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I agree that people with no earned income should not get rebates (and they won't) but hundreds of thousands, if not millions, of working poor are usually left out of these rebates. I'm glad the Dems added them to the mix this time.
Last Edit: Jan 25, 2008 9:16:11 GMT -5 by troo - Back to Top
2nd - I am not sure how the rebates will affect the tax issue - my understanding is that these will be treated as income and we will have to declare them as income on 2008 taxes and then pay additional taxes on the money because they gave it to us
I'm no tax expert but I ran into a situation last year and found out that if an company pays you $600 or more you have to claim it.
Since this is such a special circumstance, I doubt we'll have to pay taxes on it. That would defeat the purpose.
Rebate checks could soon be coming as the government attempts to jumpstart the economy and minimize the impact of a recession this year.
Congress and President Bush reached agreement Thursday on the size of the checks, and who will qualify to receive one.
The goal: to stimulate the economy by getting consumers to spend again.
Under the new agreement, the government will send out the following rebate checks, as early as June:
* Most individual taxpayers will receive a $600 check, with another $300 per child. * There will be a $1,200 family maximum * You will receive a smaller check, however, or none at all, if you earn more than $75,000, or $150,000 as a couple filing jointly.
Good news for lower income consumers who pay no Federal Income Tax: they will still be able to recive a check: Congress has mandated that $300 to $600 checks go out to low income earners, as long as they receive a regular paycheck and pay into the Social Security System
The deal could be signed by President Bush at any time.
You will not have to pay income tax on the checks, as they are an advance on next year's tax cut.
So, no you will not have to claim it as income next year. Yes, even if you didn't pay income taxes you may get a check of at least 300 dollars.
2nd - I am not sure how the rebates will affect the tax issue - my understanding is that these will be treated as income and we will have to declare them as income on 2008 taxes and then pay additional taxes on the money because they gave it to us
I'm no tax expert but I ran into a situation last year and found out that if an company pays you $600 or more you have to claim it.
Since this is such a special circumstance, I doubt we'll have to pay taxes on it. That would defeat the purpose.
When this happend in 2001 it was a front for the following years taxes. So it isnt as much as free money but it will be applied against the following years return. Plus, in 2001 they did it in the order if SS # by the last 4 numbers. For example if you last 4 are 1001 you will be in the first batch if it is 9999 you will be in the last batch.
The goverment says to spend it not save to do our part to help the economy. If they get it to me before June 12 I will be sure to spend it.
well that sucks - I was hoping for at least $2100 for my family
I mean $1200 is good but it is not gonna help me out a whole lot and it is not gonna go back into the economy the way they want it to (I don't think) because all it is going to do is pay medical bills that have not been paid
meg, I was thining you get an above 1200. 1200 is for couples but you can get 300 per child.
That is what I was thinking also but according to what Knox posted from abc.com - there will be $1,200 family maximum - wonder if that includes the kids???
$2,100 would let us replace the fence in our yard - it REALLY needs replacing and then - once the fence is fixed I can start haunting the animal shelter for a Boxer dog
meg, I was thining you get an above 1200. 1200 is for couples but you can get 300 per child.
That is what I was thinking also but according to what Knox posted from abc.com - there will be $1,200 family maximum - wonder if that includes the kids???
$2,100 would let us replace the fence in our yard - it REALLY needs replacing and then - once the fence is fixed I can start haunting the animal shelter for a Boxer dog
Then I really hope it's for $2100 for you. All shelter dogs need a home. Hope you can get one.
As you know, I have seven pond puppies and am glad I got them all.
That is what I was thinking also but according to what Knox posted from abc.com - there will be $1,200 family maximum - wonder if that includes the kids???
$2,100 would let us replace the fence in our yard - it REALLY needs replacing and then - once the fence is fixed I can start haunting the animal shelter for a Boxer dog
Then I really hope it's for $2100 for you. All shelter dogs need a home. Hope you can get one.
