stimulus package

stargazer08 · 01-24-2008, 08:05 AM

Is all the talk about the stimulus package for people with earned income in 2007 or 2008? I haven't seen any information that would answer this question. Maybe it's right in front of my face but I just can't see it.

Retire Soon · 01-24-2008, 08:24 AM

maddythebeagle · 01-24-2008, 10:58 AM

Tentative deal reached on tax rebates - Yahoo! News

Looks similar to the last checks when Bush came into office...but this time low wage earners that dont pay taxes get a rebate....

brewer12345 · 01-24-2008, 11:48 AM

As expected, I ain't getting jack. Guess I won't be buying that walk-in humidor...

retiringby50 · 01-24-2008, 12:25 PM

So... is this an effective means of stimulating the economy? I think we'll be getting a check, so as cheap as I am, I'm just going to put it in my account and save it. Obviously, eventually it'll be used, like to pay the mortgage, but there's nothing that I was planning to buy. In fact, DH has about $200 in gift certificates that expire this month, and he doesn't have anything to buy! We'll probably buy Target gift cards with them just so we don't lose them.

JPatrick · 01-24-2008, 12:43 PM

Still unclear whether ER's who pay taxes get a rebate.
At one point they note "earned income" and then anyone who pays taxes.

I think it is called "playing fast and loose with definitions."

retiringby50 · 01-24-2008, 01:10 PM

Quote:

Originally Posted by JPatrick

At one point they note "earned income" and then anyone who pays taxes.

Apparently it's wage earners, whether or not they have paid taxes (due to low wages).

DallasFH · 01-24-2008, 01:24 PM

Is that limit of 75K single or 150K jointly gross or after tax? I have a feeling I am not getting jack either while paying TAX this year again!!!

mountaintosea · 01-24-2008, 01:49 PM

I won't be collecting either. 2007 turned out to be much bigger than normal due to cash outs associated with retiring.

TromboneAl · 01-24-2008, 02:03 PM

Hey, non wage earners can spend money, too.

UncleHoney · 01-24-2008, 02:34 PM

I think the gummint would be better off forgetting the checks and just deliver each of us a big screen TEE VEE. They'd get a better price with volume buying and save us all the shopping time and gas money.

jazz4cash · 01-24-2008, 03:18 PM

Quote:

Originally Posted by UncleHoney

I think the gummint would be better off forgetting the checks and just deliver each of us a big screen TEE VEE. They'd get a better price with volume buying and save us all the shopping time and gas money.

Yep...plus all those commercials can be filled with subliminal messages (buy, buy, spend,spend,spend)

I am excited about the conforming mortgage limit increase.

OAG · 01-24-2008, 03:28 PM

Compare the wording of the 2001 "Tax Rebates", maybe there can be some hint found there about "earned" income. Or maybe wait a couple of days longer and some "smart" journalist will actually ask the specific question. Of course the Senate has yet to mark up their plan and meld the two plans, then the conference must be accomplished and agreed to and sent to the President. No wonder it will take until June or so before the money comes in the mail - and if like 2001, staggered by the last two digits of your social security number.

barbarus · 01-24-2008, 03:34 PM

How many citizens have already spent the ephemeral stimulus money already?

The idea was crafted by amoral gvmnt psychologists to take advantage of the hyperconsumerists that populate our society.

No real need to actually deliver many of the checks. The jawboning will be sufficient to "cry havoc and release the dogs of buy".

Plasma TV - SUV - exotic vacations....here I come. YEE HA!!

Delawaredave5 · 01-24-2008, 05:13 PM

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".............

Bikerdude · 01-24-2008, 05:46 PM

Quote:

Originally Posted by JPatrick

Still unclear whether ER's who pay taxes get a rebate.
At one point they note "earned income" and then anyone who pays taxes.

I think it is called "playing fast and loose with definitions."

Where did you see "earned income" mentioned? I've seen "Individuals who pay taxes", and workers who make at least $3,000 and pay no taxes" mentioned but have yet to see earned income mentioned.

Mysto · 01-24-2008, 05:47 PM

To make this work the government must make us buy American.

How about a coupon for a free McDonalds?
Wait, won't work. Beef is from Argentena

How about a free big screen TV?
Wait, won't work. From China

How about a new car?
Wait, won't work. Assembled in Mexico (or made in Japan)

I've got it. Give everyone in America a 787 Dreamliner. Made in America and it will only take a couple of years to get one.

Horay! I've solved another one.

JPatrick · 01-24-2008, 06:00 PM

Quote:

Originally Posted by Bikerdude

Where did you see "earned income" mentioned? I've seen "Individuals who pay taxes", and workers who make at least $3,000 and pay no taxes" mentioned but have yet to see earned income mentioned.

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.>>

FIREdreamer · 01-24-2008, 06:53 PM

I think the 75K for singles and 150K for couples limits are AGI according to what I read on MSN or Money.

Quote:

Originally Posted by Delawaredave5

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

What's the fun in that? Let's keep the party going and let the kids pay the tab! woohoo! Yeah!!!!!

We haven't spent the rebate yet, but we'll probably use the check to buy a new mattress (made in America). We were thinking about saving the money at first, and then we thought, what the heck, might as well splurge a little with that "free" money...

megacorp-firee · 01-24-2008, 07:32 PM

Geez, talk about bad timing... I won't get anything either and being 'unemployed' now, I coulda used it.

