Democrats compromise on economic stimulus bill

[spotbird]

Source: CNN

WASHINGTON (CNN) — Senate Democrats have agreed to scale back their economic stimulus package in order to pick up Republican support for the measure which had stalled over GOP concerns the bill was too big and loaded with special interest provisions. Final congressional approval could come as early as Thursday officials said,clearing the way for rebate checks to be sent to millions of Americans this spring.


Read more: http://politicalticker.blogs.cnn.com/2008/02/07/democrats-compromise-on-economic-stimulus-bill/

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The vote is underway now. The FISA capitulation is next, I suppose.

Since what is left won't stimulate anything beyond the wealth of the very wealthy, why would any Democrat vote for it. Nothing is better than this shit. When I think I can't be more disgusted, they disappoint again.

[DJ13]

1. Giving up on the unemployment extensions was a sellout

[truthisfreedom]

6. The republicans can't afford to have it revealed just how many unemployed people there are...

They'd prefer to hide those frightening numbers under the "Not interested in a job" category that bushco created for EVERYONE whose unemployment insurance runs out.

[AndyTiedye]

33. They are Trying to Make the Unemployed Join the Army

Must. Have. More. Cannon Fodder.

[BOSSHOG]

2. Those wacky republicans are so funny

They think there is too much money being spent and its "loaded" with special interest provisions. Conservative Fiscal restraint has just been a sight to behold the last eight years.

[spotbird]

4. The Democrats should vote no

the Republicans are what they are, the Democrats are enablers.

[Mountainman]

3. Special interests like the unemployed, the hungry, the homeless!

[trashcanistanista]

7. Yes, and those who can't afford to heat thier homes

and freeze to death.

[trashcanistanista]

5. It's being voted on now on CSPAN.

It gives up unemployment extensions and home heating bill assistance, and ensures no rebates go to "illegal" aliens. This is a sad sellout to the folks who need help the most. It looks like it's passing. Anyone else watching?

[spotbird]

10. It's passing.

The Republicans are gleeful. We really need a second party.

[joeglow3]

22. In all fairness, while I agree this will do little to stimulate the economy...

...sending millions to Mexico will do NOTHING to stimulate the economy.

[alstephenson]

32. Huh?

WTF does that mean? Who proposed sending millions to Mexico? Rebates were never to go to "illegal" immigrants, that's just another Repuke talking point. Apparently you are muy gullible, amigo.

[joeglow3]

38. As a tax CPA, I feel relatively comfortable with my knowledge in this area

I will be a lot nicer in responding to you. In the 1980’s a lot of foreign investors were investing in the US, but not filing taxes. Since they did not have social security numbers, the IRS began issuing Taxpayer Identification Numbers (TIN’s). In the past decade or so, a large number of illegal immigrants got TIN’s to recover taxes that are withheld (as the IRS does not report immigration status, just as they do not report other illegal forms of income – I had a client who claimed hundreds of thousands a year in bookie income). Thus, under the House bill, all taxpayers, including those with TIN’s, would get the rebate. Given that the vast majority of people with TIN’s are foreigners or illegal immigrants, it would do little good to the US economy to give them refunds. Thus, the Senate bill excludes them.

Learn your facts before running your mouth.

[ORDem]

42. So, ... is it a rebate or a bonus?

Is the checked capped by your 2007 federal tax liability? For example, a household with 2 spouses, 2 kids under 17, who had 2007 AGI of $50,000, but tax liability of $800. Would they get just $800 rebated, or would they get a check for $1200 + $300 + $300 = $1800? And how are they going to determine the amount for checks going out in May if the '07 filing deadline is April 15th?

Cheers!

[joeglow3]

49. Sorry for the late reply

I have not seen how it will be applied. However, here is my guess:

1. Is the checked capped by your 2007 federal tax liability?

-If they do it like they did before (and I remember correctly), the rebate will be based on your 2007 liability. Thus, if there is a cap in place, then yes. However, I would think there would be a way to pick it up on your 2008 return. My guess would be that you would figure out your tax based on the reduced rate and then have an add back for the rebate received. Thus, if you got the full rebate, the addback would offset the 2008 decrease on your return and you would end up paying you 2008 taxes as if nothing happened (but you will STILL have received the rebate check). If this is in fact the way it is done, you may still end up with more. I will try to find this out for sure and let you know.

2. For example, a household with 2 spouses, 2 kids under 17, who had 2007 AGI of $50,000, but tax liability of $800. Would they get just $800 rebated, or would they get a check for $1200 + $300 + $300 = $1800?

-They would get $800 for the income tax rebate piece. The child tax credit is different. This is what is called refundable tax credit, which means if you pay ZERO taxes, you STILL get a refund of the credit. The $300 per kid would therefore be in addition to the $800 (or, $1,400). HOWEVER, the child tax credit is only for kids 13 and under (I have NO clue why). Thus, I assume the $300 per kid only applies to those in this age bracket.

3. And how are they going to determine the amount for checks going out in May if the '07 filing deadline is April 15th?

-If I remember correctly, when this happened the last time, it delayed the check being check. I honestly have no clue how they would handle it this time around.

[ORDem]

55. Thank you! I think the child tax credit applies to < 17 not 13 n/t

[spotbird]

35. It's amazing how easily people

can be bamboozled.

FYI, this bill will stimulate the Chinese economy more than the US.

[williesgirl]

8. Read the WP version - Pelosi sided with Repukes which is why they caved.

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/07/AR2008020700630.html?hpid=moreheadlines

The next day, Democrats opted not to continue the battle. The retreat came after Pelosi split with Reid and sided with Republicans, including McConnell. She urged the Senate to stop its infighting and pass the bill.


