MJN Posted January 24, 2008 Share Posted January 24, 2008 I'm not sure if this is a good thing or not. Quote Link to comment Share on other sites More sharing options...
Guest Katia Posted January 24, 2008 Share Posted January 24, 2008 I'm looking forward to receiving mine. They did this before and it really helped us out. Is there something I'm missing? Quote Link to comment Share on other sites More sharing options...
j.griff Posted January 24, 2008 Share Posted January 24, 2008 I have no political thoughts, my only thoughts are "yay us! more money!". :-) Quote Link to comment Share on other sites More sharing options...
Crissy Posted January 24, 2008 Share Posted January 24, 2008 If checks are being sent to people who do not pay federal income tax, I wonder how they can be called 'rebates'. Don't they *really* just amount to welfare? Quote Link to comment Share on other sites More sharing options...
Crissy Posted January 24, 2008 Share Posted January 24, 2008 "People who pay income taxes will get up to $600. Couples can receive up to $1,200. People with children will get an additional $300 per child. Workers who make at least $3,000, but don't pay taxes will each receive $300 rebates." From ABC News Quote Link to comment Share on other sites More sharing options...
mysticamethyst Posted January 24, 2008 Share Posted January 24, 2008 Its not that I am not going to like the money we are going to get, but I like many, many others are not going to use it the way the govt. wants us to spend it. I like many others will be spending on back bills or new ones not frivolous spending like they are hoping. It is that frivolity that will boost the ecomny; so they say. So, with most of paying bills how is that going to boost the econmy? I dont' get it, or am I missing something huge? Tammy Quote Link to comment Share on other sites More sharing options...
kat19 Posted January 25, 2008 Share Posted January 25, 2008 I am glad we will be getting extra money, but we won't be going on a huge shopping spree to Wal-mart or any other store. We will probably use ours for bills and maybe a few home school supplies :D Quote Link to comment Share on other sites More sharing options...
KristineIN Posted January 25, 2008 Share Posted January 25, 2008 Ok, I'm clueless and didn't know anyone was getting a rebate, can someone point me to more information? Thanks, Kristine Quote Link to comment Share on other sites More sharing options...
Jeanne in MN Posted January 25, 2008 Share Posted January 25, 2008 I'm not highly educated in government and finances, but I'd not be jumping for joy over this. You don't get something for nothing. Maybe it will help avoid a recession, but it could hurt in the long run too. Yeah, like anyone, we'd love the extra cash, but in the end it will come back and bite you in the butt. When Jesse Ventura, was our governor, we had a surplus in our state coffers and he gave rebates back to everyone in the state. I thought it ridiculous because you don't give back excess money-you hang on to and eventually you will need it. Sure enough, before long there were funding issues. Right now our current governor is wanting to borrow a billion dollars to fix roads, which will also cost us an enormous amount of money in interest. Again, I'm not a financial guru and don't know enough about a potential recession and so on to intelligently answer this, but if nothing else, please don't look at it blindly as a wonderful thing. Nothing in life is free. :( Quote Link to comment Share on other sites More sharing options...
Sue G in PA Posted January 25, 2008 Share Posted January 25, 2008 while I'm thrilled at the rebate (6 children x $300 is a bunch!), we won't be adding much to the economy by spending on luxury items and such. Most will go toward my midwife for prenatal/delivery costs, a few homeschool supplies, credit card bills (eek!). We already did the overspending, KWIM? Anyway, I don't get the mentality, but the rebate will be nice! Quote Link to comment Share on other sites More sharing options...
StaceyinLA Posted January 25, 2008 Share Posted January 25, 2008 and that's what they are hoping will boost the economy. There are just too many folks out there who want it all. Even if people pay it on their credit cards, that will free up room for them to use the credit cards again. Either way, the spending is done. I, personally, will probably be putting the money toward a car for my daughter (especially if the amounts are correct because we'll get $2100-$2400 depending on whether they count 18yodd), so I guess I'll be doing exactly what they want... Quote Link to comment Share on other sites More sharing options...
