Will An Economic Stimulus Package Work? - Page 4

FIRE'd@51 · 01-20-2008, 05:45 PM

Quote:

Originally Posted by mathjak107

this 157 billion rebate is only 1% of gdp. its barely 1 month of spending. i think its nice but will not do a thing

I don't follow your arithmetic. Wouldn't 1% of the annual GDP be more like 3.6 days of spending?

Puppy Belly · 01-20-2008, 06:37 PM

No cash rebate. Give Debit Card that is un-redeemable for cash and not spendable unless SSN imbedded in card is pin'd in at purchase.

mathjak107 · 01-21-2008, 03:13 AM

Quote:

Originally Posted by FIRE'd@51

I don't follow your arithmetic. Wouldn't 1% of the annual GDP be more like 3.6 days of spending?

maybe, i think i have a decimal wrong. ha ha math wasnt one of my strong points.

chinaco · 01-21-2008, 03:47 AM

Economist would say it will work (to some degree)... How long it takes for it to take effect and if the effect is adequate, is the real question.

armor99 · 01-21-2008, 08:18 AM

Quote:

Originally Posted by Meadbh

That is truly amazing. Taxation without representation. It just shows the extent of government expediency. Anyone with a tax return is traceable and therefore deportable. But that would reduce the pool of cheap labour so the US government turns a blind eye. One wonders what will happen in a recession when legal US residents want a job, any job. These people are so vulnerable.

Just a small observation..... These people MADE themselves vulnerable. Why does everyone assume that illegal immigrants are not intelligent? They knew they were breaking the law when they came here. The real question is why is Mexico unable to offer it's own people a viable way of life? I would think that if most mexicans could make a decent living at home, they would much prefer to stay in Mexico. Perhaps we should start blaming the Mexican goverment here. If they were doing their job, Mexicans would no longer feel the NEED to come here anymore.
That being said.... I believe there are many reasons that the US has been turning a blind eye to the immigration problem for so long. And as you have clearly pointed out, most of it is money related. Not sure about the tax return thing, I would need to read more about that one. However there are taxes that are being taken from them all the time, and most will never claim social security. I would think that most politicians would view this as very helpful. More people paying in than pay out really helps SS solvency problems. There are some that have even gone so far as to claim that illegals are helping to "prop up" the SS system...

Meadbh · 01-21-2008, 07:23 PM

Quote:

Originally Posted by armor99

Just a small observation..... These people MADE themselves vulnerable.

Actually I would argue that they always were vulnerable and are willing to take more risks in the hope of improving their situation.

podey · 01-22-2008, 02:15 PM

Although I don't think it's the best idea in the world to add to the federal deficit, I'd probably put $400 towards student loans and $400 towards down payment on an apartment. That is, if there isn't caps on salary.

Retire Soon · 01-24-2008, 10:23 AM

There has been a tentative agreement reached in the stimulus package:

Free Preview - WSJ.com

Tentative Deal Reached on Tax Rebates - washingtonpost.com

militaryman · 01-24-2008, 10:26 AM

I guess if you are retired you do not get anything?

Retire Soon · 01-24-2008, 10:54 AM

Quote:

Originally Posted by militaryman

I guess if you are retired you do not get anything?

I had exactly the same question, based upon the two articles. I am hoping that the word "wo*king" was incorrectly used by the reporters. Otherwise it would be an act of blatant discrimination against prudent people who put a lot of planning into their future, such as us ER folks.

newguy88 · 01-24-2008, 10:57 AM

I see the tentative package, lets see my wife gets zero, did not work last year. I get 300 dollars. Wow. But then again if the government is counting on the likes of me to spend well they are going to well.... BUT the 300 would pay for the new small tv for the bedroom... Hummm... This is what our elected leaders are doing!? This quite frankly is an embarrassement, Better we should rebuild the american railroads, The roads and bridges, put people back to work real work fixing the darn broken parts of the infrastructure. Start building 50 new nuke power plants, on and on, but nah give americans a few more dollars that the government will have to borrow to have the fat american family go to the mall and spend.

Pelosi, Bush, they all stink.

JPatrick · 01-24-2008, 10:59 AM

Quote:

Originally Posted by militaryman

I guess if you are retired you do not get anything?

I keep hearing that this is based upon "taxpayer status." One would think that the package would be blind as to the generator of those taxes, be it taxes on w*rk or on a pension, or taxes on investments.
Taxes is taxes dang it!

retire@40 · 01-24-2008, 11:05 AM

There's more info here...

FOXNews.com - House, White House Reach Deal 'In Principle' on Economic Stimulus - Politics | Republican Party | Democratic Party | Political Spectrum

Helena · 01-24-2008, 11:13 AM

For a week the media has been telling people the rebates
would be $800/$1600 [the Bush plan]... how many people
have already spent that on their credit cards !

" Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes.

Families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less. "

Deal Reached on Tax Rebates for Stimulus

FIRE'd@51 · 01-24-2008, 11:23 AM

I noticed the bill includes allowing Fannie and Freddie to purchase loans up to $700K instead of just $417K. IMO, this should be helpful to the housing situation.

**Want2retire** · 01-24-2008, 11:29 AM

Quote:

Originally Posted by Helena

For a week the media has been telling people the rebates
would be $800/$1600 [the Bush plan]... how many people
have already spent that on their credit cards !

