what are you going to spend your tax rebate on? I'm going to buy "exploitation of the independents" , vodka, dinosaur jr's first album and some good food. So we know how it will affect me. But how about the larger economy? Well, the problem is rebates are a temporary measure. real change comes from permanent distinct changes in the system itself. There is not a hint of that in this much ballyhooed "bipartisan" bill. no spending cuts, no tax cuts, no redirection away from the problems that brought on the call for this action in the first place. I hope everyone will spend some of their rebate on safe sex products. 
The Dangerous Stimulusby Ron Paul
Before the House of Representatives, January 29, 2008
Madame Speaker, I find it odd that HR 5140, a bill allegedly designed to provide a stimulus for the anemic American economy, contains provisions that could damage the economy and hurt American taxpayers. Specifically, the provisions increasing the loan limitations of the Federal Housing Administration and the Government Sponsored Enterprises (e.g. Fannie Mae and Freddie Mac), will exacerbate the long-term problems in the housing market, and may even lead to a future taxpayer bailout of the housing industry. The recent bursting of the housing bubble should have taught my colleagues the dangers of government policies that distort the market by diverting resources to housing, when those resources would be more efficiently used in other sectors of the economy.
Ironically, many of the same members who insisted that upper-income taxpayers be denied the tax rebates are enthusiastic champions of the provisions in HR 5140 increasing the FHA loan limit to $633,500 and the GSE loan limit to $729,750. This increase in the loan limits represents a generous taxpayer subsidy to high-income homeowners.
A one-time “rebate” check, while it may provide a temporary boost to many working American families struggling with the current downturn, is not going to provide the type of sustained income growth necessary to restore consumer confidence. In fact, history shows that when the government forgoes serious tax cuts in favor of one-time “rebates” most people either save the money for a “rainy day” or use it to pay down some of their debt.In addition, I am concerned that the 50% bonus depreciation and the increase in the amount of qualifying purchases that small businesses can expense in the year they bought their equipment will be of limited effectiveness because they are limited to one year.
A more effective way to stimulate the economy would be to make the 2001 and 2003 tax cuts permanent 
. I also hope Congress considers the long-term tax cuts contained in HR 5109, the Economic Growth Act.
Congress should also pass my
Tax Free Tips Act (HR 3664), which makes tips exempt from Federal income and payroll taxes. Making tips tax-free will strengthen American families and the American economy by allowing millions of hard-working Americans to devote more resources to their children’s, or their own, education, or to save for a home, retirement, or to start their own businesses.
Another disturbing feature of HR 5140 is that, instead of taking the fiscally responsible course and pairing the tax cuts with spending cuts,
this bill simply adds to the national deficit. ....rest at link
