WoooHOOOOO! Who's excited about the CHECKS Coming this summer?

[bwsmom]

Take a look at the following:

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Granted, The Heritage Foundation makes no attempt to hide or downplay the fact that they are a conservative organization, but consider the formula that was used and the conclusions it drew. (For those of you who don't care to read the whole article linked above, here's the "bottom line"):

Economists at the Center for Data Analysis (CDA) introduced the tax policy changes contained in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (H.R. 2) into a model of the U.S. economy that is widely used by Fortune 500 companies and government agencies. This model produced the following estimates of how H.R. 2 would likely affect economic performance between 2003 and 2013.

Economy produces more goods and services:

In 2004, the CDA analysis shows that the nation’s production of goods and services (Gross Domestic Product after inflation) will likely be $73.4 billion higher than without the tax changes contained in H. R. 2. Indeed, the growth rate of GDP will jump from 3.3 percent to 3.9 percent for 2004. Between 2004 and 2008, the average gain in GDP will be $34.7 billion. During the second five years of the budget period, the average increase in GDP drops to $8.2 billion as the major provisions of H.R.2 expire. (NOTE: This is a process called "sunsetting" used to phase out actions taken on expiring policies).

Over 800,000 new jobs in 2004:

The pro-growth components of H.R.2 will likely lead private and public sector employers to boost their payrolls significantly. In 2003, the CDA analysis indicates that employment will increase by 383,000 jobs; in 2004 by 850,000 jobs; and in 2005 by 477,000 jobs. The average employment increase over the first five-year period (2004 through 2008 ) is 412,000. The average over the next five years (2009 through 2013) is expected to be 57,000.

Unemployment rate drops:

Unemployed Americans are significant beneficiaries of Congress’s tax legislation. The number of unemployed workers is expected to drop by 737,000 in 2004 and by 416,000 in 2005. Between 2003 and 2005, the CDA analysis indicates that the number of unemployed workers will fall by over 1 million.

Personal savings rate jumps:

The CDA estimates that personal savings could increase by $135.2 billion in 2004 (after inflation). That increase means that the personal savings rate would jump from a forecasted 2.9 percent without H.R. 2 to 4.6 percent. The personal savings rate for 2005 also is significantly stronger than it otherwise would be: 2.6 percent rate compared to 1.5 percent without the tax legislation.

Investment increases significantly:

The pro-growth elements of the Jobs and Growth Act, particularly the dramatic reduction in the tax rate on dividends and capital gains, leads to a pronounced increase in non-residential investment. In 2004, inflation-adjusted non-residential investment increases by $35.8 billion, followed by an increase in 2005 of $25.5 billion.

Trust fund revenues grow:

One beneficiary of H.R. 2 are the federal trust funds, principally the Social Security and Medicare trust funds. Due to the increased number of Americans working and the increase in payroll taxes paid, revenues for the trust funds will increase by $26.2 billion more than had Congress not passed this legislation.


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[luvmetender]

guess what? we paid $900 in taxes and got $4800 back in march. Now we are about to get another $800 back because we have two kids... busheconomics!!

[monkee]

Originally posted by luvmetender
guess what? we paid $900 in taxes and got $4800 back in march. Now we are about to get another $800 back because we have two kids... busheconomics!!

I would assume then, that you got the earned income credit? If so, that has been around much longer than Bush so I don't see how that would have anything to do with him. And you are getting another $800.00 back in child tax credit, so you only had to pay in a total of $100.00 in taxes. Sounds like a pretty good deal to me.

Unless you mean you actually paid in more than $900.00 and got it refunded to you? If not, then your problem is actually with the earned income credit, not tax cuts.

[Shainie]

Some of you will never be happy. Bush (or any other republican) could cure cancer and you'd moan about it for some reason.

If he raised your taxes, you'd whine, lower your taxes, you'd whine.

It's getting to the point that anything some of you say is meaningless, because you're obviously so anti-bush, that you're going to turn anything he does into some big downfall of our country.

If Gore was in office and we were getting money back, you'd be woohooing with the rest of us.

Alarmists . . plain and simple. Haters.


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[chippers21]

I don't know the exact numbers, but the richest 20% of the people in this country pay about 80% of all the taxes, so the rich are paying taxes.

I resent it when Republican is equated with uncharitable. I am a proud Republican and I would be willing to wager that I give as much or more to the needy as 90% of those with the same income that call themselves Democrats.

I have no children under 17 so this tax cut affects me very little, but I applaud all tax cuts.

JWelch: it was a Republican Congress that balanced the budget in the 90's. Clinton just adopted a positive attitude toward their changes to get credit. I do have one compliment for Clinton: he was and is a very intelligent sounding man who has great speaking ability and charisma. He knows how to shift everyones attention from anything that would be negative to him toward something that makes him look good. (or at least makes you think about something else)
You keep saying that Bush is responsible for the negative numbers we are experiencing now and you keep ignoring:
1.9/11 and it's effects on the economy
2.the war on terrorism expenses
3.the DEflation of the INFLATED Stock Market
4. the effects of all the corporate scandals that were going on in the 90's but are being resolved instead of ignored in this administration
Given all these circumstances, I am certain Clinton would not get even the undeserved credit he now gets for balancing the budget, because there is no way he could balance the budget (given these circumstances) So why expect Bush to?

[chippers21]

Originally posted by luvmetender
guess what? we paid $900 in taxes and got $4800 back in march. Now we are about to get another $800 back because we have two kids... busheconomics!!