Pelosi MUST STEP DOWN NOW.

[RoseMead]

12. I continually regret the happiness I felt when she became Speaker. n/t

[Ian David]

16. Same here. n/t

[Michigan-Arizona]

27. Same here n/t

[endarkenment]

31. Yup n/t

[trashcanistanista]

9. Wow, Hagel so far only NO vote!

Weird. Must be cold in Nebraska today.

Spelling, not me: cats on the keyboard

[Javaman]

11. Nothing here folks, just more of the same...

throwing the poor and the unemployed under the bus.

move along...

[fascisthunter]

13. Gee... I Wish I Was Wealthy.... Then I'd Get Representation

in this government of ours. Sure is nifty.....

[trashcanistanista]

14. Passed

91 yea to 6 nay

[Ian David]

15. Bipartisanship with Republicans is date-rape. n/t

[trashcanistanista]

17. I would like it to be suicide.

Vote them all out. As many as we can get rid off.

[jonnywishbone97]

18. As long as I get my check

I dont care.

[WillParkinson]

19. I'm sure you mean...

Your loan.

[joeglow3]

23. This time, it is not a loan

If you read the bill, it is an expansion of the child tax credit to $1,300 for 2008 and a reduction of the lowest tax brackets for 2008. You will simply file your 2008 tax return as if the changes never took place, as you will get the benefit of it now.

[jaybeat]

45. Great. So if you owe, you don't get jack shit??!!

We owed last year and will again this year because I have been unemployed for significant parts of the year. Since my wife is self-employed, she has worked more to compensate, but we need every last penny, so nothing goes to estimated taxes, so we get slammed on April 15.

Sure could have used a check, or better yet, some more UI benefits (mine have run out). But NO...

Hey, Nancy, Harry and George--stimulate THIS!!

:puke: :grr: :banghead:

[joeglow3]

50. You will get something

For a married couple, you get the lesser of $1,200 or the total taxes paid, with a minimum of $600. Remember, this is based on Federal Income taxes and NOT self-employment taxes, which are included in your return. Thus, if everything you pay is SE taxes, then you will get the minimum of $600.

[Doctor_J]

48. Since the budget contains an enormous DEFICIT, it's a loan

you will have to pay it back some day - probably after the GOP is dead and gone and their eCONomic plan with them.

[joeglow3]

51. I DO agree with that!!!!!! nt.

[Pastiche423]

20. As long as I get mine

fuck the rest?

Backatcha. :mad:

[alstephenson]

34. You forgot your "sarcasm" smilie!

I hope.

[bluestateguy]

21. My check is going to Barack Obama

Plus a little extra.

[Purveyor]

24. As early as yesterday, Senate Majority Leader Harry Reid said...

--snip

As early as yesterday, Senate Majority Leader Harry Reid said he would not accept a deal like the one the Senate is expected to pass today since it did not include an extension of unemployment benefits beyond 13 weeks, $1 billion in extra help for low-income Americans to heat their homes, more help for homeowners in danger of foreclosure and additional food stamp benefits for the poor.

--snip

[halobeam]

25. Give 'em "hopeless", Harry.

[Emillereid]

26. What's new? The Compromise, capitulation party at work. When will the real

Democrats return?

[Chisox08]

36. The Democratic party under the DLC has became the surrender party.

Pelosi surrenders to the will oe the Repugs again. We as a people and registered democrats need to reclaim our party from the likes of the DLC who wants it to become the Repug-lite party.
You have a majority for a reason use it or step down. Kucinich should be the next Speaker of the House, maybe then the voices of common Americans and common sense will be heard.

[Emillereid]

39. Here! Here! Totally agree. Dennis as speaker - now that's a dream I can believe in!

[Beaverhausen]

28. Will (did) Hillary or Obama vote on this?

are they in the Senate trying to do anything about it?

[geomon666]

29. And the Dems sell out the poor once again.

Thanks.

[ShockediSay]

30. WERE THERE A LOT OF EARMARKS/PORKERS ON THE DEM SIDE?

got that impression from the article I read this AM

[liberal N proud]

37. Democratic controlled congress and, the republicons still win

Every damn thing they want, the republicons get. Who are these people working for? - Don't answer that, I already know.

[bcool]

40. Spend your rebate to help OUR economy

Well, since it looks like we'll be getting something, my wife & I decided to spend ours to take a mini-vacation to New Orleans. At least we'll put our money back into the U.S. economy - in an area that sure could use our help.

Better than sending it off to China to buy more toys, I suppose.

[Jack_DeLeon]

41. Finally...

The house bill was a good one, I'm glad we didnt hold this thing up indefinately.

It definately would have hurt us if all of a sudden voters who were told they were going to get a check didnt get one and we got the blame.

[spotbird]

43. Voters know this is a joke

and they are represented by people who think they are stupid.

[Jack_DeLeon]

44. I dont know about that...

I'm sure there are plenty of people who see this for what it is, I do and alot of people here do. However I dont have the same confidience in the average american.

Look at the kinds of people we have voted into office? Look at the kind of problems our society faces, and tell me that we dont have a problems with education and common sense.

[spotbird]

47. You're right. nt

[ElsewheresDaughter]

46. so what did we relinquish...the increase of food stamps?...the needest get screwed again

[eppur_se_muova]

52. When Dems compromise, they don't go halfway ...

they give Bu**sh** almost everything he wants.

Maybe they're using "compromise" in its other sense.

[bluestdogest]

53. Headline should read: Democrats compromise on vote buying bill.

[IndianaGreen]

54. Another glorious victory by the Pelosi/Reid Congress!

Why did we bother to elect these losers?