Tax rebates, 600 buckaroos Options

[Spectatrix]

http://www.cnn.com/2008/POLITICS/01/24/eco...ulus/index.html

American taxpayers would get checks of several hundred dollars from the government under a plan to stimulate the economy, sources said Thursday.

Treasury Secretary Henry Paulson is the administration's point person for the economic stimulus plan.

Congressional leaders of both parties were talking with their membership to sell the plan, sources said.

Sources on Capitol Hill and at the Treasury Department said congressional and White House negotiators agreed upon checks of $600 per individual and $1,200 per couple.

A Democratic aide and Republican aide said there will be an additional amount per child, which could be in the neighborhood of $300.

Checks could be in taxpayers' mailboxes by June, according to an Associated Press report.

[theIncredibleEdi...]

whats the catch?

I don't have to blow Larry Craig in a bathroom, do I?

[Spectatrix]

The catch is that it increases the federal deficit and may not do a heck of a lot to stimulate the economy. I, for instance, will likely sock away most of that in savings. Maybe save $500 and spend the other $100, something like that.

[theIncredibleEdi...]

Eh, deficit is huge already....we may as well actually get something out of it for once.

[Hartmann]

You don't solve a deficit by printing more money... Yay for politicians making economic decisions!

[Spectatrix]

You don't solve a deficit by printing more money... Yay for politicians making economic decisions!

Ugh, right? Makes me think there might be something to this whole gold/silver standard thing...

This post has been edited by Spectatrix: Jan 24 2008, 11:10 AM

[theIncredibleEdi...]

GIMME MONEY! I WANT A TIME CAPSULE!

[impala454]

there will be an additional amount per child, which could be in the neighborhood of $300

Great.. let's give the minorities more reason to churn out kids.

To get to the agreement, Democrats dropped calls for increases in food stamps and an extension of unemployment compensation. Republicans agreed to allow people who pay Social Security taxes but not income taxes to get the checks, sources said.

F'n great, thanks democrats, let's make sure to get all the illegal immigrants their $600 too.

[Psykopath]

I'll probably spend $100 and invest the other $500 when stocks dip lower.

[impala454]

$600 would go straight to the card I'm tryin to pay off

[johnthedrunk]

$600 crack party!

[Jim]

Finish paying off an engagement ring and XBox 360 mania.

[Mommy]

yup... one of my credit cards can be payed off with that money. I say yay.

[theIncredibleEdi...]

STRIPPERS AND WHORES!!!

[Psykopath]

STRIPPERS...

Actually, going to a titty bar sounds fun.
Myself and others are doing that once I file my taxes
(plus we're going to play some shitty video games and drink beer, ala Angry Video Game Nerd...then go to WingStop to take the Atomic challenge [amirite, Crocker?!?]).

[theIncredibleEdi...]

*shivers at the thought of Lubbock strippers*

[Psykopath]

*shivers at the thought of Lubbock strippers*

Not too bad if you go on the right night.

I actually don't go for the strippers, per say. We usually go to just hang out, drink beer, be loud, make fun of Crocker , ...and then there just happens to be naked womenz about.

[dauss]

Plan unveiled

http://biz.yahoo.com/ap/080124/economy_stimulus.html

The rebates, which would go to about 116 million families, had appeal for both Democrats and Republicans. Pelosi's staff noted that they would include $28 billion in checks to 35 million working families who wouldn't have been helped by Bush's original proposal. Republicans, for their part, were pleased that the bulk of the rebates -- more than 70 percent, according to an analysis by Congress' Joint Tax Committee -- would go to individuals who pay taxes.

Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.

The rebates, expected to go out in June, would cost about $100 billion, aides said. The package also includes close to $50 billion in business tax cuts.

I'm actually with Bush on this one, fuck the poor. No need to give all that money to people who don't even pay taxes.

