Re: {OT}White House Says 'Clunkers' Rebate Plan Will Go On


"FatMoe" <FatMoe@xxxxxxxxxxxxxxxxxxx> wrote in message
news:4a7309eb$0$23751$bbae4d71@xxxxxxxxxxxxxxxxxxxxxx
I'm holding out for a new pickup and 3742.04 dollars back, IN CASH!
http://www.nytimes.com/?emc=na



How come the White House comes up with these silly plans to spur consumption
that pour money into the system at the top, or the middle, instead of at the
bottom where the consumption actually takes place?

For example; instead of cashing out the clunkers, give a tax reduction on
the income tax form? We used to give a tax benefit for interest paid on car
loans. Hell, we used to have a deduction for interest paid on credit cards!
The idea is that interest PAID by a person is interest EARNED by another
person, and the IRS collects taxes on earned income, and if income is paid
out as interest on a loan, then the income is not actually earned by that
person, and therefore lowers the taxable income of that person, and
therefore the tax liability.

At the end of the day (or year), the government will have the same cash
outlay in terms of total dollars -- reduced tax collections or actual
dollars spread around the landscape -- but tax benefits would go to more
people, and more people with more money would buy more stuff that would be a
wider and deeper benefit to the economy at large.

The Obama Administration is saddling me with huge new taxes to cover the
stimulous spending, but not one dime of stimulous spending is coming my way.

If the government wants to REALLY stimulate the economy, it must find a way
to infuse dollars down on the street where you and I are so that we can buy
the stuff we want. We buy stuff, and the makers of stuff hire a new guy to
make it, and he buys stuff that the maker of that stuff hires a new guy, and
so on.

The engine of the economy is you and I buying stuff. Until we crack our
checkbooks and fill our homes with new stuff, the economy will wallow in the
dumper. Obama can print truckloads of money and pass it around to the banks,
but that won't help you and I. What we need is a break on taxation that
leaves more of our own hard-earned money in our pockets so we can use it for
the stuff we want, not the stuff the government thinks we want.

Frankly, I don't like the government presuming to think it knows what is
best for me. A government that presumes to know my needs is a government
with far too much control over my life.

Cash for Clunkers helps car companies to sell cars, but a tax deduction for
automotive loan interest also helps car companies selll cars and it helps
MORE people to buy cars, which helps car companies more than the Cash for
Clunkers program.

I'm on the fence over a decision to buy a new car, but I don't have a
clunker to dump so I can't use the current incentives to get me off of the
fence. but, if I could get a tax break for the interest paid, and the sales
tax I pay to my state (among the highest sales tax rates in the nation, by
the way), that would be enough to drag me off of the fence and into the
showroom.

The goal of government should be to spur the economy across as many sectors
as is possible. That happens when the consumers get out of the house and
spend money. That's the only way it happens. Well, it happens one other way
....

Government can engage in the construction of durable projects, roads and
bridges, that sort of thing that remains long after the money is spent.
These kinds of things bring people into the work force, they become
consumers that ultimately get out of the house and spend money. I'm sure
there are other examples of durable projects that create hard, tangible
benefits that have long standing societal importance.

If somebody wants to study the sex habits of a housefly, fine. But do not
pretend that government throwing money at such a study is good for anything.
It is not.













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