SIGN UP TO RECEIVE THE LATEST POSTS VIA EMAIL!Bernanke Hopes for 2009 Tax Stimulus
October 21, 2008
Yesterday, Federal Reserve Chairman Ben Bernanke endorsed the possibility of another tax rebate sometime in 2009. Again, the point of this rebate is to stimulate the economy by giving cash to the people to start spending. According to the White House, they are high on the idea of another stimulus package in addition to the $700 billion dollar bail out plan passed a few weeks ago.
Details are still scarce as to when the rebate will be passed as well as how much we will all see in our pockets. Democrats and Republicans jointly think this is a good idea, primarily since this is election season I’m sure. I guess the real question is how are we going to pay for all of this. The government seems to be doling out money like it grows on trees. We are still paying for an expensive war, paying golden parachutes to executives that caused the economy to crash in the first place, as well as carrying a huge national debt. Kind of funny to think that if I ran my finances like this, my home would be in forclosure which is the same reason we are in this mess.
It remains to be seen if this 2009 tax stimulus rebate will do anything to jump start the economy. The last tax rebate has not shown that it did much to help. I can tell you right now that if I receive anything from it, it will be going straight into the bank into my emergency fund. Besides, you never know when they will be asking for it back in the form of a tax increase later!
As more details appear about this new proposed rebate, I will be posting about them here. So keep checking back, or sign up for email updates in the upper left corner of the site.
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sure would help out with gas and christmas and even propane for my heating expenses
This stimulus check really could help my family. It would help get the kids there christmas toys. Also time are very bad now. You just can pay my bills. It getting worse. So this would help a lots of families. So please help our family with a stimulus check. This would help with gas and business also.
I feel that this check would help my family. True enough I would probably not go and buy a Gucci purse, but I will go buy some new clothes and get my bills caught up. If the WALL STREET can get bail out for all there expenses I just need a few. We as tax payers are going to be paying for the fancy “BUSINESS” expenses. It amaze me now that all this KNOWN company’s are all coming out now saying that they will be going BK. So, if I say I’m going BK will they pay for my medical expense and credit card that is to the max and pay for my car note. Everyday I hear another company is claiming they need help. I need help and my utitilies company is not working with me. How funny is that. Probably I should tell them that I am waiting for my piece of the BAILOUT money. And see what they tell me! Well you know what there is a little store that had to close. Do you see them bailout for them, no why? They are no bodies… Because they are not corporate and they dont do that much and how many employee’s do they have. They only see them as .01%. In there eyes nothing. I say dont help the Los Angeles Times, American Express,Denver Post,Ford,GM etc that by the way dont even know how much they need to make it, or better yet how do we know they will make it. I say let the middle company’s that are not that known come known. Let the middle company that are not asking for help. Let there doors open… It is time for a change. Are you ready for a change?
And just to say the 2008 stimulus check help my family out a GREAT deal…
I can clearly understand what everyone is saying here and i completely agree. The government is bailing out all of these companies and I believe that is a good thing and it will keep all of these individuals in jobs, but what about the individuals that can’t find a job like me and barely making it. We deserve a bail out tooo. I think the 2009 stimulus check will make a world of good for people. I would be able to go and get the things my kids need. 2009 hopefully open new doors for people! It is truly time for change and the big wigs need to start in their own pockets!
the rebate is well neede and will be helpful with your bills and kids need to have new cloths for schoool
People need to be bailed out as well as the major companies. We are losiong jobs and homes. Moving out the area. Stimulus checks would be a little relief and maybe help retailers as well. People need things to survive and saving companies does save some jobs but what about the “little people” and now the state of new york’s gov is taxing everything and wanting to take education away. Come on what is going on. It’s time to give us something back. It’s time we feel we mean something and not a stepping stone.
This $700 Billion bailout reminds me of the past $85 Billion bailout for AIG, this is some interesting facts about this that I thought sounded alot better for America and Americans!
Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve
It Dividend.
To make the math simple, let’s assume there are 200,000,000 bonafide U.S.
Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child.
So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,0 00 to every person 18+ as a We Deserve It
Dividend.
Of course, it would NOT be tax free. So let’s assume a tax rate of 30%.
Every individual 18+ has to pay $127,500..00 in taxes. That sends
$25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket. A
husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family? Pay off
your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads. Put away money for
college – it’ll be there.
Save in a bank – create money to loan to entrepreneurs. Buy a new car -
create jobs. Invest in the market – capital drives growth. Pay for your
parent’s *medical insurance* health care improves. Enable Deadbeat Dads to come clean or else.
Remember this is for every adult U S Citizen 18+ including the folks who
lost their jobs at Lehman Brothers and every other company that is cutting
back. And of course, for those serving in our Armed Forces.
If we’re going to re-distribute wealth let’s really do it…instead of
trickling out a puny $1000.00 economic incentive that is being proposed by
one of our candidates for President.
If we’re going to do an $85 billion bailout, let’s bail out every adult U S
Citizen 18+!
I’m in aggreement with what Christopher Cook has to say about the 85,000,000,000 divided and sent out to the American people that are of voting age and a legal US Citizen and then taxed at 30%.
I worked most of my life and contributed to Social Security and last year I received 300 dollars for stimulas check. I am a senior like so many others have bills to pay and do not get free food. Are we seniors not entitled to a full stimulas check?
Hello Mary
I am in the same situation as you ….i didn’t work last year had to quit, but i did
work the 2007 year…and all i got was $300.00!
Now since i’ve not worked in 2008 they said at irs, i had been paid full amount of a stimulus and there wasn’t anymore coming in 2009! So no need to even file.
Do you suppose if we call Obama he’ll make an exception for us? They spent money that we could have used on his ball to welcome him into this Gov ! He forgot to say when he was running for election that we aren’t even here in his book, we were swept under a rug!
I have to say i am totally done with Our Gov…I will never vote again, if i live long enough to see another election i am done! I am 68 years old now so maybe i won’t be around ! Life comes without gurantees………
And I’ve never missed one since i was registered as a young woman. I don’t get anything free i have to pay for all my food and other living expenses and it’s very hard sometimes.
Bye take care
your senior friend in Wv
Sorry to burst your bubble Chris (and Larry), but perhaps your should do the math on the drivel you just spouted about your so-called “We Deserve in Dividend”. The reason we are in this mess is because most people (whether CEOs, politicians, or the layman) can’t do simple math. The dividend that you propose would be equal to about $425. Perhaps we should invest less in banking bailouts and more in public education.
Russell you must be a teacher. What about people do not have school age childern. You people may as well face it nobody is getting anything except the wealthy. Let me tell you something I just lost my home I get light bill for 600.00 every two monthes I have never had a light bill that high before in my life and I am 54 years old. The linemen got a raise so we have to pay for it in our bill. Food prices you would think now that gas prices coming down food prices would come down no way it is going to get so you will not even afford to eat. Yes I would love to see a stimulus check but like I said it is just not going to happen I have lose all faith in the goverment. Sorry to bring you down but I am one of the ones that have just about lost everything. I live in a shack but at least I have a roof over my head I do not know for how long but it is there.
with so many of us stuggling another check should would help . its getting harder & harder to keep our heads above water . alittle relief would help. what do we need to do to get help
now I argee too I to work eveyday and I still cann’t buy food and keep up my bills. I need a little help now .my hundson been out work for 6 months with neel suyerly and cann’t work to help me.if there any one out there can help me with my ligth bill before it cut off on July 8th. of 09. good bless you.email is davis.loretta77@yahoo.com.