\



Are you bragging or complaining? If you got that much back you must have needed it so I am happy for you. I used to do taxes for a living and many folks with lower incomes paid no taxes. That is as it should be. BUT people who make more money deserve to get something back to. It is THEIR money that they made, generally through hard work. We (my family of 6, with 3 in college, paid about $9000 in Federal taxes alone. I appreciate any tax cuts that come along.

[Shainie]

I'm wondering, for those complaining about the refund . . . are you going to not cash it, give it to charity?

Or is it just wind blowing through the trees as you look through your JC Penney Catalog?

[Jwelch111]

Making up a metaphor here: The (cash) cow is out of the barn, but: here is a link to the opinion of a respected economist, Paul Krugman, regarding the tax cut: [Only registered and activated users can see links. Either login above or Register Now] Last line: ..."when will the public wake up?" Please understand that this tax cut comes at a terrible future price. The ballooning federal deficit matters "big time." States will suffer further, and many will have no other choice but to RAISE their taxes. Federal programs, especially Social Security and Medicare, will face alterations, perhaps pushing back the initiation of benefits (age-wise). Schools will suffer, a shorter school year, less teachers, and MANY still depend on public schools for their children's education. Health care reform (may I laugh??? Ain't gonna happen; no money). As baby boomers retire and require more health care and HOPE for Social Security, where will the money be? In occupations of ME countries? (Iraq, very possibly more). Less money in, less money out, and what money out will be stamped "defense spending" first. This is what is happening to America. Enjoy your tax cut money while you can; a "last hurrah" of spending before....UNLESS: BUSH NO MORE, IN 2004!


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[luvmetender]

I think some of you misunderstood my post. I'm not bragging or complaining, I think its illogical that the IRS refunded more money than I actually paid. Now to be getting yet another $800 is even more illogical to me.

[mayfly]

Next month all the paychecks are suppose to be bigger also due to less taxes taken out. I am thankful we have a President who made this decision.

NOW as a side note, I am still amazed when I think of all the traumatic things President Bush had to see our country through. When any other president had just One of these things happen during his term it was concidered a hard term. Bush has had wars, attacks,stock market, space shuttle blowing up, those two SNIPERS!diseases, terrorism, Enron, everything seemed to come against him, and he has had to get us through. There were two choices that were available, Bush or Gore, and I am so so glad it wasn't Gore!


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[Jwelch111]

Mayfly: Have you considered that Bush is the CAUSE, not the CURE of these misfortunes? His arrogant foreign policy, "hands-off" approach to stock market frauds, especially Enron. The list is extensive, but I have to mow now. Please google this: The Resume of G. W. Bush. It will tell the story of Bush's knack for having bad things come his way. And now America shares in his knack!!


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[Shainie]

Do you ever think that Clinton didn't do his job, resulting in these problems?

NOOOOOOOOOOOO of course not, because Clinton is a saint. Gotta love his family values. Now that is a president to be proud of.

[monkee]

Originally posted by Jwelch111
[b]Making up a metaphor here: The (cash) cow is out of the barn, but: here is a link to the opinion of a respected economist, Paul Krugman, regarding the tax cut: [Only registered and activated users can see links. Either login above or Register Now] Last line: ..."when will the public wake up?" Please understand that this tax cut comes at a terrible future price. The ballooning federal deficit matters "big time." States will suffer further, and many will have no other choice but to RAISE their taxes. Federal programs, especially Social Security and Medicare, will face alterations, perhaps pushing back the initiation of benefits (age-wise). Schools will suffer, a shorter school year, less teachers, and MANY still depend on public schools for their children's education. Health care reform (may I laugh??? Ain't gonna happen; no money). As baby boomers retire and require more health care and HOPE for Social Security, where will the money be? In occupations of ME countries? (Iraq, very possibly more). Less money in, less money out, and what money out will be stamped "defense spending" first. This is what is happening to America. Enjoy your tax cut money while you can; a "last hurrah" of spending before....UNLESS: BUSH NO MORE, IN 2004!
[size=1]

Again, you are taking predictions, opinions and speculation and presenting them as "facts". Truth is, no one can know for sure what exactly is going to happen down the road. There are any number of unknowns and variables that could affect the outcome of the tax cuts.

Also, as I understand the checks coming this summer, they are an advance refund of the difference of next year's child tax credit, so it really doesn't have anything to do with what anyone paid last year.

[mayfly]

Did Bush cause.......


snipers terrorising people- hmmm didn't see him out there with a gun, so nope.

SARS - didn't see him kissing people, so nope. In fact the US has yet to lose anyone do to us being prepared for biological warfare.

Enron- as far as I understand it-nope

Terrorists crashing into the twin towers- never saw a turban on his head- nope

Terrorists crashing into the pentagon- read above, nope

Backlash of those attacks on our stock market- nope

Space Shuttle blowing up- never saw him with the astronaunt helmet on- nope

Finally the War with Iraq- Dang- YES I DID SEE HIM do that! So proud of him! Never saw him torture his own people (like Saddam) which was the real cause of the war. Lets hope that we can help them get a good government in there so those people can learn to walk in freedom.

[chippers21]

Originally posted by luvmetender
I think some of you misunderstood my post. I'm not bragging or complaining, I think its illogical that the IRS refunded more money than I actually paid. Now to be getting yet another $800 is even more illogical to me.

Actually, if I understand my tax law correctly from back when I did taxes, you should never have received more than you paid. Someone, I don't know who, has made an error. The earned income credit is supposed to max out at the amount of tax you paid, and you should not have been eligible for any additional amounts of refunds.