Post by unlawflcombatnt on Jan 24, 2008 5:10:40 GMT -6
from Yahoo News:
Stimulus package: What's in and out
"Congressional leaders and Treasury Secretary Henry Paulson are narrowing their differences in search of a bipartisan economic stimulus deal that could move swiftly through Congress.
WHAT'S IN
_Tax rebates: Checks of at least $300 for all people earning a paycheck, including low-income earners who make too little to pay income taxes. Families with children would receive an additional $300 per child, while those paying income taxes could receive higher rebates. Rebates may be capped at $1,200 for couples with children.
_Business tax write-offs: Spurring business investments with so-called bonus depreciation, more generous expensing rules and a change to allow businesses suffering losses now to reclaim taxes previously paid.
_Housing rescue: Allowing Fannie Mae and Freddie Mac to buy loans larger than $417,000.
WHAT'S OUT
_Permanent tax cuts: Republicans concede that their top priority would have to be left out.
_Unemployment insurance: Democrats wanted to extend benefits past 26 weeks.
_Food stamps: A boost for benefits.
_Medicaid: Democrats gave up on including Medicaid payments to states.
_Low-income heating subsidies: Democrats are surrendering the fight to include them.
_Infrastructure spending: Spending on transportation or repair projects already under way is off the table."
Regarding this proposed economic stimulus:
Economists, such have Joseph Stiglitz, Larry Summers, and the CBO's Peter Orzag have spoken. There is general agreement on which areas will give the most bang for the buck:
1) Extension of Unemployment Benefits
2) Tax rebates and other assistance to those with the lowest incomes.
3) Aid to state & local governments.
And yet, despite recommendations by many renowned economists, Democrats have completely caved in like spineless worms to NeoCon-Artists & their Corporate thug supporters.
So "What's in"?:
1) A bail-out of the Mortgage & Banking industries/syndicates. This was not even mentioned by economists, much less recommended.
2) Business Tax Write-Offs.
Yes, we certainly want to maintain after-tax revenues of business, especially those who lay off workers and don't increase capital investment any whatsoever. Certainly we need to "shield" them from the hardship of profit declines, by letting them write-off even more expenses (like their payments to Congressional lobbyists to push for even more taxpayer handouts).
Despite obvious and economically sound suggestions by economists—like increasing food stamps and extending unemployment benefits—Pelosi caved in, and gave the Bush junta almost everthing it wanted.
As usual, it's all about the interests of the rich—and about not making any rich campaign contributors mad.
Pelosi is a spineless worm. She's sold out completely to the Republicans on every issue: Iraq, free trade, impeachment, and everything else.
Pelosi needs to resign her leadership, and let someone with some backbone lead Congress. She is definitely not up to it.
Stimulus package: What's in and out
"Congressional leaders and Treasury Secretary Henry Paulson are narrowing their differences in search of a bipartisan economic stimulus deal that could move swiftly through Congress.
WHAT'S IN
_Tax rebates: Checks of at least $300 for all people earning a paycheck, including low-income earners who make too little to pay income taxes. Families with children would receive an additional $300 per child, while those paying income taxes could receive higher rebates. Rebates may be capped at $1,200 for couples with children.
_Business tax write-offs: Spurring business investments with so-called bonus depreciation, more generous expensing rules and a change to allow businesses suffering losses now to reclaim taxes previously paid.
_Housing rescue: Allowing Fannie Mae and Freddie Mac to buy loans larger than $417,000.
WHAT'S OUT
_Permanent tax cuts: Republicans concede that their top priority would have to be left out.
_Unemployment insurance: Democrats wanted to extend benefits past 26 weeks.
_Food stamps: A boost for benefits.
_Medicaid: Democrats gave up on including Medicaid payments to states.
_Low-income heating subsidies: Democrats are surrendering the fight to include them.
_Infrastructure spending: Spending on transportation or repair projects already under way is off the table."
Regarding this proposed economic stimulus:
Economists, such have Joseph Stiglitz, Larry Summers, and the CBO's Peter Orzag have spoken. There is general agreement on which areas will give the most bang for the buck:
1) Extension of Unemployment Benefits
2) Tax rebates and other assistance to those with the lowest incomes.
3) Aid to state & local governments.
And yet, despite recommendations by many renowned economists, Democrats have completely caved in like spineless worms to NeoCon-Artists & their Corporate thug supporters.
So "What's in"?:
1) A bail-out of the Mortgage & Banking industries/syndicates. This was not even mentioned by economists, much less recommended.
2) Business Tax Write-Offs.
Yes, we certainly want to maintain after-tax revenues of business, especially those who lay off workers and don't increase capital investment any whatsoever. Certainly we need to "shield" them from the hardship of profit declines, by letting them write-off even more expenses (like their payments to Congressional lobbyists to push for even more taxpayer handouts).
Despite obvious and economically sound suggestions by economists—like increasing food stamps and extending unemployment benefits—Pelosi caved in, and gave the Bush junta almost everthing it wanted.
As usual, it's all about the interests of the rich—and about not making any rich campaign contributors mad.
Pelosi is a spineless worm. She's sold out completely to the Republicans on every issue: Iraq, free trade, impeachment, and everything else.
Pelosi needs to resign her leadership, and let someone with some backbone lead Congress. She is definitely not up to it.