January 25, 200818 yr Not so fast. A LOT of these people that will get money who did not put money in do have jobs, not on welfare. It's just they do not make enough for the government to take any out. The point is for them to get something as well, and spend it, thus stimulating the economy. But again, a lot of those people are not on welfare, not that all on welfare shouldn't be. RM. I agree with you and others in thinking this will not help, for one it's too little too late, heck even the checks will take a couple of months at best to get out, the economy needs the boost now! But, You mentioned people won't pay bills, that they will just spend it on stuff they don't need. Well, that's the whole idea, in trying to stimulate the economy you want people to go out and buy stuff, possibly a lower end big ticket item. If they spend it on bills, the vast majority would have paid those bills anyway, and will still pay them off, bills don't count on how they figure this out. Or they are hoping if they do pay some bills off that the consumer will figure "hey I paid this or that off, lets go buy something and make payments on that". That is what they are hoping for. But again, I agree, it's too little too late, and I am not so sure that it will help out as much as they claim, or hope. If they don't pay taxes in and get a tax REBATE, then they are on welfare. What else could you call it? It's a return of their own money to everyone else.
January 25, 200818 yr How do you get a rebate if you don't pay anything? I also heard this morning that the rebate will phase out at $75k for singles, $150k for marrieds.
January 25, 200818 yr I will attempt to do my patriotic duty and blow the money on a new TV or what not. However, if this years tax returns follow the usual pattern, I'll be using the money to recover from the hit I'll take from the State of Kentucky.
January 25, 200818 yr Author How do you get a rebate if you don't pay anything? I also heard this morning that the rebate will phase out at $75k for singles, $150k for marrieds. Ain't it great. I feel pretty much the same way about the earned income tax credit.
January 25, 200818 yr Ain't it great. I feel pretty much the same way about the earned income tax credit. Maybe we should do drug testing on EIC recipients.
January 25, 200818 yr How do you get a rebate if you don't pay anything? I also heard this morning that the rebate will phase out at $75k for singles, $150k for marrieds. If the goal is to have people spending then the higher earners would be excluded since they will tend to just deposit or invest the rebate. Not saying I agree, just that I understand one of the reasons for the limit.
January 25, 200818 yr I espect the number of scratch-off tickets will hit an all time high. Too bad we don't have the casinos yet.
January 25, 200818 yr I don't want to seem ungrateful, because I'll always grateful for free money. But, this is giving us money when we have a projected ~$219 deficit. Any recession will not be staved off if we spend our $600 bucks on crap we don't need! I don't have confidence that everyone will do the responsible thing and pay bills. I see people taking that $600, buying something they don't really need, and then charging the rest. I'm no finacial genius, but I thought I understood that recessions were more to do with our financial strength in the world markets, levels of deficites, values of loans, etc, than consumer spending...??? Again, I'm no where near a financial genius...more like a financial idiot! :lol: "free money"?? never heard of it.
January 25, 200818 yr "free money"?? never heard of it. Well, technically, I guess I earned it. But I never saw it, so I figure it's "free" money.
January 25, 200818 yr If they really want to stimulate the economy, the rebates should only go to individuals making $9 or less an hour and singles under age 25. They'll have that rebate money back in the economy within a week.
January 25, 200818 yr Since I am receiving a tax rebate now, will this be applied against by 2008 tax return. I am married with 2 kids so I will get $1,800.00. Suppose I normally get about a $4,000 refund, does this mean when I file for 2008 I should only expect about $2,200? If so I think that I would rather the government not send me the money now.
January 25, 200818 yr Since I am receiving a tax rebate now, will this be applied against by 2008 tax return. I am married with 2 kids so I will get $1,800.00. Suppose I normally get about a $4,000 refund, does this mean when I file for 2008 I should only expect about $2,200? If so I think that I would rather the government not send me the money now. They'll probably do it like the last one where they give you a credit on the 2008 return for however many is in your family and then you deduct what you've already been paid.
January 25, 200818 yr Author They'll probably do it like the last one where they give you a credit on the 2008 return for however many is in your family and then you deduct what you've already been paid. You lost me. Last year we got back $3100. If I were looking at getting back the same this year would I get the $3100 plus the $1500 (me, my wife, and 1 child) rebate?
January 25, 200818 yr You lost me. Last year we got back $3100. If I were looking at getting back the same this year would I get the $3100 plus the $1500 (me, my wife, and 1 child) rebate? The rebate will probably be based on your 2006 return. So its possible that you've had another child in 2007, which you would get another $300 for. The only way to reconcile this would be on the 2008 tax return. You would report a credit of $1800 and say you've already received $1500.
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