Mama Lynx Posted January 25, 2008 Share Posted January 25, 2008 Its not that I am not going to like the money we are going to get, but I like many, many others are not going to use it the way the govt. wants us to spend it. I like many others will be spending on back bills or new ones not frivolous spending like they are hoping. It is that frivolity that will boost the ecomny; so they say. So, with most of paying bills how is that going to boost the econmy? I dont' get it, or am I missing something huge? Tammy Playing Devil's advocate, here ... Perhaps, if you use the money to pay your back bills, that will free you up to *spend* money in the near future? Money you'd not be able to spend if you hadn't paid those bills? I betcha it almost always works out to spending, in one way or another. And now, I know NOTHING about this rebate, so I'm off to check the news ... Quote Link to comment Share on other sites More sharing options...
Jennifer in MI Posted January 25, 2008 Share Posted January 25, 2008 I'm like Stacey in LA - I'd be using it to buy something fun! We're currently renovating our fireplace/wall and it's just begging for a new flat screen!!! But, we'd save the rest of it. So, what are the qualifiers? Every tax payer will receive this? Quote Link to comment Share on other sites More sharing options...
Pam "SFSOM" in TN Posted January 25, 2008 Share Posted January 25, 2008 Isn't this simply an advance on next year's tax return? Or am I mistaken? Quote Link to comment Share on other sites More sharing options...
Jenny in Atl Posted January 25, 2008 Share Posted January 25, 2008 Return? :eek: I didn't know there were any out there that still got some of their $$ back. Last year we paid over 8k. That's what you get for owning a small business. I'm sure what we get will go to medical bills or CC'd. Quote Link to comment Share on other sites More sharing options...
Jennifer Posted January 25, 2008 Share Posted January 25, 2008 Is it phased out at higher incomes? (Not that I have a higher income...:rolleyes:) Just wondering because ABC said couples could get "up to" $1200.00. Jennifer Quote Link to comment Share on other sites More sharing options...
Karenciavo Posted January 25, 2008 Share Posted January 25, 2008 I'm sure we won't get any here. :( Karenciavo, overtaxed middle-class small business owner Quote Link to comment Share on other sites More sharing options...
MaryM Posted January 25, 2008 Share Posted January 25, 2008 Isn't this simply an advance on next year's tax return? Or am I mistaken? This is what happened with the last handout, wasn't it? Took many people by surprise last time around. I wonder if it comes too late to have any serious impact...June; seems markets will have adjusted by them but I guess the psychological affect is worth something! Mary Quote Link to comment Share on other sites More sharing options...
kat19 Posted January 25, 2008 Share Posted January 25, 2008 I like your avatar :D Ok, I'm clueless and didn't know anyone was getting a rebate, can someone point me to more information? Thanks, Kristine Quote Link to comment Share on other sites More sharing options...
jail warden Posted January 25, 2008 Share Posted January 25, 2008 I'll be happy to see the money, we are trying to dig our way out of debt. But yes I do wonder about the ramifications, but it doesn't seem politicians think much about that.:) Quote Link to comment Share on other sites More sharing options...
KristineIN Posted January 25, 2008 Share Posted January 25, 2008 I like your avatar :D Thanks, I was tired of looking at myself every time I posted. I can look in the mirror if I want to see myself! :D Kristine Ps. Yours goes well with your name. I was too excited to register to try and come up with something different! Quote Link to comment Share on other sites More sharing options...
Pam "SFSOM" in TN Posted January 25, 2008 Share Posted January 25, 2008 This is what happened with the last handout, wasn't it? Took many people by surprise last time around. I wonder if it comes too late to have any serious impact...June; seems markets will have adjusted by them but I guess the psychological affect is worth something! Mary Yep. "Free money" usually ain't. You know? Quote Link to comment Share on other sites More sharing options...
Tutor Posted January 25, 2008 Share Posted January 25, 2008 I'm not in favor of forced redistribution of wealth. If someone wants to stop by and give me a few hundred dollars, fine (that actually happened this past Dec.; we were floored), but I am not happy that a government is taking money from taxpayers and giving it to other taxpayers. I benefit from this scheme, and I wish it were not a reality. Quote Link to comment Share on other sites More sharing options...
