stimulus package

[retiringby50]

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]

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]

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]

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]

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

 

[Sue J]

Duplicate post

 

[Sue J]

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]

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]

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]

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]

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.

 

[brewer12345]

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.

Think bigger: ask for it in pennies, The metals in them cost more than 1 cent nowadays.

 

[UncleHoney]

Think bigger: ask for it in pennies, The metals in them cost more than 1 cent nowadays.

Hummmmm, at almost 56 pounds per $100.... Think I'll invest in wheelbarrow stocks.

 

[Arc]

I was out of town for a few days and when I got back I immediately went to the mailbox and No Check. What's up?

 

[W2R]

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?"

No? Seems like an odd name for it, I agree. I could suggest a few better names for it, but I might offend someone.

 

[nphx]

national service month

I would like to see anyone wanting to pick up a check at least do something trivial for it. Clean up the park, sweep your street, and read the "buy american" suggestions for the funds.

 

[Wags]

CNN Money article Senate Democrats mull expanded stimulus plan

Leaders will consider adding retirees to the tax rebate plan, and extending jobless benefits.

Senate Democrats mull expanding stimulus plan - Jan. 26, 2008

Excerpt from the article
Senate Democrats are refusing to rubber stamp the House measure. That raises the possibility of protracted negotiations if Democrats are successful in giving retirees tax rebates, extending unemployment benefits, boosting heating subsidies for the poor, and temporarily increasing food stamp payments.
------------------ ----------------- - ---------- -------------
Sounds like a good idea to me if the tax rebates are good enough for the rest of America then it is only fair that the people on Social Security receive them too. During this time of economic turmoil extending unemployment benefits, boosting heating subsides for the poor and temporarily increasing food stamp payments can only help those in our society who are in need of assistance.

GOD BLESS