stimulus package

[Bikerdude]

This is the best explanation yet.

Stimulus package means family of five might see $2,100 in June - MarketWatch

[JPatrick]

Quote:

Originally Posted by Bikerdude This is the best explanation yet. Stimulus package means family of five might see $2,100 in June - MarketWatch

Yes that is a good article, assuming the final product isn't significantly different. The article even cites an example of a "young retiree."
Good work Bikerdude.

[scooter260]

I also read today that the deal also includes a short-term increase to $625,500 from $417,000 in the size of mortgages that can be purchased and guaranteed by government-sponsored mortgage finance firms Fannie Mae (FNM) and Freddie Mac (FRE, Fortune 500). Those increased limits would expire on Dec. 31.

Maybe this is a dumb question, but do you think this means I could refinance my current $489,000 jumbo mortgage (currently an Interest Only 5-year ARM) as a conventional loan before 12/31?

probably not, right?

[SecondCor521]

Quote:

Originally Posted by scooter260 I also read today that the deal also includes a short-term increase to $625,500 from $417,000 in the size of mortgages that can be purchased and guaranteed by government-sponsored mortgage finance firms Fannie Mae (FNM) and Freddie Mac (FRE, Fortune 500). Those increased limits would expire on Dec. 31. Maybe this is a dumb question, but do you think this means I could refinance my current $489,000 jumbo mortgage (currently an Interest Only 5-year ARM) as a conventional loan before 12/31? probably not, right?

You most certainly could, assuming your refinance application is approved and you agree to the rate and points that your lender offers.

Refis only take about 30-45 days, and it's January according to my computer, so I must be missing something...:confused:

2Cor521

[Sue J]

Quote:

Meanwhile, workers who don't earn enough to pay income tax but have earned income of at least $3,000 would be eligible for a $300 rebate...

This sounds like my 21 year old son won't get anything then. He's a college student who worked over the summer, but only earned about $2200 in 2007. In 2006 he made over $3000. Are they looking at 2006 or 2007 for the earned income amount?

[retiringby50]

Quote:

Originally Posted by Delawaredave5 Only in America, the land of excess consumption and negative savings, can the answer to our economy be "print more money and give it to the people to buy more stuff". Maybe the long term real answer to getting this country back to creating wealth with a healthy trade balance and currency might be: - Less consumption - Manufacturing - Saving something But maybe I'm "old fashioned".............

See, that's what I'm thinkin'... Interesting... but I'll still take the money!

[JohnDoe]

Here's the catch.

...that's similar to 2001, so basically you would reflect the rebate check as sort of a prepayment on your 2008 return.

This will reduce your return in 2008? So if I got things right where I wanted them in 2007 to break even on my tax return, would I then owe in 2008 (all things being equal)?

[Bikerdude]

Quote:

Originally Posted by Sue J This sounds like my 21 year old son won't get anything then. He's a college student who worked over the summer, but only earned about $2200 in 2007. In 2006 he made over $3000. Are they looking at 2006 or 2007 for the earned income amount?

I believe its 2007. They are changing the 10% bracket to start at $6,000 for year 2007. The first $6,000 of income will be tax free or 0% bracket saving you $600. In addition, it looks like you'll get $300 for each child that earns under $3,000 in 2007.

After reading some other articles the dates above could be 2008 instead of 2007. However I don't know how they would project income for all of 2008.

[StJohnsWood]

DW and I talked last night. We are going to get $1,800. We save everything that comes our way so we decided to spend half of this.

The conversation went:
"What about a HD TV?" "No nothing wrong with the Sony"
"What about a laptop?" "Nah the computer works fine"
"What about a trip?" "Kids are in school"
"Ah hell, let's just buy some more stock"

[Miss_Lala]

Quote:

Originally Posted by JPatrick I haven't found the article mentioning "earned income" yet, but here is the first mention of using adjusted gross income to determine limits. (from FOX) <<The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.>>

What does "phase out gradually" really mean? DH and I combined made well over $150,000 AGI last year. Are we getting anything?