[FORSAKENR320]

no one else is seeing the scam part....


what is the best way to hunt a rat? make the rat take your poison bait and run back to it's nest. greedy illegals are gonna be getting this money, and the following paper trail will lead the goverment right to their house.... will the goverment do anything about it? prolly not. but they would know more accurately how many illegals there are and they would make more plans accordingly

[Mommy]

no one else is seeing the scam part....


what is the best way to hunt a rat? make the rat take your poison bait and run back to it's nest. greedy illegals are gonna be getting this money, and the following paper trail will lead the goverment right to their house.... will the goverment do anything about it? prolly not. but they would know more accurately how many illegals there are and they would make more plans accordingly

I think youre dead wrong, but if this is the case, I dont see what the big deal is. I fucking hate illegals leaching off our system, and anything that monitors them more AND puts money back into my pocket then thats fine by me.

I hope youre joking though cuz this sounds highly unlikely. Did lance take over your computer?

[pebkac]

The catch is that it increases the federal deficit and may not do a heck of a lot to stimulate the economy. I, for instance, will likely sock away most of that in savings. Maybe save $500 and spend the other $100, something like that.

Probably a good idea.

At any rate, I agree. It's just another feel good measure to make people feel like the government is doing something for them. I like the Democrats' original idea: fund infrastructure projects and temporarily increase unemployment benefits. It's too bad they've rolled over on the subject AGAIN. Oh but wait... rich people won't get the stipends. Big whoop.

[chook]

Are they going to be Nixon funny money?

[Spectatrix]

Are they going to be Nixon funny money?

Tricky Dick Fun Bill?

[Oasis]

I doubt I'll be getting anything, since my tax return is usually more than my income tax

But if so, hello top of the line record player

[Spectatrix]

I doubt I'll be getting anything, since my tax return is usually more than my income tax

But if so, hello top of the line record player

If you make < $75k (based on last years tax filings, I presume?), you should be getting a full $600.

[Oasis]

If you make < $75k (based on last years tax filings, I presume?), you should be getting a full $600.

I'm contracted so I pay a quarterly income tax of $148. This seems incredibly low since I make a tad under $30k/year, but I'm not going to complain.

But I write off EVERYTHING. Gas mileage, work clothes, food, a new laptop, anything I use/might use for work I'll try to write off as a business expense

[2wolUTT]

I doubt I'll be getting anything, since my tax return is usually more than my income tax

But if so, hello top of the line record player

That's funny! That's what I'm lookin to get. Some Technics 12 hundets.

[FORSAKENR320]

I think youre dead wrong, but if this is the case, I dont see what the big deal is. I fucking hate illegals leaching off our system, and anything that monitors them more AND puts money back into my pocket then thats fine by me.

I hope youre joking though cuz this sounds highly unlikely. Did lance take over your computer?

lol actually i just wanted a chance to Tin-Foil-Hat for a bit. was actually pretty entertaining to pick and choose which logic worked best for my case while completely ignore all the counterpoints... lol

[chook]

Tricky Dick Fun Bill?

yes!! 200 cups of coffee!

[Spectatrix]

300, but close enough.

[chook]

300, but close enough.

It was 100 for 300 bucks, your support as viceroy in the Futurama fan club is waining!

[Spectatrix]

It was 100 for 300 bucks, your support as viceroy in the Futurama fan club is waining!

Doh! I knew that! *facepalms*

[Jim]

You guys fail futurama.

[Hartmann]

I'll be following this closely: http://frontburner.dmagazine.com/2008/01/2...te-the-economy/

If something comes of it, I'll donate mine.

[Testm0nkey]

they get paid pretty well. i dont

[Hartmann]

I guess $28,000 for four years experience is "well". I dunno, they do a service and don't suck up resources they have done nothing to deserve. I'll give a few more dollars to their cause.

