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twitterLETTER TO THE EDITOR:
Tax cuts no help for the unemployed
Sunday, Jan. 11, 2009 | 2:02 a.m.
It’s true. There are philosophical differences between Democrats and Republicans on how to govern, including how to stimulate the economy.
I presume I am correct in understanding that one pillar of the Republican view on that matter is that government should reduce taxes, not insert cash, to stimulate the economy.
My question is, and please don’t take this as impertinent, I’m serious: How does one benefit from a tax break if one doesn’t have a paycheck?
Another way to put that question is: What does a family eat while the family waits for the food to trickle down?
Discussion: 13 comments so far…
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This is the American way. If you have a fairly good and stable job, a health plan, and the kids have finished their education, then this family is OK. The famous, I'm alright Jack attitude.
Those who are unfortunate, out of work for ages and ages, poor benefits, no health care, poor schools, no holidays at all, then these families belong to the 47 million that are struggling all thru life. Yes, this IS the American way of life no one wants to talk about.
Give businesses a 3 month tax holiday on employee costs and they'll in turn hire more people.
The unemployment ( and UNDERemployment ) in Las Vegas has become a crisis.
Did you know that unempolyment benefits are taxed.
Go figure
I have watched the disparity between the extremely wealthy and the "right above poverty level" in this country widening for the last 40 years. There is no reason for this except that the really rich like to be "exclusively privileged."
Power and Money are synonyms for Liberty and Democracy. It is the same old shell game whether it is called Capitalism, Socialism, or Communism. The real problem is-the people on power trips and their arrogance mingled with indifference.
By the way-the nearly poor buy into this game by reading rag sheets and watching garbage on television. It's reminiscent of Rome's Senate and the Coliseum amusements in my opinion...
Yes, that's right...Your unemployment benefits are taxed. Wasn't it nice of our representatives to make this decision without our (citizens) input?
However, our representatives vote themselves raises like clockwork...without our consent, as well.
pasyun8pshych..Unemployment began being taxed in the first half of the 80's..Our president initiated this tax along with a tax on Social Security Benefits to attempt balancing the revenues lost in the huge tax cuts for the rich. At first Unemployment was taxable if other taxable income topped $22,000, now any and all is taxable. Tax on SSB was set in two steps determined by adding 1/2 of your SSB with your taxable income..if your total was over $25,000 you were subject to tax on that portion ($25,00+)
at 50% of that sum..if you had a combined total above $37,500 then that portion is taxed at 85%..Those are for a single taxpayer..the thresholds for jointly filed returns are higher but taxed at the 50 or 85% rates. The thresholds have remained unchanged in the 23+ years since SSB became taxable..I personally believe the thresholds should be adjusted for only inflation at very least..
I do receive Social Security payments along with a small retirement check.
Want to stimulate the ecomony? Heres my idea.Take the 350 billion that hey are giving companies to keep afloat, spread it equally though every tax payer and US citizen.Yep, another stimulus check.
And I'll guarantee you the following:
1-Flood the banks with paying off my credit cards,that I have mismanaged money like these these companies have.
2-Trading in my old car for a better gas efficient one,now that I eased up my credit card bills.
3-Paying my mortgage on time, that will ease up on my late fees, or not having to decide whether to buy food, or pay the monthly bill.
4- Get the medicines, that are totally over inflated...but despertly needed.
5-Maybe buy that television that has been updated to accept the lastest digital must have.
6-And last, but least,re-construct my finances to balance a livable condition.If they are so concerned about putting money back into the markets, and making a longer term of stimulus,let the families re-structure themselves with this kind of money. Instead of giving it to companies who have no desired of helping American families. A $500.00 stimulus check helped alot of folks, like me, to buy groceries, and catched up a few bills.That lasted a month for most. You giving me a equal share of 350 billion. I promise i will give money to the banks, auto industies, even the "mom & pop" stores who rely on me to purchase their products. Now Thats Stimulus !
kenoman,
Sharing out $350bn would go far, would it. Like you say it might go to paying off some debts, might!!!
But whatever you buy with the money, where are the goods made, YEP, right first time China or Japan. Not much help to the USA industries. Now thats NOT stimulus.
If YOU had to rely on a government handout to buy groceries, then you are in a worse state than I thought, but you still have money to get a computer, and pay for the internet connection
Well...I guess there are still some of us who are thinking clearly-living in the real world. Hey, uddeboda-I used my stimulus check to pay credit card bills and buy groceries. I am married, filing jointly. I would pay less taxes if I divorced my husband and we just lived together...I really don't think that I should have to do that to someone I love...Do you?
Yep. I remember the Reagan years. I remember paying 18 and a half percent for a home loan, too... It took a long time to pay off that debt. My husband worked two full time jobs and I worked one full time job-well actually 2-one was unpaid. I took care of house yards and kids. My husband never did without a meal...
In Carter's years, mortgage interest rates went from 9% to 18% because of all the deficit spending that occurred before him and during his time. The deficit spending caused inflation to get out of control.
Reagen took the 18% back down to 9% when he left office.
So only if you wanted a few years, you would have gotten a much better interest rate.
I am sure that we will see a rise in interest rates in a few years with a big jump in about 4 to 8.
Jimmy Carter....opps...I mean Obama is going to generate trillion dollar deficits. He could even hit a 2 trillion deficit in his 4th year.
I guess what I'm really trying to say is, it makes more sense to me to give the 350 Billion out to families that can place themselves in a better situation than they are now. Just like company's and banks that are having a tough time making ends meet.They have for years gave industries tax breaks to keep jobs in tack,only to see at the end these same company ceo's recieve huge paychecks. And I only see this kind of money as smaller bandaid to companies.So if they want to stimulate the economy.Lets try working the bottom-up for a change.I personally know if I got chance to restructure myself,that kind of money would flow thru businesses. It would help unemployed that had no choices in this overpriced ecomony.We're talking about the Millions of people who have lost their jobs, or 1 foot from stepping into the unemployment lines.So instead of trying this same old trend of giving this kind of money to execs to reconstruct their companies, or keep them afloat.Lets try putting the money into taxpayers pocket.Afterall, isn't one of the core problems is that people are not buying ? Could it be because people are not in a position to do so? Lastime I understood successful businesses,was when people bought their product.So to give this kind of money to a selective sections of businesses, and see no impact to the economy,I say give this to people who could actually recontruct themselves.And you'll see the money trickle back into the ecomony,and eventually get to the execs.Maybe this approach doesn't make sense to most. But if you want to bring optimism back into the peoples mind. Give them a chance to reconstruct.I would be willing to bet you would see a stonger impact on that kind of money, than your seeing now.
Yep, we could have waited a few years to buy a home. As it was we paid $81,000 for ours. If we had waited for the interest rates to come down, we would have paid about $250,000 for the same house... Guess it really doesn't matter how you slice it. I am lucky to still have a home to live in. Too bad millions of "lower than middle class" families are losing theirs now.