After defunding the renters' and homeowners' tax assistance program (known as the "renters' rebate") on grounds that the state could not afford to make any tax rebate payments to low-income senior, blind and disabled Californians, the Governor has signed new legislation to give …

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The federal government, eager to boost the flagging economy, will start distributing special tax rebates on Monday - five days earlier than expected, the Treasury Department said Thursday. The department had said last month that it would begin giving rebates on May 2.

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The nation's employers eliminated tens of thousands of jobs for the third month in a row, the government reported Friday, and top Democrats immediately called for new measures to help suffering American workers.

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Tax rebates are the centerpiece of the government's plan to stimulate the economy, but many Americans are planning to put the money in the bank or use it to pay off debt, according to a survey released Monday.

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President Bush said the administration and the US Federal Reserve have taken action to stimulate the economy and he counselled the public to be patient because the economy would respond.

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Excerpts: The stimulus plan Congress approved this month may provide less of a jolt to the U.S. economy than intended, as most Americans plan to save rather than spend their tax rebates, a Bloomberg/Los Angeles Times survey shows.

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Senate Republicans on Wednesday narrowly blocked a Democratic-backed economic stimulus plan valued at about $157 billion that would have provided benefits for the long-term unemployed and expanded proposed tax rebates to include retirees and disabled veterans.

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The Real Recession Problem: Consumers Are at the End of Their Ropes Monday, January 28, 2008 by Robert Reich

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Politicians are scrambling to offer a stimulus package, and Fed Chairman Ben Bernanke is slashing interest rates. But they may be paving the way for a bigger calamity down the road. By Shawn Tully, editor at large

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So for all the freaking taxes that I pay every year I will get none of it back as a result of this stimulus package. But illegals? Come collect another check. WTF???

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The WSWS reports:

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WASHINGTON - Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.

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Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes.

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WASHINGTON — President Bush called on Friday for a $145 billion to $150 billion mix of tax rebates for American families and incentives for businesses to provide "a shot in the arm to keep a fundamentally strong economy healthy" and avert a slide into recession.

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Are We THAT Stupid??? What is Really Bankrupting the US??? (P.S.It's not Iraq.....)

Every now and again, a good friend of mine will send something to me that causes me to pause.

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President Bush and Federal Reserve Chairman Ben Bernanke on Thursday embraced calls for an economic stimulus package to avert recession. Bernanke said such a plan should be quickly implemented and temporary so that it won't complicate longer-term fiscal challenges.

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Battling inflation fuelled mainly by rising food prices, China announced yesterday that it would scrap the 13 per cent tax rebate on exports of grains to discourage overseas sales.

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