirement fund with what had been SS deduction's. This program is in the second generation and is one of the best in the country. Bill's have been offered by republican members of Congress to expand this program and has been sidetracked by democrat's every time

because the gov't runs it

S.S. is going bankrupt because it is run by the government. Congress doesn't have to rely on it so they are not interested in fixing it. Let me manage my retirement savings and if I don't do a good job of it, then it is my fault and I don't expect the government to pay me. Those of us that want to manage ours should be allowed to sign a waver stating we will not be a government responsibility if we go bust. Then get your hands off my paycheck!

Get Real Guesty, Your So Emotional

It would be real nice if they were to drop SS all together but they won't, you know it and I know it. Since they won't, EVERYONE should be expected to pay their fair share, even those making over 98K. So whos hands are in whos pockets? I doubt if you will ever find one of the fortunate sons giving up their fair (burp) share.

my pipe dream

Don't try to ruin my pipe dream! We can always hope and vote the bums out!

Have you ever researched WHY?

Likely not. The simple fact is that FICA taxes on income above a pre-determined level (it's adjusted annually) cannot be recouped because of concurrent statuatory limits on payments. As the payments adjust and rise, the salary cap rises too. Of course, Edwards and his fellow Socialist cockroaches want the wealthy to pay more FICA so that the government can blow the excess those paying in will never collect. Let the insane spending continue! Healthcare AND a free car for everyone! Feel free to come around when you're hungry and too old to work - I'll **SELL** you a hot dog out my back door.

Interesting points,

Interesting points, Commonsense. Do you suppose the side effect of a consumption tax would be less waste? I've see it argued, and wonder what your thoughts are.

Less waste? Possibly...

...but a critical component of a flat or The Fair tax will be limiting Congress's ability to figure out more ways to liberate your checkbook. Let's face it - they totally ignore the deficit and mounting debt already. The SOURCE of the money isn't the key - it's limiting their ability to raise additional money and spend beyond their means as a matter of routine. I believe that the surest way to rein in the runaway pork parade is to amend the Constitution and make the House a six year term, just as the Senate is, with a third standing for election every two years. Then they won't feel the heat to keep delivering the pork, non-stop between elections that are only two years apart. They might actually stop being politicians and start being statesmen.

Wouldn't.....

some folks have to pay more with the flat tax to compensate for the shortfall not coming from "the rich"? I mean it seems we would have to come down on the "rich rates" and up on the "poor rates" to meet someplace in the middle to make everything wash?

Another consideration

While every American would pay the same percentage, it wouldn't necessarily have to a crippling rate, if we'd get Congress under control and stop spending money like drunken sailors. If you read the Constitution and realize what the federal government was SUPPOSED to be, and what it has become, you'll realize that it's time for a second revolution....and I'm not talking about that nut, Ron Paul.

Why yes, they would...

...and that's exactly what should happen. Everybody should pay an identical percentage, or we should switch to a consumption-based tax, such as the Fair tax.