Economic Stimulous Rebates - Not for NJ!

Once again a plan which on the surface rebates taxpayer money back with the objective of having you spend that money and help the economy. But wait, at the last minute an addition was made for anyone who makes over $3,000 in income-they get a $300 check. Of course, that isn't a rebate, it is welfare as you won't even pay tax at $3,000 income. But there's more(from this article on MSNBC):

The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.

And at $174,000, the rebate phases out completely. Now, to someone is Omaha, these numbers probably seem high in terms of income eligibility. But we live in New
Jersey where $174,000 is less than what a policeman married to a teacher makes. Call this whatever you want but it isn't a tax rebate because it cuts out the people in this country who contribute most of the taxes (this group at $174k and above represent in excess of 40% of all tax receipts).

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