stimulus package

stargazer08

stargazer08

Recycles dryer sheets
Joined
Mar 5, 2006
Messages
194
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.
 
As expected, I ain't getting jack. Guess I won't be buying that walk-in humidor...
 
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.
 
Still unclear whether ER's who pay taxes get a rebate.
At one point they note "earned income" and then anyone who pays taxes.:confused:
I think it is called "playing fast and loose with definitions."
 
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!!!
 
I won't be collecting either. 2007 turned out to be much bigger than normal due to cash outs associated with retiring.:D
 
Hey, non wage earners can spend money, too.
 
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. :cool:
 
UncleHoney said:
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. :cool:
Click to expand...

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.
 
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.
 
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!!
 
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".............
 
JPatrick said:
Still unclear whether ER's who pay taxes get a rebate.
At one point they note "earned income" and then anyone who pays taxes.:confused:
I think it is called "playing fast and loose with definitions."
Click to expand...


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.
 
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.
 
Bikerdude said:
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.
Click to expand...
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.>>
 
I think the 75K for singles and 150K for couples limits are AGI according to what I read on MSN or Money.

Delawaredave5 said:
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
Click to expand...

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...
 
Geez, talk about bad timing... I won't get anything either and being 'unemployed' now, I coulda used it. :rolleyes:
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
 
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?
 
scooter260 said:
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?
Click to expand...

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
 
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...
Click to expand...

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?
 
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