[TromboneAl]

Wanna bet it gets so complicated that it costs billions to administer?

Instead, get a bunch of these confetti cannons,



and drive them across the country spewing out money.

[Walt34]

Quote:

Originally Posted by Delawaredave5 Only in America... "print more money and give it to the people to buy more stuff". Maybe the long term real answer to getting this country back to creating wealth with a healthy trade balance and currency might be: - Less consumption - Manufacturing - Saving something But maybe I'm "old fashioned".............

Gee, you're no fun. I guess it would be in the nation's best interest if I cleaned out my savings, financed the house to the hilt and then spend it all.

Oh, wait. I already did that 35 years ago. So I'll probably be a fuddy-duddy and bank it if we see it.

[JPatrick]

Quote:

Originally Posted by Miss_Lala What does "phase out gradually" really mean? DH and I combined made well over $150,000 AGI last year. Are we getting anything?

Phase out gradually means simply the more you earn over 150K the less you may be rebated. At some unknown (at present) point the rebate will hit zero. Your use of the term "well over" tells me you may not need to be watching for the mailman. On the other hand, the definition of who's rich, and what is the middle class will likely rage on in the senate, so who really knows the bottom line:confused:

[Sue J]

Duplicate post

[Sue J]

Quote:

Originally Posted by Bikerdude I believe its 2007. They are changing the 10% bracket to start at $6,000 for year 2007. The first $6,000 of income will be tax free or 0% bracket saving you $600. In addition, it looks like you'll get $300 for each child that earns under $3,000 in 2007. After reading some other articles the dates above could be 2008 instead of 2007. However I don't know how they would project income for all of 2008.

Thanks for responding. I won't count on him getting anything or even us getting anything for him. "Child" most likely means under 18 and he was 20 in 2007, turning 21 the first week in Jan. 2008. It would be nice if it was for a "dependent" as we are still supporting him and still claim him as a dependent exemption.

Out of all of us he's the one who most needs a stimulus to his economy.

[Bikerdude]

Quote:

Originally Posted by JPatrick Phase out gradually means simply the more you earn over 150K the less you may be rebated. At some unknown (at present) point the rebate will hit zero.

Right now the 0 point is $174,000 married so between 150K and 173K you will get something. Its not clear if that is AGI or taxable income. I would bet its AGI.

[Mavourneen]

So our govt is going to borrow money from the Chinese and Japanese so us Americans can go buy Chinese and Japanese products. The Chinese and Japanese gotta be laughing their a$$es off.

[Bikerdude]

Quote:

Originally Posted by Mavourneen So our govt is going to borrow money from the Chinese and Japanese so us Americans can go buy Chinese and Japanese products. The Chinese and Japanese gotta be laughing their a$$es off.

I think the way it works is they give us cars and hard goods and we give them pieces of paper with pictures of dead Presidents on them. The jury is still out as to who will have the last laugh.

[brewer12345]

Quote:

Originally Posted by Mavourneen So our govt is going to borrow money from the Chinese and Japanese so us Americans can go buy Chinese and Japanese products. The Chinese and Japanese gotta be laughing their a$$es off.

Right at this moment, most of the Chinese are a lot more concerned about the power/heat staying on during the bad weather, since their economy/govt can't seem to source and distribute enough coal.


BTW, am I the only one who hears cheesy 70s wa-wa base in the background (a la low rent p0rn) every time someone mentions a "stimulus package?"

[UncleHoney]

Quote:

Originally Posted by TromboneAl Wanna bet it gets so complicated that it costs billions to administer? Instead, get a bunch of these confetti cannons, and drive them across the country spewing out money.

I was thinking we should all cash our checks at the bank and ask for cash back. Just imagine how many billions that would cost.
Even if you got $100 bills that would be 1.5 billion. Somebody better get the presses running.

Yes ma'am, I'll take that in "ones" if you don't mind.