Or, I'll give it to a battered women's shelter. [braces for jokes]

[FORSAKENR320]

Or, I'll give it to a battered women's shelter. [braces for jokes]

actually, i kinda agree with you on this. those places need it. at the same time, i can't but help to think about how often i have told a dumb shit female friend to leaver her abusive loser boyfriend and they never would.


dumb enough to put up with it, dumb enough to deserve it.

the ones that need the help that i approve of are the ones who can't leave because the guy has tricked them and said "baby, i'll take care of you" so they don't have a job, or any skills, or anywhere to go, so they have to stick with the bastard

[Testm0nkey]

i know people in the military that are getting paid waaaaaaaaaaay higher than 7,000 a year ( if 28k over 4 years is what you meant?!) and they arent officers. hell they get more than 28k/yr and certainly my dad did forever ago

[Jim]

actually, i kinda agree with you on this. those places need it. at the same time, i can't but help to think about how often i have told a dumb shit female friend to leaver her abusive loser boyfriend and they never would.
dumb enough to put up with it, dumb enough to deserve it.

the ones that need the help that i approve of are the ones who can't leave because the guy has tricked them and said "baby, i'll take care of you" so they don't have a job, or any skills, or anywhere to go, so they have to stick with the bastard

The mentality of a person who is suffering from Battered Wife Syndrome (BWS) is much different than those of a typical, sane man.

[Hartmann]

i know people in the military that are getting paid waaaaaaaaaaay higher than 7,000 a year ( if 28k over 4 years is what you meant?!) and they arent officers. hell they get more than 28k/yr and certainly my dad did forever ago

28k a year is for an E6 (Staff Sergeant), taken straight off the Army website. Four years experience is usually what it takes (minimum) to reach that rank.

02's (First Lieutenants) in the Army make around $33k/year if they've been in for less than 2 years.

Granted, there are bonuses in there.

[James]

Feel free to donate it to teachers; we make less soldiers with comparable experience.

[impala454]

That is also standard salary in the states. When they're out on a tour they get quite a bit more, especially if they're in a warzone.

[Hartmann]

That is also standard salary in the states. When they're out on a tour they get quite a bit more, especially if they're in a warzone.

At the time of deployment an Army soldier receives $250 (begins 30 days after separation) in family separation pay a month as well as Hazardous Duty pay of $225 per month while in a war zone. There is also a Hardship Duty Pay for $100 a month.

All of this is tax free.

[impala454]

That is still good, but I wonder if that changes by rank. I don't know the exact details but I do know my bro-in-law who is a captain makes about 40% more while he's in Iraq.

[theIncredibleEdi...]

Package passed the House....now for the Senate

http://www.cnn.com/2008/POLITICS/01/29/eco...ulus/index.html

[chook]

That is still good, but I wonder if that changes by rank. I don't know the exact details but I do know my bro-in-law who is a captain makes about 40% more while he's in Iraq.

He probably doesn't have to pay his first 85k, like any contractor in Iraq.

[impala454]

Package passed the House....now for the Senate

http://www.cnn.com/2008/POLITICS/01/29/eco...ulus/index.html

Oh well, at least it's a win-win. If it doesn't pass, good they're not wasting tax money. If it does pass, at least I snag an extra $600.

[theIncredibleEdi...]

Oh well, at least it's a win-win. If it doesn't pass, good they're not wasting tax money. If it does pass, at least I snag an extra $600.

LOL, for now....you'll pay it back later somehow.

[impala454]

yeah thats for sure

[dauss]

Senate passes it.
http://biz.yahoo.com/ap/080207/economy_stimulus.html

The Senate plan would rush rebates -- $600 for individuals, $1,200 for couples -- to most taxpayers and cut business taxes in hopes of reviving the economy. Individuals making up to $75,000 a year and couples earning up to $150,000 would get rebates.

People who paid no income taxes but earned at least $3,000 -- including through Social Security or veterans' disability benefits -- would get a $300 rebate.

Total cost, $161 billion. Only 40% of Exxon Mobil's sales for 2007.

[impala454]

good, at least they lowered the amount illegal aliens would receive.