GreenKitty Posted January 25, 2008 Share Posted January 25, 2008 ok...this money for some people will NOT help them... I personally someone who uses the system...unfortunately. So, when the money comes they will spend it all. Then...go back to how they were...waiting on the next time (the THIRD time) they can file bankruptcy. As for the economy I can't see it will be boosted much. As for who gets the money and how much...I can't even comment. Quote Link to comment Share on other sites More sharing options...
Kendra Posted January 25, 2008 Share Posted January 25, 2008 Owning our own business means we never see a return. We always owe. So while $3300 should be coming to us with this rebate, it undoubtedly won't. Remember that when you think your dentist is taking you to the bank ;) Last year my dentist bil paid 26k in taxes. And then there's the overhead, the staff, and the school bills... OK, I'm done :) Quote Link to comment Share on other sites More sharing options...
Laura Corin Posted January 25, 2008 Share Posted January 25, 2008 On the one hand, we pay US taxes and use no US services. Even if we needed to be evacuated from some trouble spot we'd be charged separately for that (it happened to someone I know). On the other hand, I'm unlikely to use any rebate we are given to boost the US economy. Laura Quote Link to comment Share on other sites More sharing options...
cin Posted January 25, 2008 Share Posted January 25, 2008 I think it starts getting reduced at incomes over $75k. :rolleyes: With the way inflation is, 75K could still use some help. Quote Link to comment Share on other sites More sharing options...
Crissy Posted January 25, 2008 Share Posted January 25, 2008 Owning our own business means we never see a return. We always owe. So while $3300 should be coming to us with this rebate, it undoubtedly won't. Remember that when you think your dentist is taking you to the bank ;) Last year my dentist bil paid 26k in taxes. And then there's the overhead, the staff, and the school bills... OK, I'm done :) Yep. We are small business owners and our tax bill last year was over 25K. I wonder if I would take less issue with this 'rebate' scheme if the government would call it what it is. Quote Link to comment Share on other sites More sharing options...
LizzyBee Posted January 25, 2008 Share Posted January 25, 2008 Isn't this simply an advance on next year's tax return? Or am I mistaken? No, this is in addition to what you would normally get back when you file your tax return. The last rebate was an advance payment of the child credit, which was new that year. Anyone who didn't get the rebate (but should have), was able to claim it on their tax return for that year. I imagine they'll do something similar this year, so in that sense, you could say it's an advance on next year's tax return. Quote Link to comment Share on other sites More sharing options...
JudoMom Posted January 25, 2008 Share Posted January 25, 2008 This is what happened with the last handout, wasn't it? Took many people by surprise last time around. I wonder if it comes too late to have any serious impact...June; seems markets will have adjusted by them but I guess the psychological affect is worth something! Mary LOL! This is a quote from an email I sent my dh when he told me what we'd be getting: "True government at work: “Something needs to be done quickly. Let’s speed it up, we’re going into a recession….yep, we can start getting those checks out in 5 months.†". He responded with "Exactly. I guess they are going for the short term psychological effect on the market. I suppose they can’t do much before returns are filed." Heh...just amused me you had the same thought :D. To be honest, dh handles all the finances and I'm not educated hardly at all about it. My gut says it's a good think, but it could just be the spaghetti dinner talking ;). Quote Link to comment Share on other sites More sharing options...
Excelsior! Academy Posted January 25, 2008 Share Posted January 25, 2008 If checks are being sent to people who do not pay federal income tax, I wonder how they can be called 'rebates'. Don't they *really* just amount to welfare? I know when we were in college we were considered low income due to work study, etc. We were able to get a tax refund legally, a small refund, even though we did not have a technical income. Work study, etc. is considered grant money. We were not on welfare. So I assume it is just something similar to this. I do think it is an advance, though. I could be wrong, but I am planning like it is just in case. Quote Link to comment Share on other sites More sharing options...
LizzyBee Posted January 25, 2008 Share Posted January 25, 2008 I think it starts getting reduced at incomes over $75k. :rolleyes: With the way inflation is, 75K could still use some help. It starts getting phased out at $75k for individuals and $150k for couples. Quote Link to comment Share on other sites More sharing options...
