Tax Rebates Announced $300-$1200 rebate check

[quote name='CocheseUGA']Thanks for the summer tuition, government.[/QUOTE]

Although, not sure how it will work...they may just deduct it from next years taxes, so it may be like an advance, who knows...I'm a bit confused on the whole situation.
 
[quote name='doubledown']Although, not sure how it will work...they may just deduct it from next years taxes, so it may be like an advance, who knows...I'm a bit confused on the whole situation.[/QUOTE]

Either way, it's good news for me. Summer semester is my last one.
 
[quote name='doubledown']Although, not sure how it will work...they may just deduct it from next years taxes, so it may be like an advance, who knows...I'm a bit confused on the whole situation.[/quote]

Actually, it will be a check. Remember when Bush did this a few years ago? I remember getting like a $300 check in the mail in tax breaks.

I don't understand how this accomplishes anything. Let's put our government into deeper debt to provide a temporary boost in spending during the summer.
 
[quote name='InuFaye']New TV money.[/QUOTE]

Exactly what they want you to do!

See, the governments economic policy works!

I think I'll stash mine in my high interest MMA for a few months ;)
 
Yahoo is reporting $600.00 for individual tax payers who made more than $3000.00 in '07. Couples can receive $1200.00 if their combined income was less than $150k.

Non tax payers are eligible for the $300.00 check.

The checks are expected to roll out in June.
 
how do they calculate annual income anyway?
i had a summer job where i worked for 2 months and got paid in the shitter...

didnt get a total of 3,000$, but, if you convert the money i made in 2 months into 1 full year, it would be more than 3k. am i eligible for the 300$ at least?
 
It does say "up to $600" for individuals, so we have to wait on the details. And if you are claimed as a dependant on someone else's return, then they will get your money(at least that is how the last package worked). Also, if you make six figures, your money may not be coming back to you.

And remember, the government is not paying us with their money, they are simply giving us our own money back(at least those of us that actually pay taxes). I wish they would cut spending so that permanent tax reductions could take place, but I don't think that is ever going to happen.
 
[quote name='omgu8myrice']how do they calculate annual income anyway?
i had a summer job where i worked for 2 months and got paid in the shitter...

didnt get a total of 3,000$, but, if you convert the money i made in 2 months into 1 full year, it would be more than 3k. am i eligible for the 300$ at least?[/QUOTE]

Pretty sure you have to have actually earned $3000. So probably no soup for you.
 
I earned about 7k pre taxes over the last 7 months working at a freaking Target...but I will be a dependant (for the last year?, turn 21 in march) on parents' tax return...would they be eligible to get rebates for themselves as well as me? An extra 600$ would be pretty nice. Especially if the stock market continues to get hammered.
 
That article is pretty confusing, wonder what the actual formula is, I know its:

If income < X then refund = X

But what's X?

Also, glad I had my son in 2007 since that helps :D
 
So umm, I work and made like $10,000 last year, am 19 years old, but I live at home and I think my parents claim me. Am I still entitled to a check since I still pay my taxes?
 
I am not sure if this has been completely announced yet, but I believe that your parents will probably get $300 for having you as a dependent. There may be a cap on how many dependents they can get $300 for, but that probably isn't an issue(unless your parents have 12 kids). Also, if your parents make more than $150,000 combined, that amount may be decreased or wiped out completely.
I'm honestly surprised to see this kind of package from a (so-called) Republican president. 20 years ago, the right would have never called this kind of package a success.

Edit: And [Lord Draconus777)just because you filed taxes does not mean you "paid taxes". Paying taxes means that you made enough in the year to actually be "taxed". If your parents claim you, they will get your part of the refund, IMO.




[quote name='darkcecil32']I earned about 7k pre taxes over the last 7 months working at a freaking Target...but I will be a dependant (for the last year?, turn 21 in march) on parents' tax return...would they be eligible to get rebates for themselves as well as me? An extra 600$ would be pretty nice. Especially if the stock market continues to get hammered.[/QUOTE]
 
[quote name='fullmetalfan720']This is good news, hopefully it will help the economy.[/quote]

How exactly is any of this good news? What part of this will help the economy?

We are already in debt. Where is this money going to come from? Thin air? That's really smart...

What exactly does providing this money solve? People are naive to think that $600 is going to magically solve anything for a majority of people. Most people who are having a hard time paying their bills have been having a hard time for the past few months (if not years). $600 is a scratch on the surface for a lot of these people.