As you know, I have seven pond puppies and am glad I got them all.
all three of my cats are from the shelter - Boz mom is the director of the Mississippi Animal Rescue League here in Jackson - Boz's Boston terrier (who lives with his mom) is a rescued puppy mill pup.
Post by stallion pt. 2 on Jan 25, 2008 11:55:22 GMT -5
bos1969 said:
troo said:
while I am also glad that he made it for virtually everybody - I also have issues with poorer people that are currently already getting government aid getting a rebate check. My tax dollars fund their life (because - the majority - NOT ALL - of them refuse to get off their a$$ and do anything about improving their lives)
While it is unfortunate that some folks feel the need to mooch of the gov't for extended periods of time, I'd like to point out that the amount we collectivly pay for them to do that is paltry compared to the amout of tax dollars that go to corperations in the form of military contracts, agribusiness subsidies, export subsidies and corperate tax breaks, which exceed social spending by many orders of magnitude.
John: We don't even understand our own music Spider: It doesn't, does it matter whether we understand it? At least it'll give us . . . strength John: I know but maybe we could get into it more if we understood it
Im guessing we all probably fall into the $600 rebate group. It probably wont come till May/June, and thats just in time. im sure all this has been said, but im excited
while I am also glad that he made it for virtually everybody - I also have issues with poorer people that are currently already getting government aid getting a rebate check. My tax dollars fund their life (because - the majority - NOT ALL - of them refuse to get off their a$$ and do anything about improving their lives)
While it is unfortunate that some folks feel the need to mooch of the gov't for extended periods of time, I'd like to point out that the amount we collectivly pay for them to do that is paltry compared to the amout of tax dollars that go to corperations in the form of military contracts, agribusiness subsidies, export subsidies and corperate tax breaks, which exceed social spending by many orders of magnitude.
Thanks for that enlightening "heads-up" now where is my check???? ;D
while I am also glad that he made it for virtually everybody - I also have issues with poorer people that are currently already getting government aid getting a rebate check. My tax dollars fund their life (because - the majority - NOT ALL - of them refuse to get off their a$$ and do anything about improving their lives)
While it is unfortunate that some folks feel the need to mooch of the gov't for extended periods of time, I'd like to point out that the amount we collectivly pay for them to do that is paltry compared to the amout of tax dollars that go to corperations in the form of military contracts, agribusiness subsidies, export subsidies and corperate tax breaks, which exceed social spending by many orders of magnitude.
Look, I'm no expert on economics ...but pumping imaginary money into the economy only creates short term growth and long term inflation. Idiots.
couldn't have said it better myself. i can't see this as anything more than another political move that puts an extremely temporary patch over a situation without fixing the underlying problem of out-of-control spending and an overall lack of fiscal discipline in this country.
if i believed that this would help the economy in the long term, i would be inclined to spend my rebate check (pretty sure i'm getting one, i definitely paid income tax in 2000...) but since i disagree with the principle of it, i'm taking mine and applying 100% of it towards reducing my own personal debt (credit card, auto finance, student loan, etc)
hopefully the government starts following my lead at some point.
Maybe I'll throw myself to the dogs, but my back's not to the wall Maybe I'll lay some bricks for the man, but the days just aren't that long So if I settle back and chill will I see far enough to feel the angel's dream? I thought it was the Story of the World!
Post by SouthGA_Festival Machine on Jan 25, 2008 12:18:33 GMT -5
troo said:
bos1969 said:
That is what I was thinking also but according to what Knox posted from abc.com - there will be $1,200 family maximum - wonder if that includes the kids???
$2,100 would let us replace the fence in our yard - it REALLY needs replacing and then - once the fence is fixed I can start haunting the animal shelter for a Boxer dog
Then I really hope it's for $2100 for you. All shelter dogs need a home. Hope you can get one.
As you know, I have seven pond puppies and am glad I got them all.
