Sometimes I can only scratch my head and wonder. I mean, it's easy to make snide remarks about George W. Bush's stupidity in regard to virtually any subject. But sometimes the depth of that stupidity just goes beyond description. For example:
Today in a press conference Bush indicated that he was unaware that gasoline was projected to reach $4.00-per-gallon by the spring. Set aside for a moment the potential diatribe about how that's possible, and move on to the next comment.
Apparently, the solution to $4.00-per-gallon gasoline is to make his tax cut permanent. Again, set aside the potential diatribe about the merits of the tax cut and who it benefits, etc.
No, instead focus on this - the solution to $4.00-per-gallon gas is to maintain the status quo vis-a-vis taxes, during which status quo gas will hit $4.00-per-gallon. In other words, do nothing. Gas will hit $4.00 while the tax cut is in place. How, then, does continuing the tax cut help? Bush's theory is that it would be worse if taxes went up in a couple years, then, boy-howdy, wouldn't $4.00-per-gallon gas suck.
Newsflash Mr. President, $4.00 is unacceptable and unaffordable now, with the tax cut in place. Making the tax cut permanent will not alleviate the suffering caused by $4.00 gas. And I don't think anyone is worried that, gee, taxes might go up in a couple of years (which, by the way, they will - but that inevitability is a topic for another day). No, in a couple years we'll be worried about $6.00-$7.00 gas.
I seriously wonder whether we can even survive another 10 months of this clown.
Showing posts with label Bush. Show all posts
Showing posts with label Bush. Show all posts
Thursday, February 28, 2008
Wednesday, February 20, 2008
Tax rebate - not really.
By now you've heard that the feds are going to be giving out a "tax rebate" as part of a poorly-conceived economic stimulus plan designed to jump-start the failing economy. Ignoring for a moment the stupidy of the rebate program generally, it turns out that it's not what the gov't and media have made it out to be.
Media reports all state that taxpayers will receive $600 rebates ($1,200 for couples who filed jointly) and $300 for people who didn't have any tax liability. Sounds pretty sweet, right?
Not so fast. First, in order to get your rebate you must file your 2007 tax return. So much for just sending a check. But that's not really such a big deal - you have to file your return anyway, so no big deal.
However, in order to get your rebate check, you have to either owe nothing or get a refund on your 2007 taxes. So, if you file single and end up owing $100, then your rebate check will be $500. If you owe $1,000, then you'll simply get a credit of $600 and still owe $400. And of course is you have an outstanding prior tax liability, it will be reduced by $600.
Now, there is an certain logic to the idea that the government should not hand out money to people who owe it money. However, the purported purpose of the plan is to stimulate the economy by giving people cash to inject into the pipeline - in other words, to go shopping. Not to give taxpayers a bonus, but to move products, increase spending and hopefully kick start the economy overall. It's a stupid idea and won't work, but if program's instigators truly believed in the goal, wouldn't they have made sure that the gov't kept its hands off the money in order to ensure a maximum economic bump? How does paying the IRS stimulate the economy?
There is nothing worse than a bad idea poorly executed. And while I would love to lay this on top of the stack of other poorly-executed bad ideas by Bush, this is truly a bi-partisian effort. Everybody is guilty. Worse, the media have utterly failed to investigate these details, and I assure you that you will not read or hear a news story about the IRS intercepting rebates until the checks start going out and people start bitching about not getting their's. Way to be on top of the news, guys.
Media reports all state that taxpayers will receive $600 rebates ($1,200 for couples who filed jointly) and $300 for people who didn't have any tax liability. Sounds pretty sweet, right?
Not so fast. First, in order to get your rebate you must file your 2007 tax return. So much for just sending a check. But that's not really such a big deal - you have to file your return anyway, so no big deal.
However, in order to get your rebate check, you have to either owe nothing or get a refund on your 2007 taxes. So, if you file single and end up owing $100, then your rebate check will be $500. If you owe $1,000, then you'll simply get a credit of $600 and still owe $400. And of course is you have an outstanding prior tax liability, it will be reduced by $600.
Now, there is an certain logic to the idea that the government should not hand out money to people who owe it money. However, the purported purpose of the plan is to stimulate the economy by giving people cash to inject into the pipeline - in other words, to go shopping. Not to give taxpayers a bonus, but to move products, increase spending and hopefully kick start the economy overall. It's a stupid idea and won't work, but if program's instigators truly believed in the goal, wouldn't they have made sure that the gov't kept its hands off the money in order to ensure a maximum economic bump? How does paying the IRS stimulate the economy?
There is nothing worse than a bad idea poorly executed. And while I would love to lay this on top of the stack of other poorly-executed bad ideas by Bush, this is truly a bi-partisian effort. Everybody is guilty. Worse, the media have utterly failed to investigate these details, and I assure you that you will not read or hear a news story about the IRS intercepting rebates until the checks start going out and people start bitching about not getting their's. Way to be on top of the news, guys.
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