This didn't work back in 2001. The problem is worse now (and will only get worse).
 
This is an idiotic idea. I'm glad I'm not getting any money from it as a full-time student. Anyone who gets it here should spend it on either tuition or an immediate need such as groceries and bills, or save it. Don't spend it on more useless crap you don't need. It's why we're in this mess in the first place.
 
This seems really /really/ dumb. At what point do we just straight out divvy up the country and give it to our debtors?

The Wife and I probably have too much income to get even the 300 dollar check, but if I get it I'm going to give it to charity.
 
[quote name='mtxbass1']How exactly is any of this good news? What part of this will help the economy?

We are already in debt. Where is this money going to come from? Thin air? That's really smart...[/quote]
Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining the rebates of at least $300 for almost everyone earning a paycheck, including those who make too little to pay income taxes.
Click to expand...
.
 
[quote name='LinkinPrime']Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining the rebates of at least $300 for almost everyone earning a paycheck, including those who make too little to pay income taxes. [/quote]

So wait...two negatives somehow make a positive? While I applaud that they dropped what they wanted to do there, how does making it so that people who DON'T PAY INCOME TAXES still get money back any better?

She wanted a rebate AND increasees in both food stamps and unemployment benefits. It's not like they are cutting out those programs to pay for this "rebate".
 
Interesting... The Dems had to drop the unemployment extensions in exchange for $300 in "free money" to those that don't pay taxes.
 
Pelosi, D-Umbass., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining the rebates of at least $300 for almost everyone earning a paycheck, including those who make too little to pay income taxes.
Click to expand...

Fixed. Let's give to the rich and take from the poor! Because from what I've seen, even people who don't need any more money get these rebates.
 
[quote name='Dead of Knight']Fixed. Let's give to the rich and take from the poor! Because from what I've seen, even people who don't need any more money get these rebates.[/quote]

Yeah that's the biggest issue I have with this plan. At least to qualify for unemployment you have to have worked and earned a certain amount of money. Now a person that made $3000 gets a 10% rebate check while another individual that earned $50,000 and actually PAID TAXES gets only $600.

Nancy Dumbass Pelosi strikes again!
 
[quote name='hufferstl']My guess is that it will help China's economy more than anything. Another record year of growth. We really need to make some changes regarding imports. Try to find something NOT made in China in Target or Wal*Mart....

http://news.bbc.co.uk/2/hi/asia-pacific/7206174.stm

end rant...[/QUOTE]

It's more easily done if you don't step inside a WM in the first place. Though, of course, I do understand and empathize (to a small degree) with those who say they can't afford (or don't have an alternative) to shop anywhere else.

[quote name='Dead of Knight']Fixed. Let's give to the rich and take from the poor! Because from what I've seen, even people who don't need any more money get these rebates.[/QUOTE]

I don't imagine that Pelosi made this suggestion, but probably accepted it as a matter of compromise in order to pass the bill quickly. Let's not fool ourselves: the Dems are in power, but in the process, their collective spine remains homeless and missing. A genuine stimulus package that would benefit businesses without tax breaks (e.g., instituting a maximum wage, rolling back Bush's tax cuts, increasing the FICA cap, etc. - things that might (OH NO!) harm the rich, but not businesses) and would provide money to "average folks" at the same time would be best - but would be filibustered by Republicans with a quickness. Despite being the majority, the spineless Dems would rollover for that.

Me? I'm not spending money on shit. I'm going to save it, or pay down some credit card debt. I've got lots of stuff already, and I'm not responsible for the fucked up economy, so I don't consider myself obligated to help fix it by buying more Blu-Ray movies or somesuch nonsense.
 
[quote name='mtxbass1']How exactly is any of this good news? What part of this will help the economy?

We are already in debt. Where is this money going to come from? Thin air? That's really smart...

What exactly does providing this money solve? People are naive to think that $600 is going to magically solve anything for a majority of people. Most people who are having a hard time paying their bills have been having a hard time for the past few months (if not years). $600 is a scratch on the surface for a lot of these people.

