Originally posted by dadudemon
The house and senate passed the bill that said $600 for an individual who makes between $3000 and $75000 and $1200 for couples who make less than $150000 plus $300 for each child for both types. We know exactly how much that it will end up being. I highly doubt that Bush would veto this bill after it was passed by such a large majority by congress.Will the wife know?
Yes, I am saying I was wrong.
Know? She'll be in the middle.
Originally posted by Robtard
Yes, I believe we are being taxed on it, so don't expect the full $600.00 if you're single.I'm blowing mine on an Asian hooker.
No- you are NEVER taxed on tax returns, which this essentially is. So you will get the full amount that congress finally decides upon.
Enjoy your Asian hooker- I hope he is nice (just a joke- don't get steamed).
PS- Stimulus... package? Kind of reminds me of Bevis and Butt-head.
My estimations on how this will be handled...
1. The money will go down as "income" for the 2008 tax year and you will put it down in a special field when you file your taxes in 2009.
2. It is free and clear money because it is designed to boost the economy so no strings are attached. Two possible "scenarios":
a) It will be hard as hell to ensure your check.
b) Other than a few hiccups concerning dependants and qualifications on couples, it will be a smooth and easy process for just about everyone.
3. This money will be directly taken out of your "federal taxes paid" amount for the 2008 tax year. In other words, you're ****ed if you don't already overpay by the same margin of your check amount.
Considering I claim 0 and I have two children, I shouldn't have any problems. Because I had a child for this year(the 2007 tax season), my tax deductible was $10,700!!! (I would have to make a butt load of money in order to pay out that much in federal taxes.)
Of course, I didn't pay that much in federal this year but I DID get all of my federal income taxes back this year. It is all going to bills...along with this check coming this late spring.
What will you all do with your check if you get one?
From what I've read, this isn't going to count towards or against taxes for this year or next. It's not going to subject to taxes before you get it. It's a clean, free 600 dollars to jump start the economy. The article I read, I don't remember if it was CNN or on Yahoo!, made it pretty clear that this is a no-strings attached attempt to jump-start the economy.
That said, I'm just not smart enough to know if it will help or not. I think a large portion of people will spend most of it, as Americans aren't very well known for their ability to save money.
Originally posted by Kinneary
From what I've read, this isn't going to count towards or against taxes for this year or next. It's not going to subject to taxes before you get it. It's a clean, free 600 dollars to jump start the economy. The article I read, I don't remember if it was CNN or on Yahoo!, made it pretty clear that this is a no-strings attached attempt to jump-start the economy.That said, I'm just not smart enough to know if it will help or not. I think a large portion of people will spend most of it, as Americans aren't very well known for their ability to save money.
My brother-in-law studied economics for many years in college and he is currently a consultant for many different kind of investors....so this thing had some big interest for him.
I asked him if this was a good move by the government and he said that the impact will be short lived ...maybe a year at the most. He said that it very well may be the catalyst that restarts the economy and by the time this money's effects wear off, it very well may have done what it was intended to do: Restart the economy in an upwards swing.
He said that this plan seems to be more about psychology than actually giving the people buying power. He figures that if the people can be prompted to start spending money again, this should work...which is why it is a substantial amount of money. He finally said that if the Americans start spending their money again and start trying to improve business, it should work fine to continue growth beyond that first year. If not, then this will at least give a short term boost.
I kind of disagree with how long it will last because he was saying that realistically, it would boost the economy about six months.
I don't know how his analysis helps put this in perspective but he is a professional and he has to think about this stuff all day and offer rich people advice...............so he may be right about his assessment.
same here. pay bills if need be. deposite whats left, if any.
no shopping. point is, the theory is only practical if we run out and piss it all away on consumer items.
:edit: dont get me wrong. im all for taking the money. we're ****ed anyway since exponentially more is being shoveled into that bottomless money pit that is iraq.
Update:
There is a link to calculate your Refund. You need your completed 1040, 1040A, or 1040EZ form to be able to complete this and get your calculation.
As I expected, they will send me $1800 for having two kids and making less than $150,000 for 2007. I am not complaining.
Here are the refund dates:
Originally posted by dadudemon
Update:There is a link to calculate your Refund. You need your completed 1040, 1040A, or 1040EZ form to be able to complete this and get your calculation.
As I expected, they will send me $1800 for having two kids and making less than $150,000 for 2007. I am not complaining.
Here are the refund dates:
What if your wife's SS # is lower than yours? Whose do they go by?
Originally posted by chithappens
Does anyone think this will really boost the economy?
Originally posted by dadudemon
At the risk of being disagreed with and pwned, I believe it will do exactly as its designed to do.I believe the economy will be greatly stimulated and it will have a lasting effect on the economy. I figure the economy will start to rise again after these millions of checks start going out. This rise may just be a catalyst t o start another economic upturn for the next several years. If that occurs, then these actions were effective, no matter what type of pessimism is thrown at these actions....*cough*digimark*cough* 😛
I understand the logic behind this legislation. Literally billions of dollars could be lost even if our economy's growth is just slightly slowed, much less going into a recession. If this money DOES jump start the economy to a nice HEALTHY upturn, then literally billions of dollars in differential growth would occur, possibly generating much more than just a $130 billion in a differential growth.
Of course, nay sayers my attribute the growth as non-related if there isn't a sudden spike in the economy.