Bullock Texas State History Museum
Problems With Bush's Tax Plan
RECEIVED Mon., Jan. 21, 2008
Dear Editor,
President Bush is working on another tax rebate scam … I mean plan. I believe this time he is proposing to fix the economy by giving all single taxpayers approximately $800 and married families around $1,600. There are a couple of problems with this. First, if you are already among the poor people, then you don't get a check (because you don't pay any taxes). I believe to get the full amount of the rebates you will have to have an income well in excess of $24,000. In other words, if you don't really need the money, you will get the full amount.
The second problem with this plan is that the median credit card debt per household in America is between $6,000 and $10,000 (depending on the source). So, the rebate checks will at best pay 7.5% of the average credit card debt? However, this is not what the president wants you to do with the "free" money. The money is meant to be spent on stuff to stimulate the economy. How much sense does this make? Most people stop buying things when one of two things happen. One, they run out of money. Two, they are out of credit.
In summary, our leader's plan is this: The people of the country are not buying enough stuff, due to being out of money/credit. So, even though our federal government is out of money and running out of credit, they will give the people some money to spend on more stuff.
President Bush is working on another tax rebate scam … I mean plan. I believe this time he is proposing to fix the economy by giving all single taxpayers approximately $800 and married families around $1,600. There are a couple of problems with this. First, if you are already among the poor people, then you don't get a check (because you don't pay any taxes). I believe to get the full amount of the rebates you will have to have an income well in excess of $24,000. In other words, if you don't really need the money, you will get the full amount.
The second problem with this plan is that the median credit card debt per household in America is between $6,000 and $10,000 (depending on the source). So, the rebate checks will at best pay 7.5% of the average credit card debt? However, this is not what the president wants you to do with the "free" money. The money is meant to be spent on stuff to stimulate the economy. How much sense does this make? Most people stop buying things when one of two things happen. One, they run out of money. Two, they are out of credit.
In summary, our leader's plan is this: The people of the country are not buying enough stuff, due to being out of money/credit. So, even though our federal government is out of money and running out of credit, they will give the people some money to spend on more stuff.
Steven McCloud