This didn't work back in 2001. The problem is worse now (and will only get worse).[/QUOTE]

IMO you're just kind of bitter that you don't get anything back because you "make too much money"..I'm just kidding don't blow up or anything..

if I made a six figure income (or even a mid five figure income) I don't think I would complain too much about my own personal financial situation.. as it stands.. I make just under 20 thousand a year and I have to work far harder then I'm sure that you do for my 20 thousand a year.. I don't complain too much but considering we pay far too much taxes to begin with I'm glad they are at least attempting to give us some of that money back to help with things.. if I get another 600 bucks that helps me pay off a student loan/ or a part time semister at college.. .thats not bad... I want to get to where you are in your life (I presume a nice house/apartment with nice things, a comfortable living wage and a nice partner to come home to everyday) Using credit counciling services my parents erased a lot of their debt and they'll be completely paid off in a year or two.. yeah their credit will suck and they'll have to start over, but they'll be out of debt and they can start their own business.. 1200 for them will equal a house payment and bills which in turn helps them pay off their stuff sooner.. it may not seem like "much" right now.. but to me thats basically a free paycheck (and for someone living sometimes paycheck to paycheck sometimes you can't get enough "extra" money.) so yes, its not a "erase everyone's debt/bill problems" but it is at least something.. and something is better than nothing and its going back to TAX payers not people who just mooch off the government for things. so that is two benefits for it.

I'm sorry that you are bitter about it.. and I'm sorry that you believe you "make too much money" I wish I could be in that bracket where i "make too much money" to where I don't qualify for a tax break.. but unfortunately I'm just a poor college student trying to get somewhere.. this helps.. I'm sure it helps a lot of people in similar situations to me.
 
[quote name='Derwood43']Yahoo is reporting $600.00 for individual tax payers who made more than $3000.00 in '07. Couples can receive $1200.00 if their combined income was less than $150k.

Non tax payers are eligible for the $300.00 check.

The checks are expected to roll out in June.[/quote]
Whoa, are you serious? I'm only 16, but I made about $3200 before taxes. Am I elgible for this?

*knows nothing about taxes.
 
[quote name='Ski Hawk']Whoa, are you serious? I'm only 16, but I made about $3200 before taxes. Am I elgible for this?

*knows nothing about taxes.[/QUOTE]

Not likely, your parents will likely get a larger rebate as I am pretty sure they will claim you as a dependant.
 
[quote name='Ski Hawk']Whoa, are you serious? I'm only 16, but I made about $3200 before taxes. Am I elgible for this?

*knows nothing about taxes.[/QUOTE]

no you are not but your parents will likely use that tax break you got and pocket that money and go on vacation without you..

unless you move out when you are 18. (i didn't move out until I was 21 and well into college) they can claim you on their taxes as a dependent as long as you live in their house until you are 21 or not living with them.
 
[quote name='urzishra14']IMO you're just kind of bitter that you don't get anything back because you "make too much money"..I'm just kidding don't blow up or anything..
[/quote]

Trust me, I'm hardly bitter about "missing out" on $600. Even if I got that money, all I would do is put it in the bank and save it. If I'm bitter about anything, it's the fact that there is absolutely no plan in place to pay for any of this.

[quote name='urzishra14']
if I made a six figure income (or even a mid five figure income) I don't think I would complain too much about my own personal financial situation.. as it stands.. I make just under 20 thousand a year and I have to work far harder then I'm sure that you do for my 20 thousand a year..
[/quote]

That's a pretty bold statement. Care to tell me how you think your job is "harder", when you don't even know what I do for a living?

[quote name='urzishra14']
I don't complain too much but considering we pay far too much taxes to begin with I'm glad they are at least attempting to give us some of that money back to help with things.. if I get another 600 bucks that helps me pay off a student loan/ or a part time semister at college.. .thats not bad...
[/quote]

You are in the minority with what you will use this money for. People will get this money and spend it on the most useless shit. It happened last time, it will happen this time.

[quote name='urzishra14']
... but to me thats basically a free paycheck (and for someone living sometimes paycheck to paycheck sometimes you can't get enough "extra" money.) so yes, its not a "erase everyone's debt/bill problems" but it is at least something.. and something is better than nothing and its going back to TAX payers not people who just mooch off the government for things. so that is two benefits for it.
[/quote]

I agree. It is "something". It is something we shouldn't be doing. How is giving money back to people WHO DON'T PAY INCOME TAXES TO BEGIN WITH the logical thing to do?

