QOTD: Where will you spend your $500 tax credit CASH??!!
One of the key components of Obama's American Recovery and Reinvestment Plan last ditch effort to forestall the coming economic collapose is a tax cut for each and every WORKING American. BTW - I would expect that roughly 550K fewer Americans were working at the end of December, but that's not important, right? The DOW certainly pays it no mind.
Anyway, for those who are *ahem* fortunate enough to be locked into meaningless jobs they most likely despise, your reward is on the way!
The plan would attempt to boost consumer demand by spending $140 billion on tax breaks worth $500 for individuals and $1,000 for couples, according to a House Democratic aide. The change would come by altering tax-withholding rules, rather than through a rebate check as with the previous stimulus plan enacted last year, so that workers would see an immediate increase in their take-home pay.
The $500 tax credit would apply to the first $8,100 of wages, meaning a worker who earns $24,400 a year and is paid twice a month would get about $60 extra per paycheck for four months.
Now I don't know about you guys, but I'll immediately blow that fat wad of cash on . . . bills, paying down debt or I'll just stash it. But that's me; I'm not an irresponsible, degenerate shopaholic entirely lacking in impulse control. Most Americans, howevern, are defined by their consumerism, and so I wouldn't be surprised if most of that money finds its way into Best Buys, Olive Gardens or Apple stores even though it should be servicing credit card debt, student loans or being applied to mortgage payments in arrears.
But what a country, right? Where else can you issue trillions in new debt WHILE simultaneously cutting taxes? Right here in the good ol' US of A, that's where. Sheeple are beginning to ask the same question I've been pondering for the better part of 6 months: where the fuck are we getting this money, and more importantly, how will we pay it back? It sure as hell won't happen by cutting taxes. And eventually, the Chinese are going to pull the plug on our treasury Ponzi scheme. Interest rates will rise and the tankage will begin anew.
