Thursday, February 12, 2009

The Stimulus - Great American Shakedown

The latest version of the Stimulus (otherwise known as: the American Recover and Reinvestment Act of 2009) is available for download here at the United States Government Printing Office . (This is before the House today). It is suggested that anyone remotely interested in the future of this nation read the 1434 page document (skip the strikeouts); the Stimulus, in current form, reads more like a continuation of current programs and repair and improvements to government institutions (75,000,000 to the Smithsonian) – big spending, bigger government. There is tax relief beginning on page 1082: a temporary increase in the earned income tax credit, disaster relief for Midwestern states in worked into the American Opportunity Tax Credit (increase in Hope) – which, when one reads through the bill, it is apparent that “add-ons” are included in a variety of categories.

The tax credit to middle class families has been bartered down, from a $1000 per family tax cut to a $800 tax cut (amounting to an additional $13 a week), which will stimulate the economy how? The Republicans had a notion that putting money into the pockets of the people might better serve the nation, as consumers push the economy – it is a simple, time-tested method. The Stimulus, as it stands now, in its final version before the House, may take the programs under the Carter administration to new heights, allowing the economic period from 1977-1979 to appear robust! Obviously it is hoped that this “Stimulus” will offer some relief to those who are fueling the government (taxpayers), however, the likelihood is slim - someone has to pay for this - and the most logical choice is the average working class American. Individual tax burdens for this stimulus package can be calculated here:

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