What does that accomplish? Those who have saving instruments, such as savings accounts, Treasury Notes, Bonds will see an increase in their earnings. Those who need to borrow money will find themselves paying higher rates to the lender. In effect, the poor are subsidizing the rich.

The Fed needs to find some other way of fighting inflation without hurting the poorest among us and rewarding the rich.

Home Mortgages

The problem went right along with the Feds's insistence in futzing with the interest rates, combined with ignorance of aspiring homeowners and predatory lending.
The interest rate during the first Bush recession in 2001 was 4.5%, and by the middle of 2003 it was lowered in decrements to 1%. This made home-loans very attractive, especially to first-time buyers of homes, but when the Feds in the middle of 2004 started raising rates during 17 consecutive sessions which killed off those buyers.

Bush's Stimulus Plan.

The idea here is to get money into the economy as fast as possible, and they are talking about a tax rebate, rumored to amount up to a maximum of $800 for single taxpayers, and $1600 for those who filed a joint account probably in 2006, few having filed for 2007 at this date.

Do they really believe that someone who paid $thousands in taxes in 2006 will take the $1,600 and spend it? On what? The upper middle class and the rich have been buying what they need or want all along. So let's stop talking about 'Tax Rebates' and talk about an 'Economy Stimulus'. Give money to all who filed in 2006. The amount being $800 and $1,600 as above to all, reduced by the amount of tax they paid in 2006. This will put money into the economy.
Others are even talking about eliminating certain taxes that are earned by equity traders (Capital Gains, etc.), but they too apply to the more affluent. I know of no laborer, clerk, hotel and restaurant worker who has any illusions of getting rich in the market.

Cutting taxes

All of the Republican candidates and pundits talk tax cuts, tax cuts, tax cuts. But every federal tax cutter (Reagan, Bush 41 and Bush 43) has accomplished nothing but increase the national debt, each successive president out-borrowing the one before. Same applies to Governors (Huckabee, Romney and Giuliani), who have all left deficits. Some Conservatives still see this as the way to a great economy except they admit that tax cuts need to be complemented by spending cuts. So are they not doing things backwards? Should they not cut spending first, and then cut taxes? But no, that looks too much like what the Democrats want to do, that is Pay-Go.