[quote name='urzishra14']
I'm sorry that you are bitter about it.. and I'm sorry that you believe you "make too much money" I wish I could be in that bracket where i "make too much money" to where I don't qualify for a tax break.. but unfortunately I'm just a poor college student trying to get somewhere.. this helps.. I'm sure it helps a lot of people in similar situations to me.[/quote]

As I stated before, I'm hardly bitter about it.

Riddle me this. How do you feel about people who make 75K a year that live in areas where the cost of living is extremely high? What's making 75K a year if you are considered "poor" in the area where you live? How is this plan fair to those people? If anything, they are getting fucked the most here. And in regards to you being a poor college student. Do your parents claim you? If so, you won't be seeing any of this money. Making 20k a year in college isn't that bad, especially when your primary "job" should be going to school (provided you are a full time student). If you are out of school and you are making 20k a year, you might want to consider a different job.

[quote name='Apossum']100 cups of coffee.[/quote]
Futurama FTW. ;)
 
Darn, I make too much to qualify for the rebate. No PS3 on the government's expense for me (just kidding).

Seriously, doesn't this just encourage more irresponsible spending? Do all of yourselves a favor and use it to open an ING direct orange account and get an extra $25 on it.
 
[quote name='JolietJake']Isn't spending it on pointless shit what they want everyone to do? To "Stimulate the economy."[/quote]

You tell me. Does it stimulate the economy when people are buying IMPORTED goods?

With all this talk of stimulating the economy, one would think the economy is a giant clitoris or something.
 
Damn I wish that David Cross bit about the 2001 rebate checks was somewhere easily found on the net.

[EDIT: Found a text version...from urbanconservative.com of all places]
Republicans have some great racists, great sexists. Homophobes? A#1, absolute A#1; crazy, crazy homophobics. And look, I'm not saying all republicans are racist, sexist, homophobes; just the people they choose to elect into office to represent them are. The people who push the buttons, you know, they just want their $300 check. They just want their Sharper Image gift certificate. "The democrats wanna take away yer Sharper Image gift certificate. You was gonna get one a them foot massagers... Oooh, wouldn't a foot massage sound good right about now? Democrats wanna take that away."
 
[quote name='n8n8baby']Damn I wish that David Cross bit about the 2001 rebate checks was somewhere easily found on the net.[/QUOTE]

"I'm a goin' to Sharper Image!"
 
[quote name='Dead of Knight']Fixed. Let's give to the rich and take from the poor! Because from what I've seen, even people who don't need any more money get these rebates.[/quote]

thats the whole point of trickle down economics, and its something that good ole georgy bush believes whole heartedly in
 
[quote name='urzishra14']no you are not but your parents will likely use that tax break you got and pocket that money and go on vacation without you..

unless you move out when you are 18. (i didn't move out until I was 21 and well into college) they can claim you on their taxes as a dependent as long as you live in their house until you are 21 or not living with them.[/quote]
I'll be moving out for college in 2010, when I'm 18.

But I'm not going to be optimistic. Hopefully I'll get around $150 from Federal and State withholding.
 
[quote name='mtxbass1']You tell me. Does it stimulate the economy when people are buying IMPORTED goods?

With all this talk of stimulating the economy, one would think the economy is a giant clitoris or something.[/quote]I didn't say it was wise, just their plan. I don't think they know wtf they're doing anymore.
 
[quote name='JolietJake']I didn't say it was wise, just their plan. I don't think they know wtf they're doing anymore.[/quote]

Their plan didn't work back in 2001 either. In the end, they found out that a mere 21.8%(+/-3%) actually increased spending. The rest of the people either saved the money or paid down debt.

http://www-personal.umich.edu/~shapiro/papers/aer2003-aeaweb.pdf

I'd suggest everyone who wants to know what people actually did with the money read this study that was comissioned. It is quite fascinating. People in debt paid off debt. People who were savers to begin with (those building wealth), just simply saved more.
 
[quote name='bigdaddy']I'm pretty sure that the following year the government will be asking for it back when you do the taxes.[/quote]

See, that's the thing here. Nobody has said where this is coming from. Back in 2001, that's exactly what happened. It was like an "advance" on your tax return. They basically lowered the bottom tax from 15% to 10% and sent you the difference. This time around, who knows what they will do.
 
A real effort to cut spending would help a lot. Then they could lower taxes and have them stay that way. So long as our government is printing money to pay for all this shit inflation will continue. Thats their answer to everything, just print more money.
 
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