That is so true!! I spent $100 on books recently, and probably would not have done that otherwise. On the other hand, I can probably cram it into my budget with a crowbar

if the ~~$800~~ $300 doesn't materialize.

Don't want to, though.

I want my $800! LOL

Helena · 01-24-2008, 11:37 AM

Question

Someone on another forum said income taxes had to be paid on the
last rebate money... Is that true ?? How is a tax rebate, income ??

FinanceDude · 01-24-2008, 11:44 AM

Yup, paid taxes on the last one in 2002 or whatever. It was called an "early tax refund"..........

I have 2 kids, and DW and I work, does that mean I get $1200?

Helena · 01-24-2008, 11:48 AM

Quote:

Originally Posted by FinanceDude

Yup, paid taxes on the last one in 2002 or whatever. It was called an "early tax refund"..........

A tax refund is not income. How can it be taxed as income ?

Quote:

Originally Posted by FinanceDude

I have 2 kids, and DW and I work, does that mean I get $1200?

That's the way I understand it... as long as you don't make more
than the cutoff income ceiling.... but all this is subject to change.

JPatrick · 01-24-2008, 11:49 AM

Quote:

Originally Posted by FinanceDude

Yup, paid taxes on the last one in 2002 or whatever. It was called an "early tax refund"..........

I have 2 kids, and DW and I work, does that mean I get $1200?

I think there is an earnings test---$150,000 for couples was talked about as the upper limit to get a rebate.

01-21-2008, 03:47 AM	#64
chinaco Thinks s/he gets paid by the post Join Date: Feb 2007 Posts: 2,996	Economist would say it will work (to some degree)... How long it takes for it to take effect and if the effect is adequate, is the real question. __________________ Disclaimer: I make no warranty or guarantee about the accuracy or completeness of this information. I am not a financial planner, my comments only represent my opinion.

01-24-2008, 10:23 AM	#68
Retire Soon Full time employment: Posting here. Join Date: Nov 2005 Posts: 544	Tentative Agreement Reached There has been a tentative agreement reached in the stimulus package: Free Preview - WSJ.com Tentative Deal Reached on Tax Rebates - washingtonpost.com Last edited by Retire Soon; 01-24-2008 at 11:31 AM..

01-24-2008, 11:05 AM	#73
retire@40 Thinks s/he gets paid by the post Join Date: Feb 2004 Posts: 2,597	There's more info here... FOXNews.com - House, White House Reach Deal 'In Principle' on Economic Stimulus - Politics \| Republican Party \| Democratic Party \| Political Spectrum __________________ No man is free who is not master of himself. --- Epictetus Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo

01-24-2008, 11:44 AM	#78
FinanceDude Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Aug 2006 Posts: 7,703	Yup, paid taxes on the last one in 2002 or whatever. It was called an "early tax refund".......... I have 2 kids, and DW and I work, does that mean I get $1200? __________________ Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)

01-20-2008, 06:37 PM	#62
Puppy Belly Dryer sheet aficionado Join Date: Jan 2008 Posts: 46	No cash rebate. Give Debit Card that is un-redeemable for cash and not spendable unless SSN imbedded in card is pin'd in at purchase.

01-22-2008, 02:15 PM	#67
podey Recycles dryer sheets Join Date: Dec 2007 Posts: 102	Although I don't think it's the best idea in the world to add to the federal deficit, I'd probably put $400 towards student loans and $400 towards down payment on an apartment. That is, if there isn't caps on salary.

01-24-2008, 10:26 AM	#69
militaryman Recycles dryer sheets Join Date: Jun 2007 Posts: 92	I guess if you are retired you do not get anything?

01-24-2008, 10:57 AM	#71
newguy88 Thinks s/he gets paid by the post Join Date: Nov 2005 Posts: 2,119	I see the tentative package, lets see my wife gets zero, did not work last year. I get 300 dollars. Wow. But then again if the government is counting on the likes of me to spend well they are going to well.... BUT the 300 would pay for the new small tv for the bedroom... Hummm... This is what our elected leaders are doing!? This quite frankly is an embarrassement, Better we should rebuild the american railroads, The roads and bridges, put people back to work real work fixing the darn broken parts of the infrastructure. Start building 50 new nuke power plants, on and on, but nah give americans a few more dollars that the government will have to borrow to have the fat american family go to the mall and spend. Pelosi, Bush, they all stink.

01-24-2008, 11:13 AM	#74
Helena Recycles dryer sheets Join Date: Aug 2006 Posts: 411	For a week the media has been telling people the rebates would be $800/$1600 [the Bush plan]... how many people have already spent that on their credit cards ! " Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes. Families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less. " Deal Reached on Tax Rebates for Stimulus

01-24-2008, 11:23 AM	#75
FIRE'd@51 Thinks s/he gets paid by the post Join Date: Aug 2006 Posts: 1,137	I noticed the bill includes allowing Fannie and Freddie to purchase loans up to $700K instead of just $417K. IMO, this should be helpful to the housing situation.

01-24-2008, 11:37 AM	#77
Helena Recycles dryer sheets Join Date: Aug 2006 Posts: 411	Question Someone on another forum said income taxes had to be paid on the last rebate money... Is that true ?? How is a tax rebate, income ??