[Spectatrix]

Rebates to come in May: http://www.cnn.com/2008/POLITICS/02/08/eco...ulus/index.html

Didn't realize this:

The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.

So I wasn't a taxpayer when the 2001 rebates came around. How does that work? If I would normally get a refund of $400, would I then owe $200? Or just get no refund?

This post has been edited by Spectatrix: Feb 8 2008, 10:04 AM

[Epic]

wooooow, i was not aware of that twist either

[impala454]

Geez... you knew there had to be a catch

[Spectatrix]

I feel like I should've known, given that they've been calling it a "rebate" rather than just "hey, free money", but I'm surprised that none of the news articles before now have mentioned that. Or maybe they just didn't know the details until the plan was passed. Still, that twist makes it all the more unlikely that I'll spend any of that money. Better to stick it in my savings so I'm not caught flat-footed when I owe money next year.

That $600 sure as hell better not contribute to under-payment penalties.

This post has been edited by Spectatrix: Feb 8 2008, 10:25 AM

[Mommy]

bastards... seriously. What in the hell. thats the first I have heard about this. For me, it still kinda works out since I have a baby on the way, and I would like to have as much money around as possible right now, but still... what a way to trick us.

[Epic]

i kinda hope that this story had their facts wrong, otherwise things are going to get shitty next april as people who don't read the news get slammed with a tiny return if they get anything at all

[Mommy]

or a bill saying the owe money

[Spectatrix]

i kinda hope that this story had their facts wrong, otherwise things are going to get shitty next april as people who don't read the news get slammed with a tiny return if they get anything at all

I doubt they have their facts wrong. Did a bit of googling on the 2001 rebates and it sounds like the same deal. Only those were something like $300.

[Spectatrix]

Another article on the rebates: http://articles.moneycentral.msn.com/Taxes...TaxRebates.aspx

I may change my W-4 exemptions to 1.

[dauss]

Whatever. I have never got a refund after I turned 18. I get my change back.

[impala454]

I have always gotten a refund, and the ones I've gotten since starting my real jobs after college have been huge. I'll continue to claim 0 simply bc it forces me to "save".

[FORSAKENR320]

I have always gotten a refund, and the ones I've gotten since starting my real jobs after college have been huge. I'll continue to claim 0 simply bc it forces me to "save".

same

[Mommy]

Christine, seems you shouldn't have to set aside any money next year.

Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.

"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."

http://biz.yahoo.com/cnnm/080208/020808_re...insurance'

[Epic]

i'm not sure that means we're off the hook. I just think it means that if you get the 1200 and but you ended up deserving the 600 then you don't get that much deducted from your next year's rebate.

and the "advance on a credit you'll receive on your 2008 return" still makes me think that they'll deduct it from the 2008 return

[Spectatrix]

No, Blue, it does mean we're off the hook (more or less), now that I'm reading that. There's a one-time tax credit, which means your tax burden is $600 less than it would be otherwise and you're getting an advance on that credit.

This post has been edited by Spectatrix: Feb 10 2008, 03:32 PM

[Mommy]

Im so fucking confused. Is my refund gonna be smaller next year or not?

[Spectatrix]

No. Your refund would be $600 larger due to a one-time tax credit, but you're getting that $600 early.

[Epic]

christine in '08

[Mommy]

well, damn Christine... miss know-it-all... i can always count on you

[Spectatrix]

christine in '08

Not old enough. Not for prez, at least.

well, damn Christine... miss know-it-all... i can always count on you

Hey, you're the one who provided the relevant news article.

[Epic]

lame

i'm only getting like 500 back this year since i spent half the year as a student the other half employed so my income was at a shitty level with minor deductions. hopefully next year will be better

[Mommy]

yeah... Im only get back $1000... I got way more last year

[Dogmeat]

wow. I can make one vehicle payment for one month. The economy is now fixed.

Yeah.

God I fucking hate politicians.

