Blacknbengal
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GOP tax rebate plan called costly, ineffective
Economy growing strongly despite soaring gas prices, critics say
For nation "addicted to oil," as President Bush put it, Senate Republicans have a proposal that can only be described as enabling: Put $100 back into the pocket of every taxpayer.
The proposal, unveiled Thursday, has been roundly criticized not only by Democrats but also by fiscal conservatives who warn it will widen the deficit while doing little to encourage energy conservation.
"It could be one of the dumbest ideas of the year," said Jerry Taylor, a senior fellow at the conservative Cato Institute. "I haven't looked at all of the ideas yet, but it's got to be right up there."
Taylor pointed out that as proposed, the rebate would go only to people who paid federal income tax last year, meaning it would be no help at all to the millions of low-income Americans who pay no income taxes but arguably suffer the most in times of rising fuel prices. About 100 million taxpayers would qualify for the rebate, which would be limited to filers with incomes under $150,000 for couples or about $100,000 for singles. It would cost more than $10 billion.
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Economy growing strongly despite soaring gas prices, critics say
For nation "addicted to oil," as President Bush put it, Senate Republicans have a proposal that can only be described as enabling: Put $100 back into the pocket of every taxpayer.
The proposal, unveiled Thursday, has been roundly criticized not only by Democrats but also by fiscal conservatives who warn it will widen the deficit while doing little to encourage energy conservation.
"It could be one of the dumbest ideas of the year," said Jerry Taylor, a senior fellow at the conservative Cato Institute. "I haven't looked at all of the ideas yet, but it's got to be right up there."
Taylor pointed out that as proposed, the rebate would go only to people who paid federal income tax last year, meaning it would be no help at all to the millions of low-income Americans who pay no income taxes but arguably suffer the most in times of rising fuel prices. About 100 million taxpayers would qualify for the rebate, which would be limited to filers with incomes under $150,000 for couples or about $100,000 for singles. It would cost more than $10 billion.
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