On top of 1/2 year salary and bonuses, I liquidated my megacorpy shares so that I could start moving 401K to IRA to Roth

01-24-2008, 08:05 AM	#1
stargazer08 Recycles dryer sheets Join Date: Mar 2006 Posts: 89	stimulus package Is all the talk about the stimulus package for people with earned income in 2007 or 2008? I haven't seen any information that would answer this question. Maybe it's right in front of my face but I just can't see it.

01-24-2008, 10:58 AM	#3
maddythebeagle Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 2,419	Tentative deal reached on tax rebates - Yahoo! News Looks similar to the last checks when Bush came into office...but this time low wage earners that dont pay taxes get a rebate.... __________________ - Hurry! to the cliffs of insanity!

01-24-2008, 11:48 AM	#4
brewer12345 Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Mar 2003 Posts: 9,166	As expected, I ain't getting jack. Guess I won't be buying that walk-in humidor... __________________ "When caught between two evils I generally pick the one I haven't tried before." - Mae West "Diamonds...Because she will pretty much have to..."

01-24-2008, 12:43 PM	#6
JPatrick Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 1,480	Still unclear whether ER's who pay taxes get a rebate. At one point they note "earned income" and then anyone who pays taxes. I think it is called "playing fast and loose with definitions." __________________ If you do what you've already done, you'll get what you've already got- - - -<

01-24-2008, 02:03 PM	#10
TromboneAl Thinks s/he gets paid by the post Join Date: Jun 2006 Posts: 3,902	Hey, non wage earners can spend money, too. __________________ - Al -- Always serious, never joking. No, wait. Never serious... Always... I forget.

01-24-2008, 08:24 AM	#2
Retire Soon Full time employment: Posting here. Join Date: Nov 2005 Posts: 526	2007

01-24-2008, 12:25 PM	#5
retiringby50 Recycles dryer sheets Join Date: Nov 2007 Posts: 120	So... is this an effective means of stimulating the economy? I think we'll be getting a check, so as cheap as I am, I'm just going to put it in my account and save it. Obviously, eventually it'll be used, like to pay the mortgage, but there's nothing that I was planning to buy. In fact, DH has about $200 in gift certificates that expire this month, and he doesn't have anything to buy! We'll probably buy Target gift cards with them just so we don't lose them.

01-24-2008, 01:24 PM	#8
DallasFH Dryer sheet wannabe Join Date: Dec 2005 Posts: 20	Is that limit of 75K single or 150K jointly gross or after tax? I have a feeling I am not getting jack either while paying TAX this year again!!!

01-24-2008, 01:49 PM	#9
mountaintosea Recycles dryer sheets Join Date: Aug 2006 Posts: 283	I won't be collecting either. 2007 turned out to be much bigger than normal due to cash outs associated with retiring.

01-24-2008, 02:34 PM	#11
UncleHoney Full time employment: Posting here. Join Date: Aug 2006 Location: Columbus Posts: 669	I think the gummint would be better off forgetting the checks and just deliver each of us a big screen TEE VEE. They'd get a better price with volume buying and save us all the shopping time and gas money.

01-24-2008, 03:28 PM	#13
OAG Thinks s/he gets paid by the post Join Date: Jun 2006 Location: Dublin, Ohio Posts: 1,597	Compare the wording of the 2001 "Tax Rebates", maybe there can be some hint found there about "earned" income. Or maybe wait a couple of days longer and some "smart" journalist will actually ask the specific question. Of course the Senate has yet to mark up their plan and meld the two plans, then the conference must be accomplished and agreed to and sent to the President. No wonder it will take until June or so before the money comes in the mail - and if like 2001, staggered by the last two digits of your social security number. __________________ Proud Vietnam Veteran: Cu Chi 66, 1/25th, HHC 25th and Pleiku 66-67 41st Sig Bn 1st STRATCOM

01-24-2008, 03:34 PM	#14
barbarus Recycles dryer sheets Join Date: Aug 2007 Posts: 360	How many citizens have already spent the ephemeral stimulus money already? The idea was crafted by amoral gvmnt psychologists to take advantage of the hyperconsumerists that populate our society. No real need to actually deliver many of the checks. The jawboning will be sufficient to "cry havoc and release the dogs of buy". Plasma TV - SUV - exotic vacations....here I come. YEE HA!!

01-24-2008, 05:13 PM	#15
Delawaredave5 Recycles dryer sheets Join Date: Dec 2004 Posts: 173	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".............

01-24-2008, 05:47 PM	#17
Mysto Recycles dryer sheets Join Date: Mar 2006 Posts: 169	To make this work the government must make us buy American. How about a coupon for a free McDonalds? Wait, won't work. Beef is from Argentena How about a free big screen TV? Wait, won't work. From China How about a new car? Wait, won't work. Assembled in Mexico (or made in Japan) I've got it. Give everyone in America a 787 Dreamliner. Made in America and it will only take a couple of years to get one. Horay! I've solved another one. __________________ I'm trying to find myself.* Have you seen me anywhere today?

01-24-2008, 07:32 PM	#20
megacorp-firee Thinks s/he gets paid by the post Join Date: Apr 2007 Posts: 1,086	Geez, talk about bad timing... I won't get anything either and being 'unemployed' now, I coulda used it. On top of 1/2 year salary and bonuses, I liquidated my megacorpy shares so that I could start moving 401K to IRA to Roth __________________ Life is GREAT!

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