Look, I'm no expert on economics ...but pumping imaginary money into the economy only creates short term growth and long term inflation. Idiots.
couldn't have said it better myself. i can't see this as anything more than another political move that puts an extremely temporary patch over a situation without fixing the underlying problem of out-of-control spending and an overall lack of fiscal discipline in this country.
if i believed that this would help the economy in the long term, i would be inclined to spend my rebate check (pretty sure i'm getting one, i definitely paid income tax in 2000...) but since i disagree with the principle of it, i'm taking mine and applying 100% of it towards reducing my own personal debt (credit card, auto finance, student loan, etc)
hopefully the government starts following my lead at some point.
You are correct. Just like the Fed's rate cut, it will cause a short term bounce but is a bad long term idea. The dollar dropped again when both the rate cut and "stimulus" were announced. These are a sure recipe for inflation (as if food and gas prices haven't risen enough.)
But Bush is leaving office in a year and is just trying to patch the the dam until he's gone. then it's someone else problem and they can take all the blame.
(Wow something weird just happened. I typed "patch the d-i-k-e" and it was replace automatically with "I'm an idiot." Hmmmm. I guess to do the sexually degrading interpretation. Well dam will work)
Last Edit: Jan 25, 2008 12:29:15 GMT -5 by troo - Back to Top
Post by SouthGA_Festival Machine on Jan 25, 2008 12:32:56 GMT -5
xiphoid420 said:
ramblinman said:
Look, I'm no expert on economics ...but pumping imaginary money into the economy only creates short term growth and long term inflation. Idiots.
couldn't have said it better myself. i can't see this as anything more than another political move that puts an extremely temporary patch over a situation without fixing the underlying problem of out-of-control spending and an overall lack of fiscal discipline in this country.
if i believed that this would help the economy in the long term, i would be inclined to spend my rebate check (pretty sure i'm getting one, i definitely paid income tax in 2000...) but since i disagree with the principle of it, i'm taking mine and applying 100% of it towards reducing my own personal debt (credit card, auto finance, student loan, etc)
hopefully the government starts following my lead at some point.
Maybe I'll throw myself to the dogs, but my back's not to the wall Maybe I'll lay some bricks for the man, but the days just aren't that long So if I settle back and chill will I see far enough to feel the angel's dream? I thought it was the Story of the World!
Post by SouthGA_Festival Machine on Jan 25, 2008 12:37:20 GMT -5
patch the dike
troo said:
xiphoid420 said:
couldn't have said it better myself. i can't see this as anything more than another political move that puts an extremely temporary patch over a situation without fixing the underlying problem of out-of-control spending and an overall lack of fiscal discipline in this country.
if i believed that this would help the economy in the long term, i would be inclined to spend my rebate check (pretty sure i'm getting one, i definitely paid income tax in 2000...) but since i disagree with the principle of it, i'm taking mine and applying 100% of it towards reducing my own personal debt (credit card, auto finance, student loan, etc)
hopefully the government starts following my lead at some point.
You are correct. Just like the Fed's rate cut, it will cause a short term bounce but is a bad long term idea. The dollar dropped again when both the rate cut and "stimulus" were announced. These are a sure recipe for inflation (as if food and gas prices haven't risen enough.)
But Bush is leaving office in a year and is just trying to patch the the dam until he's gone. then it's someone else problem and they can take all the blame.
(Wow something weird just happened. I typed "patch the d-i-k-e" and it was replace automatically with "I'm an idiot." Hmmmm. I guess to do the sexually degrading interpretation. Well dam will work)
^ I believe thats one of the words that starts off in the censored list from ProBoards. They have common mispellings in there, the original word is as well..
^ I believe thats one of the words that starts off in the censored list from ProBoards. They have common mispellings in there, the original word is as well..
Not a problem. Just found it interesting. (especially that it was allowed in quotes - like xiphoid used it)
Now let's get back on topic
Last Edit: Jan 25, 2008 12:56:36 GMT -5 by troo - Back to Top
