it is a dollar for dollar reduction in the amount of income tax owed.
Wow, that's pretty amazing. It's a complete give away of 8K, with some income limits. No wonder we've seen a spike in sales. I wonder if Congress will renew it to keep juicing the system or let it expire?
Screw this socialistic handout country.we're a broke country giving out money we don't have.watch and learn as interest rates sky to 7-15% over the next 2-10 years as out debt balloons to $15 trillion and we can't make our interest payments and default. our country has changed forever and economic activity will be slow and recession like for years to come. we're another japan with a down to sideways stock mkt and economy for as far as the eye can see.if printing money to solve problems worked all country's would do it.i expect mass protests in the capital and mass non tax compliance in the years to come
Stop predicting the the sky is falling.
Have you heard, Japan is having a very nice recovery. In fact, the first among of all other nations.
tidewater maybe you didn't here the sky already fell for the 10% unemployed.japan has had a nice recovery?you must be hiding under a rock. japan has been in a deflationary spiral for 20 years. there stock market is down 80% from 1989. the reason why is the same path the usa is taking. because we couldn't make the tough decision and let weak co's fail we've propped them up employing huge borrowing of $12 trillion we don't have. this is called a misallocation of capital(using money that should go toward productive assets instead goes to prop up dying co's that will fail anyway). this misdirection of capital actually impedes the growth of the economy long term(an example is japan who has had zero interest rates for 20 years and almost no growth). america is now starting down the same path. japan overconsumed in the 1980's as has the us has for 30 years. now comes the retrenchment in the usa were americans must live within there means which means spending much less and paying massive debt down.what does this mean for the economy longer term? its not very bright as we have such an overcapacity in such areas as retail and restraunts that eventually many fo these co's must go bankrupt to adjust supply and demand to the new economy.but our gov't refused to take the short term pain and allow the strong to survive and weak to perish thus flushing the system and making it stronger. instead they flooded the system with printed dollars thus in the short term saving a few co's and crushing our currency and reducing our standard of living and buying power going foward. this will backfire badly as over time foreigners will shun the weakening $ causing interest rates to rise over time as in order to attract foreign capital we'll have to entice buyers with higher rates.in addition with a $12 trillion debt now comes the back end of much higher taxes to pay the debt down thus impeding growth for years to come.just a small overview of whats happend the past 12 months.