[Mommy]

A lot of people are just going to put it towards a bill.... How is that going to spur the economy?

[Testm0nkey]

do most people even pay their bills?

maybe thats why everything is in a slump. pushing the issue of saving your money on an unresponsible american public actually started working

[Hartmann]

do most people even pay their bills?

maybe thats why everything is in a slump. pushing the issue of saving your money on an unresponsible american public actually started working

I think it's quite the opposite, people spend their money profusely, even money they do not have hence them not having any now and the economy kind of taking a crap. Less belief in the dollar and the economy suffers.

Saving your money is important but being out of debt is even more important.

[impala454]

I got $2,750 back

[Hartmann]

I got $2,750 back

Good God man, how much is coming out of every pay check?

[Mommy]

wow... I'm jealous

[Spectatrix]

Well I'd get an extra $1750 back (next year) if I were claiming 0 exemptions too.

[impala454]

Good God man, how much is coming out of every pay check?

too much

yall enjoy those roads I bought you !

~$460/check gets jacked from me for income taxes

and claiming 1 wouldn't have changed that much at all. ~$50/check

[Spectatrix]

I lose about $890/check (monthly), claiming 2 exemptions.

[impala454]

2 exemptions?

oh and this website is great for calculating paycheck stuff:
http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp

[impala454]

Looks like you barely have me beat...
















BITCH

[Spectatrix]

Yeah, I use that website. The two exemptions (allowances, whatever the fuck you wanna call 'em) are 1 for no one else claiming me as a dependent, and 1 for being single w/ this my only job.

And haha.

This post has been edited by Spectatrix: Feb 11 2008, 11:44 AM

[Mommy]

Having a baby soon will assist in a bigger refund next year! Isn't there some sort of married credit too? If so, I'll get that one too. WOOO

[Epic]

haha, because the refund will really help you make up for the expense!

suriously, that's why i don't go ahead and have a kid now while i'm young...so damn expensive.

[Mommy]

yeah... well, you take the good with the bad

[Epic]

oh yeah, totally, if it happens then i'll get my shit together, be excited, and raise the damn kid! but if i can plan it, i'm going to wait

[impala454]

yeah... well, you take the good with the bad

Hell, that bitch can mow the yard and wash the dishes and vacuum!

[Spectatrix]

Having a baby soon will assist in a bigger refund next year! Isn't there some sort of married credit too? If so, I'll get that one too. WOOO

You're getting married?

I don't think there's a married credit, per se, but you'd switch to "married, filing jointly" status. Often this results in a reduction of your taxes.

[impala454]

Rebate schedule:
http://www.irs.gov/irs/article/0,,id=180250,00.html

Direct Deposits (i.e. you used your bank acct info for your tax return)
SS Last 2 digits, will receive payment at the latest
00 - 20, May 2
21 - 75, May 9
76 - 99, May 16

Paper Checks
00 - 09, May 16
10 - 18, May 23
19 - 25, May 30
26 - 38, June 6
39 - 51, June 13
52 - 63, June 20
64 - 75, June 27
76 - 87, July 4
88 - 99, July 11

[Oasis]

Fuck. Shoulda used DD

[Dogmeat]

WOO! I get my $600 back May 2nd!!!! IMMA BUY SOME ALL THIS PR0N!!!!!!

[blaarg]

Rebate schedule:
http://www.irs.gov/irs/article/0,,id=180250,00.html

Sweet, thanks for the find! Direct Deposit ftw!!!!1

[Oasis]

ILovKowZ: is it bad to gamble w/ the money the IRS gives you as a economic stimulus?
Z71ChevyThunder: not at all!

[impala454]

hell that's what i'm gonna do heheh. although already was planning on going this weekend. i'm sure i'll have to toss a C note into that same machine that coughed up 4000 a few weeks ago

[pebkac]

The casino segment of our economy is in desperate need of stimulus if you ask me.

[impala454]

it doesn't matter where the "stimulus" goes so long as it stays in our country.