Tax Relief

by Tiffany Melnik

Earlier today, Wednesday, February 13, 2008, President Bush signed a tax-relief bill. This will allow all taxpaying Americans to receive some money back besides the traditional tax returns. By signing this, President Bush is hoping it will improve the economy in many ways.

One way this will improve the economy is by allowing all working Americans to get some extra money. These are middle and lower class citizens that are currently struggling to get by on a shoestring budget. These people will most likely use that extra cash to pay off old debt or buy things they need in stores. In turn this will provide businesses and the market with extra money and help keep it from going further into negative numbers. People will buy stuff from stores to help them and the stores will order things from other businesses and that way millions of dollars will keep adding up into our economy.

Recently it has got to the point were people cannot afford their mortgages anymore. It is a shame that so many people get involved in houses that a have low percentage mortgages for the first few years and then the percentage rises significantly. Another problem causing people to lose their homes is the fact that taxes on homes are out of sight. For example, my cousin just built a house in Thomas Jefferson and its unbelievable how much she owes in taxes. She will be paying only a few hundred dollars less a month on her taxes as she is on her mortgage. The whole housing market is out of control and is completely ridiculous how much debt citizens are accumulating. It’s amazing what people are required to pay and also what they’re willing to pay. In my opinion, it is much smarter and economical to live in an area that has lower taxes and a nicer house. A lot of people are suffering from the high price of gasoline and food, let alone their taxes and mortgages.

As for President Bush, I Feel he has gotten us deep into the situation we are at now. Although he is trying to help Americans with a tax relief, I feel that it may be to late. The tax relief will most definitely help many Americans along and boost our economy for a short period, but I do not think it is the long-term solution America needs. On the other hand, the tax rebate could provide a good starting ground and provide the beginnings to re-structure and re-energize our struggling economy and in turn help make it stronger.