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Tax rebate Eplanation

Discussion in 'The Lounge' started by mattman, Jan 24, 2002.

  1. mattman

    mattman 1/2 ton status

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    I saw this in another post. I found this in the Jim Hightower report. Explains it quite well and all the extra money (and where it came from) that went into the promotion.



    Here's the lowdown from Jim Hightower's column. Explains it better than I could.




    The 'Rebate and Switch' Tax Scam
    Question: What kind of tax "cut" actually will leave you owing more money to the IRS next April? Answer: George W. Bush's
    widely-ballyhooed, supercalifragilisticexpialidocious, $300 tax rebate.

    Bush spent several million of our tax dollars on prenotification letters mailed to eligible households, telling people what a big
    favor he had done for "America's working families," and that they should expect a check soon. Next he flew around the
    country at our expense to hold photo-op press conferences where he handed out blown-up mock checks of $300 to people,
    like he was some sort of big, pink, Easter Bunny delivering free candy to everyone. Then the actual checks were mailed, only
    the Treasury was short of cash due to the economic downturn we're experiencing under Bush, so George had to borrow $28
    billion from the Social Security trust fund to cover his shameless political ploy.

    But the biggest surprise for many Americans will be their discovery that Bush's $300 checks are a classic case of what the
    Libertarian Party has dubbed "rebate and switch." The checks we're now getting from the IRS are not a rebate on taxes we've
    already paid, but an advance on any refund we expect to get from the IRS after we file our tax returns next April. Let's say, for
    simplicity's sake, that you're due to get a refund of $300 next year. Instead, though, you'll get zero, since IRS will deduct that
    $300 Smiling George mailed to you this summer from any refund you're due next year.

    This is because Bush's "rebates" are a bookkeeping gimmick. Despite the hoopla, he didn't lower anyone's tax rates this year,
    so we still owe the same, including the $300 he "advanced" us this summer.

    Bush giveth ... then he taketh away.


    90 GMC Jimmy, 350 TBI, 700R4, 32's, D.O.D.
    84 Bronco II 216,000 smoking and going.........
     
  2. StoneyK5

    StoneyK5 1/2 ton status

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    Thanks for that...we'll see..bought stuff for the K5..[​IMG] hope we do not have to pay it back..!!!

    83K5 Silverado
    What was that bump?
     
  3. Russell Keys

    Russell Keys 1/2 ton status

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    I guess they ran out of money before they got to me last year. I am supposed to get a voucher this time around to claim my "tax break". Oh well I'ts good to see a Texan in office!
     
  4. mudhog

    mudhog THEGAME Staff Member Super Moderator

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    dont feal to bad they ran out for me also i didnt get any back[​IMG]

    wheeling pics
     
  5. newyorkin

    newyorkin 1 ton status

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    lol, that sure sounds like an intelligent "unbiased" explanation. Actually, it didn't really explain anything to me, it sounded more like someone jumping at an opportunity to knock the president again.
    <blockquote><font class="small">In reply to:</font><hr>

    only the Treasury was short of cash due to the economic downturn we're experiencing under Bush

    <hr></blockquote> Actually, we were in an economic downturn before the historic November 2000 election, so we'd be in an economic downturn under liberal/democratic rule right now also. I know this because I've been looking for a house for three years, and watching prices and interest rates go down beginning around mid 2000, under President Clinton.

    I'm not a huge fan of president Bush, but I'm not really into bashing him either. The whole big government is made of all kinds of political parties, and I'd bet most all politicians have much different motives than they'd like you and I to think.

    Right around the end of September, wasn't like half of America talking about giving thier tax rebate back because of the blow that the economy was going to get from 9/11?.

    Ratch
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  6. newyorkin

    newyorkin 1 ton status

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    You know, I was just thinking, what if the whole tax refund/rebate was a slip of the tongue in a butt-kissing conference?

    What if it was only a thought to Bush and he went blindly forward talking about it without consulting anyone else, and the press went nuts with it, so the administration had to do whatever they could to make it work? After the "plan" being attacked by the opposition, pride might force it to fight through...

    Seriously, think about that! We rarely see what they don't want us to see, so how do we know it wasn't just a mistake that was forced to fruition?

    Ratch
    CK5 album
    Prior signature burnt. This one on temporarily.
     
  7. AGM73k5

    AGM73k5 1/2 ton status

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    I could see that happening [​IMG]

    -Aaron

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    Speed limits? <a target="_blank" href=http://www.ibiblio.org/rdu/p-sl.html>http://www.ibiblio.org/rdu/p-sl.html</a>
     

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