Legal Commentary

Alternative Economic Stimulus Plans

By Jeralyn

I don't like the economic stimulus plans of either the Government or the candidates. With the October 15 deadline for filing our 2007 tax returns a few days away, I've been focused on tax issues. Here's what I would propose for next year.

• Something similar to the donation boxes for social causes on our tax returns, whereby we could specify an amount up to $10,000 of the taxes we are paying and fill in details of our credit card accounts, and the government would send that amount to the credit card companies and our debt would be reduced. This would give the credit card companies money so they could extend more credit and give consumers more money to spend.

• A moratorium on credit card interest for 180 days. The moratorium on home foreclosures is a great idea for those whose homes are at risk, but it does nothing for renters or homeowners who are current on their mortgages. It's only fair to give everyone a break.

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• A moratorium for a year on tax penalties and interest. This would give taxpayers more money to pay their other bills including mortgage payments and health insurance premiums.

• Tax credits for individuals buying big ticket items like new cars. If the government is going to give businesses tax credits for creating new jobs, there should be something for consumers who help out the economy by spending during these perilous times. It would also help the auto industry.

• A tax credit equal to a percentage of money we lost in the stock market to be applied against taxes we owe.

For other late filers out there, have I missed anything?

Full post as published by TalkLeft on October 13, 2008 (boomark / email).