Seriously, I'd rather be shot in the leg.
Tax Holiday 2009
- Thread starter Beachbummette
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Seriously, I'd rather be shot in the leg.
skunky's right. If there were no withholding, and every employee had to write a check to the IRS each week, like they were paying the bill (which they are), there would be freaking outrage and an overthrowing of gov't and the IRS. I'm willing to jump in, but not if everyone else is just going to stay boozed up, watching football, golf, and Nascar races.
Us instead of them
I listened to the senator today on a radio show and his opinion is that giving the money to the people instead of the poorly run companies would help many get out of their situations with their mortgages and others can use the money to get rid of their gas guzzler and buy a more efficient vehicle. Giving the companies money sends the message that they can mismanage and do whatever they want and Uncle Sam is going to give them money when they get in trouble. This is not going to get them to change their practices, which from what I understand is being put forth as necessary going forward. However, I'm confused about how the mortgage problem will be solved by people being able to pay up a couple of months. They still won't have the income to sustain it after that. He also said that some people could put the money in the bank and that this would improve people's confidence (because they have a small buffer if needed) and the banks would benefit too. Thoughts?
I listened to the senator today on a radio show and his opinion is that giving the money to the people instead of the poorly run companies would help many get out of their situations with their mortgages and others can use the money to get rid of their gas guzzler and buy a more efficient vehicle. Giving the companies money sends the message that they can mismanage and do whatever they want and Uncle Sam is going to give them money when they get in trouble. This is not going to get them to change their practices, which from what I understand is being put forth as necessary going forward. However, I'm confused about how the mortgage problem will be solved by people being able to pay up a couple of months. They still won't have the income to sustain it after that. He also said that some people could put the money in the bank and that this would improve people's confidence (because they have a small buffer if needed) and the banks would benefit too. Thoughts?
Yeah give it to the people, they'll spend it wisely. The problem with that statement is spend. People aren't going to save it. The last stimulus check that went out I was working for a vacation rental company. The phone lines lit up once the checks started going out. Good for this area and rental owners, not good for people that live like summer vacation is the last thing they'll ever spend money on.
You see, the thing is, the people earned it and give it to the government (without any say in the matter). People spending is one way we get the economy chugging again.
I know what you mean...early last year I was at the bank standing behind two 20-somethings. One said to the other, "Did you get your tax refund yet?" the other said, "No, but I'll be getting it any day--I use it to pay off the balance on one of my credit cards every year." She went on to explain how smart and responsible she is by charging on her credit cards, paying minimum each month (Read: interest) and then paying off as much of the balance as she can with her refund check. I was dying to give her one of those V-8 forehead smacks
Maybe instead of a tax holiday, the government needs to fund classes in financial education--night school for adults and MANADATORY classes every year of school for our kids...starting with saving in a piggy bank for 1st graders; the stock market, loans and credit cards for middle schoolers; and ending with income taxes, mortgages and 401Ks for high schoolers.
This country is pathetically undereducated when it comes to basic finances--but that's the way banks and brokers prefer it to be.
Do you really think the credit card companies want that kind of competition on campuses? ;-)
I think credit card companies will get their comeuppance when they attempt to collect the $15,000 Campus Barbie ran up on her co-signed Visa and find that "Mom and Dad" are living in a dumpster surviving on Ole Roy and government cheese.
.
Not really, they'll just get it from the government.
http://kevincolby.com/2008/11/14/capital-one-bailout-bio/