Krista in LA Posted January 25, 2008 Share Posted January 25, 2008 Okay, this was the first I heard about it so I had to go check it out on one of the news websites. We have been trying to decide if we could go to Disney for the first time ever and now we might be able to. Yippee! Quote Link to comment Share on other sites More sharing options...
Kate CA Posted January 25, 2008 Share Posted January 25, 2008 I'm not in favor of forced redistribution of wealth. If someone wants to stop by and give me a few hundred dollars, fine (that actually happened this past Dec.; we were floored), but I am not happy that a government is taking money from taxpayers and giving it to other taxpayers. I benefit from this scheme, and I wish it were not a reality. I just love your post! I completely agree. Go Ron Paul! :) Kate Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted January 25, 2008 Share Posted January 25, 2008 I know I can sure use $4200! It's going to go towards our debt snowbal :D Quote Link to comment Share on other sites More sharing options...
Michelle T Posted January 25, 2008 Share Posted January 25, 2008 I think it will come in handy. But in the long term, nothing is a free lunch. That rebate money has to come from somewhere, and robbing Peter to pay Paul isn't the best financial strategy in the long run. Michelle T Quote Link to comment Share on other sites More sharing options...
Amy in NH Posted January 25, 2008 Share Posted January 25, 2008 I agree with Pam. I think this will come back to bite us come tax time, just like the last time they gave out "free" money. I know that the last time was related to the increase in the child tax credit, but I think this will reduce the amount of what we will be considered to have paid in. I guess we'll see... I don't know how to find out for sure either way. If it will affect our tax situation next year I don't know how we can decline. But if we do get anything, I think I'll put it on next year's oil bill, since that's where next year's tax refund will be going anyway. Quote Link to comment Share on other sites More sharing options...
Johanna Posted January 25, 2008 Share Posted January 25, 2008 All I can say is that "yippee!" I love getting money from the goverment! Don't think it will do anything to boost the economy though. Ours will go towards the credit card.:rolleyes: Quote Link to comment Share on other sites More sharing options...
Colleen Posted January 25, 2008 Share Posted January 25, 2008 Last year we paid over 8k. That's what you get for owning a small business. Only 8k? Sounds good!:rolleyes: I hear ya! Quote Link to comment Share on other sites More sharing options...
Colleen Posted January 25, 2008 Share Posted January 25, 2008 Yep. We are small business owners and our tax bill last year was over 25K. Try doubling that and you'll feel my pain. Of course, those of us citing how much we owe are clearly making a decent income so we can be grateful for that. Quote Link to comment Share on other sites More sharing options...
Colleen Posted January 25, 2008 Share Posted January 25, 2008 I'm among the minority (in terms of political and economic circles) who strongly oppose these schemes. It's true that such "rebates" (which name I consider a misnomer) serve as economic stimulants; there's really no question about that. If the primary goal is to stimulate the economy, though, this approach is not the surest, swiftest means to that end. Those surer, swifter methods were left on the cutting room floor. This package, though, is what appeals to the masses; it has the psychological effect of making people think they're getting free money. But as we all know, there ain't no such thing as a free lunch ~ especially from a government that's already deeply in debt. One may ask, what becomes of the monies people are "rebated"? Much of it goes into goods that aren't domestically produced. So whose economy do we stimulate? Bottom line, it's a band-aid which in my opinion only serves to further erode the sensibilities (or lack thereof) of a consumer nation. Quote Link to comment Share on other sites More sharing options...
Kate CA Posted January 25, 2008 Share Posted January 25, 2008 I know I can sure use $4200! It's going to go towards our debt snowbal :D Oh I am sure we could all use it, but where is it really coming *from*? How will we be paying for it in the future? Nothing from the government is free. :) Kate Quote Link to comment Share on other sites More sharing options...
