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What's in it for FIRE'd folk...
02-13-2009, 08:50 AM
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#21
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,723
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What's in it for FIRE'd folk...
Quote:
Democratic vice presidential candidate Joe Biden said Thursday that paying more in taxes is the patriotic thing to do for wealthier Americans.
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Biden calls paying higher taxes a patriotic act - Barack Obama News- msnbc.com
We get the most patriotic part of the bailout porkfest subsidy stimulus. Anybody thinking they got left out of this is sadly wrong.
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02-13-2009, 08:59 AM
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#22
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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This needs to be moved to FIRE-Related topics........
__________________
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).......:)
This Thread is USELESS without pics.........:)
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02-13-2009, 08:59 AM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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I'm not saying that the stimulus/bailout will fix the economy. I'm not saying that I have faith in the government.
But being a person with a lot of imagination, and for the purposes of argument, I'll say that there is a possibility that the stimulus/bailout will give us an opportunity to continue living in a world with a functioning financial system and a government.
To illustrate, this scene from Mad Max:
__________________
Al
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02-13-2009, 09:04 AM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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02-13-2009, 09:06 AM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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I agree. It would be easier to discuss everything if every thread were in that forum. That way an individual post wouldn't risk being deleted as easily if the Moderators decided there was some political elements in the post.
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02-13-2009, 09:09 AM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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By popular request.... but please remember to keep it FIRE related, thanks!
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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02-13-2009, 09:42 AM
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#27
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,895
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As I glance through the list, I don't see much that will really modify behavior.
Sure, there are things that will lower my taxes, in theory that might allow me to spend more. But, it's not like the edu credit going from $2,000 to $2,500 is going to change my mind about whether my DD attends college or not. Same with most of those items.
I will look at the new car credit/deduction whatever. I'm kinda on the fence about replacing a vehicle or two in the family. As others have said, the increased demand might actually make this a worse time to buy a new car.
-ERD50
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02-13-2009, 09:46 AM
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#28
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 291
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One-time payments to those who don't work: For retirees, disabled individuals and others who don't work, the bill provides a one-time $250 payment. Estimated cost: $14.2 billion.
WHOO HOOOO!!!!
Im gonna get stimulated, thanks
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02-13-2009, 09:47 AM
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#29
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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-
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02-13-2009, 09:53 AM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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nm.
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02-13-2009, 10:16 AM
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#31
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Moderator Emeritus
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,873
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Quote:
Originally Posted by FUEGO
....
This may actually induce me to take a class or two since it will be FREE (local state U offers distance ed classes that are top notch for ~$650 per 3 semester hour class). I need to at least figure out a way to buy some books for free while ole Uncle is paying for them.
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I’ve been looking into Dex’s suggestion to try U.C. Berkeley’s Webcasts. You get video or audio, that can be downloaded to your iPod, of a peppy young prof’s lectures. I’ve started following one of them and got the books from the library. Of course, I’m not getting credit but it’s interesting to see how the subject has changed in 38(!) years. It's free and I don't have to write papers or take exams.
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02-13-2009, 10:22 AM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,895
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Quote:
Originally Posted by FUEGO
One more thing: Education. Not sure how it was set up in previous years, but the new credit is $2500. It's called the "American Opportunity" (pardon the political reference, but I can see the eagles soaring from here!) tax credit.
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Oh lord. I'm now going to have to read all the fine print to see how this interacts with the the existing credits and deduction, which already interact with each other. Complexity ^ 4th power.
Hope credit - good for the first two years if pursuing a degree. Limited to $1800 per student, but the rate is 100% of first $X expenses, then 50% until the $1800 is hit (something like that)
Lifetime Learning Credit - fewer restrictions, I don't think you need to pursue a degree, but 20% of tuition up to $2,000 max per return.
Then deductions figure in somewhere if you don't qualify for the credits I guess, but I get lost at that point.
Here's the (hopefully) unintended consequence of this mish-mosh of convoluted rules:
Take two families, identical in all ways except that Family A sends two kids to college in the same 4 years. Family B send two kids to college sequentially, over 8 years. Using the same $1,800/student Hope and $2,000/return LLC limits for all years (they have changed them year-to-year, but I'm trying to keep this simple), you end up with -
Family A collecting $11,200 in edu credits, and
Family B collecting $16,000 in edu credits.
Now, why in the world would you want to legislate such a thing so that it is dependent on the timing of the births of the children you send to college? My guess is that not a single Congressperson who signed those bills is aware of this. The bills are too complex to know all this w/o a lot of study. But they sign 'em, and pat themselves on the back for "saving" us money.
-ERD50
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02-13-2009, 12:37 PM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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You guys get $250? I need to FIRE tomorrow........
__________________
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).......:)
This Thread is USELESS without pics.........:)
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02-13-2009, 12:51 PM
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#34
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Thinks s/he gets paid by the post
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
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Good luck on reading the fine print. The bill is over 1,000 pages long now. If you actually read it you would be ahead of the people who are going to vote on it.
Quote:
When CNSNews.com asked members of both parties on Capitol Hill on Thursday whether they had read the full, final bill, not one member could say, "Yes."
And only one--Voinovich--volunteered that he had actually read the version of the bill that had passed the Senate.
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Edit: I found the text of the bill on a website called ReadTheStimulus.Org - their motto is somebody needs to read it!
Link http://readthestimulus.org/
__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
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02-13-2009, 02:29 PM
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#35
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 291
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If I get anything I think Im gonna buy a gun and some tinfoil with it
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02-13-2009, 06:31 PM
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#36
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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Quote:
Originally Posted by Leonidas
That could come to pass. One thing about government "fixes" to what ails us is that the unintended consequences can will be worse than the original illness.
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Taking a hint from T-Al, I've corrected this for you.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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02-17-2009, 09:24 AM
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#37
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 291
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It sure seems to be working pretty good this morning
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02-17-2009, 03:37 PM
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#38
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,721
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Quote:
Originally Posted by LOL!
I'm trying to figure out if there is anything in the stimulus/bailout that will help me (and probably you as well).
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Read Fairmark article for general overview.
We'll benefit from the tax credit, and the increased Hope credit. As the bill gets more coverage, I expect there may be a few other impacts to the bottom line in 2009.
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