[nukkad] Govt. rebates explained

[Amir'AliMackwani <>]

*makes interesting reading if read fully

Govt. rebates explained

* Confused by all the details of the economic stimulus payments coming 
this summer?
Not certain how much you'll get or if you even qualify?
Clark explains everything you need to know in plain English. 
<http://lmax.clarkhoward.com/t/11251912/776166/23256/0/?u=aHR0cDovL2NsYXJraG93YXJkLmNvbS9wL3VybC84MjA3Nw%3d%3d&x=46a6bfa6>

Clark's Plain English Guide to Economic Stimulus Payments

I've been getting so many questions about the government stimulus 
package (aka "the rebates"). First off, yes, this is free money you'll 
be receiving this summer; it's not a pre-payment on next year's refund.

Most Americans who qualify for the rebates only need to file their 2007 
income tax returns to receive their check or direct deposit. This 
includes people who don't normally file, such as those on Social 
Security without other income and some veterans. Continue reading below 
for more details if you fall into either category.

People often ask me where the government is getting the $150 billion 
they're going to disburse as part of the package. Last time the feds 
offered a similar rebate, they just advanced you your own money. This 
time, however, they're borrowing $150 billion to make it available to you.

I want you to know that I am not a fan of this idea. Consider this: 
States are constitutionally bound to balance their budgets each year. 
They can either raise taxes or cut spending if they come up short. But 
the federal government has no such oversight and they own the printing 
presses that make the money. So if they need extra money, they just 
print more!

In a way, that's exactly what they're doing here. The feds will 
essentially "borrow" the money from people via treasuries, which are 
like CDs for large corporations and the rich. They'll issue $150 billion 
more in treasuries, and then sell them to wealthy people and 
institutions around the world.

Critics have said that it's nice of your grandkids to pay for you 
getting a check this summer -- which isn't too far off from the truth. 
Bonds and treasuries are paid back over 30 years, so it really is the 
next generation that gets stuck paying for the stimulus package.

I think this economic stimulus package should be known as The Politician 
Protection Act of 2008. The purpose of this rebate money is so that 
politicians can get re-elected this fall; it's not about stimulating the 
economy. Sure, people will be excited about the rebate, but the reality 
is it won't address the real problem. In the long run, we'd be better 
off with lower tax rates and a simpler tax code than having the feds 
send out freebies.

Politicians want you to take your check, get that endorphin high from 
blowing it and then vote them back into office. But I want you to pay 
down your debt with it!

For those who receive Social Security benefits and certain veterans' 
benefits, please note that you must file a 2007 tax return this year to 
receive your refund. Remember that you can get free tax prep assistance 
online and at local clinics across the country.
-- 
Amir'Ali Mackwani

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