Karenciavo Posted January 25, 2008 Share Posted January 25, 2008 Bottom line, it's a band-aid which in my opinion only serves to further erode the sensibilities (or lack thereof) of a consumer nation. Yes, and although I really haven't looked into it much, I wonder if the Consumer vs. Income Tax would help with this problem. Karenciavo with 25% tax bracket + 15% self employment tax + 7% sales tax + 2% state tax + some of the highest property taxes in the nation = frustration Quote Link to comment Share on other sites More sharing options...
Laura K (NC) Posted January 25, 2008 Share Posted January 25, 2008 Yep. Here's an article about that. Quote Link to comment Share on other sites More sharing options...
WTMindy Posted January 25, 2008 Share Posted January 25, 2008 I've never heard my husband not be overly enthusiastic about a tax break and he doesn't think this one is a great idea. We are happy to get the money, don't get me wrong, but (to quote him) it is not a good long term solution. It just solves a very short term problem and is expensive. Quote Link to comment Share on other sites More sharing options...
Daisy Posted January 25, 2008 Share Posted January 25, 2008 Well, I guess I see it as getting my own money back. I don't care about the politics of it, just show me the $$$. That is probably really shallow but the idea of receiving $1,800 right as we are going into our paycheck-free summer sounds very nice. I could fly to see my brand new niece. And yes, it bugs me that the government is so screwed up that it even thinks about solutions like this. Quote Link to comment Share on other sites More sharing options...
Sara R Posted January 25, 2008 Share Posted January 25, 2008 I think it's a terrible idea. I watched this bit from Glenn Beck a couple of weeks ago about the national debt and social security and all the problems that will go along with that. I urge you to . And now they are giving away 1% of the GNP, and not cutting government spending, for what? And why wouldn't paying off debt help the economy? Most of our current problems are caused by a bunch of people defaulting. Seems like not defaulting would help everyone. Quote Link to comment Share on other sites More sharing options...
Kate CA Posted January 25, 2008 Share Posted January 25, 2008 One may ask, what becomes of the monies people are "rebated"? Much of it goes into goods that aren't domestically produced. So whose economy do we stimulate? Bottom line, it's a band-aid which in my opinion only serves to further erode the sensibilities (or lack thereof) of a consumer nation. You absolutely have it right. Such good points, Colleen. Warmly, Kate Quote Link to comment Share on other sites More sharing options...
Audrey Posted January 25, 2008 Share Posted January 25, 2008 Bottom line, it's a band-aid which in my opinion only serves to further erode the sensibilities (or lack thereof) of a consumer nation. That says it all, I think. It's incredibly irresponsible for a government to be handing out placebo money, when it is many trillions in debt and deficit, and then essentially saying to people, "Ignore the fact that we're in a recession/depression. Go out and spend even more money you don't really have to spend." Quote Link to comment Share on other sites More sharing options...
Volty Posted January 25, 2008 Share Posted January 25, 2008 All the talking heads are in line behind this- The chairman of the Fed, Ben Beranke, President Bush, Congressional Dems, and Congressional GOP. And, asyou all know, they can never agree on anything. The thing is with the declining value of the currency, the trade and budget deficit, the collapse of the housing bubble, and the panic on Wall Street and international stock exchanges, the US is -maybe- on the cusp of a major recession. So they're pulling out all the stops to prevent this from happening. The full mechanics of the rebate haven't been ironed out, the president has submitted a plan, Congress will finagle with it and send it back to him. It really looks like all sides are getting in line to support it. The idea is to pum $150 billion into the economy now. Quickly. Hopefully people use the money to buy stuff, the vendor buys stuff with the money he got from his customer, etcetera, hopefully the $150 billion filters through the economy exchanges hands many times over and prevents the recession everybody is worried about. Where wil the money come from? Government Debt, it'll be borrowed and paid for by future taxpayers. The government owes $9.2 trillion dollars right now. After this injection, it'll be $9.35+ trillion plus whatever the deficit is this year. We as taxpayers will continue to pay the interest and compound interest on that money into the future. Divide $9.35 trillion by 300 million Americans and we each owe the interest on $31,000 off the top of taxes each year. Fortunatly the interest rate the government pays is low. Quote Link to comment Share on other sites More sharing options...
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