$600 tax stimulus plan

[6string79]

Mine's going to Disneyland ..

(Disneyworld to be exact) ... that should cover about one day!

The whole thing is silly... stimulus package..ha!

I think it's ridiculous.. just a way to make us think they actually care and are working hard on a resolution for our ailing economy. And to make us believe that they are addressing the problem. A silly attempt to try to create a false sense of security and confidence in the health of our economy.

Most people will go out and buy a new big screen ... but of course, a big screen isn't complete without the Upgraded Digital Cable package, entertainment center, stereo surround sound etc, etc.. all amounting to additional debt to already strapped consumers.


Exactly, how is this going to help those unfortunate souls (greedy saps in some cases) who are losing their homes to foreclosure....? This won't even cover one month's mortgage payment for most people.

I think it's a silly idea.

It's not exactly picture perfect. But it's better than nothing. I will take $20 if they give it to me. But $600 is definitely some healthy pocket change. Try to see the glass half full as opposed to half empty.

[fsusurfer]

Yup.

Because buying gold when it's at record high levels is a GREAT idea.

It actually is a good idea. Gold will top 1000 in the very near future, and will probably touch its inflation-based high (in the early eighties gold was at $850oz, which inflation-rated is near 1600 dollars) in the next 2-3 years. I dont think the market is going to give you that kind of return (70-80&#37 over the next 2-3 years as Hellicopter Ben keeps dumping money, and running the printing press.

[MadMonk]

That's not living the American dream. lol

It is if your dream includes being out of debt (as I do).

[bretthexum]

Is this money going to come out of my refund next year?

Doesn't matter. I'll do the same thing I usually do with windfalls.

Hookers and blow.







Or you know...Put it on the mortgage or in the retirement fund.

Sounds like a plan to me. Bookin the SW flight to Vegas as we speak...

[metro]

One thing that's never been clarified in anything I've read on this: What about married couples with only one income? I worked last year, but my wife didn't (by choice). Will we get $600 because I was the only taxpayer last year, or will we get $1,200 because we're married? I'm guessing $600, but like I said, nothing I've read has addressed this.

Do a google search for the official details is your best bet! Please keep in mind most info posted in this thread is somewhat inaccurate. The refund is UP TO $600 for individuals and UP TO $1200 for couples in which at least one person paid at least $3000 in taxes. If you paid less or none, you will probably get $300 a person. Also each child you have is a $300 refund. Oh, and you have to file a 2007 tax return.

[Lauri101]

As usual, our (IRS) website is a bit behind, but, in general, providing the income limits are ok, a narried couple fiking a joint return will get $1200, plus kid money, even if only one spouse worked.

Look at Internal Revenue Service- the latest is posted and being updated daily.

[OKCDrummer77]

Well, I met the conditions outlined by Midtowner and Lauri101, so $1,200 it is. Now to decide wha to spend it on...

Thanks for the input, everyone.

[fromdust]

Mine's going to Disneyland ..



The whole thing is silly... stimulus package..ha!

I think it's ridiculous.. just a way to make us think they actually care and are working hard on a resolution for our ailing economy. And to make us believe that they are addressing the problem. A silly attempt to try to create a false sense of security and confidence in the health of our economy.

Most people will go out and buy a new big screen ... but of course, a big screen isn't complete without the Upgraded Digital Cable package, entertainment center, stereo surround sound etc, etc.. all amounting to additional debt to already strapped consumers.

it is ridiclous. the government is saying how much they care by giving us this money. its our money to begin with! not to mention they dont even have it and have to borrow it from china.
anyway karried if this poll says anything about us, most of us wont be spending it.
A recent Associated Press-Ipos poll indicates most people have other plans. Forty-five percent said they planned to pay off bills, while 32 percent said they would save or invest it. Only 19 percent said they would spend their rebates.
so 77% of people wont be putting it back into the economy.

[venture]

While the money is nice an all, I echo the comments that this is either too little or just a false hope idea. The amount being what it is, will force people to choose between paying bills and debt or buying something new. Majority are going to go for paying bills. About the only way you would have gotten people to blow the money on items they don't need and create new spending in the economy is if it was around $1500 per person. Yeah a lot of money, but then you would be more inclined to go buy that new TV or whatever.

It's a good idea, just that the amount of debt America is in right now...it won't really help.

[Karried]

I was watching the news and wanted to post to be cautious of the Scam artists.. out in force... big jerks...

They are already calling and sending emails to get bank info and social securities.

Do NOT give out any info even to a legitimate looking website or official sounding phone call.

[kmf563]

How many single people with kids do you know actually qualify for this? With that EIC credit and child tax, tax day is like another holiday for me. I love tax day. So I kind of feel like I'm getting screwed here. Mama needs a new pair of shoes! I want free money too!!

[Karried]

Why wouldn't you get it? At the very least, you should be able to get $900 - right?

Q: I know some people won’t get a stimulus payment. How do I know if I’m one of them?
A: You won’t get a stimulus payment in 2008, if any of the following apply to you:

• You don’t file a 2007 tax return.
• Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.
• You can be claimed as a dependent on someone else’s return. For example, this would include a child or student who can be claimed on a parent’s return.
• You do not have a valid Social Security Number.
• You are a nonresident alien.
• You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.

[bigjkt405]

I'm thinking about $500 will be spending money on our cruise..... and the rest will be banked.... married w/ 2 kids.....

[Karried]

I'm thinking about $500 will be spending money on our cruise

tee hee, that's is our bar bill..

What cruise are you taking? I've been on CruiseCritic all morning.. I think we are booking the Bahama/VirginIsland out of Orlanda in Aug.

We've been there before so it's not my first choice but our good friends are going and already booked that itinerary.

Where are you headed?

[bigjkt405]

We're headed on a quick little 4 day jaunt to Cozumel leaving out of Galveston with the wife. $500 was my bar tab on my last cruise., but that was a "Mancation".

She has wanted to go on another since my folks sent us on a 7 day for our honeymoon a couple of summer's ago.

[Karried]

Very cool, check out Cruisecritic.com for a lot of excursion ideas.. we always hit Paradise Beach but their prices have gone up a lot recently.

I'll get back to topic now ( sorry!) but if you have any questions, feel free to PM me or start a thread on cruising.

Have fun!

[fsusurfer]

Well, at this rate the 600 "refund" you get might get you a half ounce of gold. However, I'd rather have the gold in my hand than 600 pieces of paper that keep losing value day after day, as the Helicopter Ben and the Fed keep injecting more money into the Financial system. Prepare yourself folks, we are about to witness the biggest transfer of wealth in history.

[Thunder]

I was going to pay off a debt, but at such a bad timing, I had to buy tires.