Stimulus Package ??
Stimulus Package ??
On January 18, President Bush asked for $145 Billion worth of tax relief to give the economy a “shot in the arm.” The House passed a bill which raised that to $161 Billion last week. Yesterday, not to be out done, the Senate attempted, but failed, to pass a $204 Billion bill.
Here is a quoted article from the AP yesterday;
“Senate Set to Act on Stimulus Package
WASHINGTON (AP) — The Senate could act as early as today on an economic stimulus plan, and the White House is watching closely to see how much is added to a House measure favored by the administration.
The Senate is looking at some $40 billion worth of add-ons, including tax rebate checks for disabled veterans and seniors on Social Security. The House version would provide larger rebate checks to fewer people.
The White House takes a dim view of the horse-trading but Press Secretary Dana Perino says that's the way the legislative process works. Perino says if the package is to help revive a flagging economy, rebate checks need to be mailed out as soon as possible.
The House overwhelmingly passed its $161 billion package last week. The Senate voted 80-4 Monday evening to advance that package, setting the stage for consideration of its much larger proposal.”
As I have thought about this over the past weeks it has been discussed, I have been amazed, shocked and disappointed in our political process; or as Perino says “…the way the legislative process works.”
The idea of an economic stimulus started out simple enough, seemed to have merit, and an action our President and Congress should take. However, it quickly got bogged down in the process and has now become another bridge to nowhere.
First off we need to change the way the legislative process works. I am suspicious of how many incumbents are only supporting this measure to go home and tell you they personally sent you a check; what a waste of mine and your tax dollars.
If, as a “shot in the arm”, we want to get money into the hands of consumers we need to do it immediately. The best estimate for these checks to arrive, even if the wrangling stops, is mid to late summer.
Let’s think outside the box. Congress can pass a bill to instruct employers to immediately suspend Federal Income Tax withholding from paychecks until each employee receives $600. For those who are self-employed, they can simply subtract $600 from their current quarterly tax payment. Congress can include necessary language to change the tax code so that taxpayers aren’t penalized next year when filing their 2008 tax returns.
How simple. And this will put additional dollars in consumer’s hands starting with next week’s paychecks. These dollars will more likely be used for the purpose of stimulating the economy rather than one large check that will come some time in the future.
This will save us, The American Taxpayer, from borrowing $200 Billion from another country.
This will save us, The American Taxpayer, from paying interest on $200 Billion.
This will save us, The American Taxpayer, millions of dollars it will cost to print checks and pay the postage to deliver them.
Now that this has stalled, we have time to fix this, fix it right, and get the “legislative process” out of the way.
Respectfully,
Jeff Applekamp
American Conservative
On January 18, President Bush asked for $145 Billion worth of tax relief to give the economy a “shot in the arm.” The House passed a bill which raised that to $161 Billion last week. Yesterday, not to be out done, the Senate attempted, but failed, to pass a $204 Billion bill.
Here is a quoted article from the AP yesterday;
“Senate Set to Act on Stimulus Package
WASHINGTON (AP) — The Senate could act as early as today on an economic stimulus plan, and the White House is watching closely to see how much is added to a House measure favored by the administration.
The Senate is looking at some $40 billion worth of add-ons, including tax rebate checks for disabled veterans and seniors on Social Security. The House version would provide larger rebate checks to fewer people.
The White House takes a dim view of the horse-trading but Press Secretary Dana Perino says that's the way the legislative process works. Perino says if the package is to help revive a flagging economy, rebate checks need to be mailed out as soon as possible.
The House overwhelmingly passed its $161 billion package last week. The Senate voted 80-4 Monday evening to advance that package, setting the stage for consideration of its much larger proposal.”
As I have thought about this over the past weeks it has been discussed, I have been amazed, shocked and disappointed in our political process; or as Perino says “…the way the legislative process works.”
The idea of an economic stimulus started out simple enough, seemed to have merit, and an action our President and Congress should take. However, it quickly got bogged down in the process and has now become another bridge to nowhere.
First off we need to change the way the legislative process works. I am suspicious of how many incumbents are only supporting this measure to go home and tell you they personally sent you a check; what a waste of mine and your tax dollars.
If, as a “shot in the arm”, we want to get money into the hands of consumers we need to do it immediately. The best estimate for these checks to arrive, even if the wrangling stops, is mid to late summer.
Let’s think outside the box. Congress can pass a bill to instruct employers to immediately suspend Federal Income Tax withholding from paychecks until each employee receives $600. For those who are self-employed, they can simply subtract $600 from their current quarterly tax payment. Congress can include necessary language to change the tax code so that taxpayers aren’t penalized next year when filing their 2008 tax returns.
How simple. And this will put additional dollars in consumer’s hands starting with next week’s paychecks. These dollars will more likely be used for the purpose of stimulating the economy rather than one large check that will come some time in the future.
This will save us, The American Taxpayer, from borrowing $200 Billion from another country.
This will save us, The American Taxpayer, from paying interest on $200 Billion.
This will save us, The American Taxpayer, millions of dollars it will cost to print checks and pay the postage to deliver them.
Now that this has stalled, we have time to fix this, fix it right, and get the “legislative process” out of the way.
Respectfully,
Jeff Applekamp
American Conservative
posted by Jeff Applekamp at 12:55 PM
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