Mar 17, 2008
The IRS started sending out notices to taxpayers about how big a tax rebate – or "Economic Stimulus Payment" – they can expect. Most individuals will get between $300 and $600 and couples $600 to $1200.
The amount depends on your income and how much is taxable. Those with the lowest incomes will get only $300. Those in the middle will get $600. People at the top will get less, unless they can cut their taxable income through tax breaks.
The politicians have already handed out hundreds of billions through various bank lines of credit and the Federal Home Loan Bank to financial institutions to bail them out of the mortgage crisis. Add in what they"ve pushed through the system to Fannie Mae and Freddie Mac, and it means they"ve set up mechanisms for the very people who caused the current financial crisis to put their hands on roughly a trillion dollars – round figures, give or take a hundred billion or so!
And all that for 20 of the country's largest banks, investment banks and other financial institutions.
What they"re doing is like giving $50 to the family of a murder victim – and a million dollars to the murderer!