In a more important move than Bush's signature on this legislation, I got the Mrs approval for an HDTV and a Wii...

 

 

just doing my part.

Crack

Was planning a vacation/1 year anniversary this July. That about covers it.

Vacation or investing.

Fixing my garage (inside) so it is organized like the one I had before I moved. Drywall, cabinets, shelves, bike hooks, the works.

I will purchase services* and durable goods** to get the economy back on track. :usa

 

 

 

* (hookers)

** (inflatable and battery-operated sex toys)

Isn't it pretty much just an advance on your tax refund?

Isn't it pretty much just an advance on your tax refund?

No. The government just cut your taxes by $600/person if you make under $75,000 a year, threw in a little bit for kids as well, and they're giving you that money as this check. This is an actual one time tax cut. Took me a while to understand that too...in 2001, the tax rebates were an advance on the Bush tax cuts so they counted when you filled out your returns. This is different, as it's a 1 time event, and so it's not just an advance.

No. The government just cut your taxes by $600/person if you make under $75,000 a year, threw in a little bit for kids as well, and they're giving you that money as this check. This is an actual one time tax cut. Took me a while to understand that too...in 2001, the tax rebates were an advance on the Bush tax cuts so they counted when you filled out your returns. This is different, as it's a 1 time event, and so it's not just an advance.

Speaking of that, how is it that Illinois has you list your state tax refund as income the next year? If I get a refund in 2007 for the taxes I paid in 2006, I have to claim it as income for 2007! i already paid taxes on it in 2006, which is why they returned it to me to begin with. How they got that one thru is amazing.

No. The government just cut your taxes by $600/person if you make under $75,000 a year, threw in a little bit for kids as well, and they're giving you that money as this check. This is an actual one time tax cut. Took me a while to understand that too...in 2001, the tax rebates were an advance on the Bush tax cuts so they counted when you filled out your returns. This is different, as it's a 1 time event, and so it's not just an advance.

How did they come up with that $75k number? Is that based on 2008 or 2007 earnings? I heard the checks might not come until June 2009

Edited February 9, 200818 yr by santo=dorf

How did they come up with that $75k number? Is that based on 2008 or 2007 earnings? I heard the checks might not come until June 2009

It is based on 2008 earnings, but it's complicated. According to CNN, if you earned less than that amount in 2007, you will receive the full amount. If you earned more than it, your refund will decrease by like 5% per $1000 you earned over it. If you earn more than that in 2007, but earn less than that in 2008, the government will give you back the remainder next year. If you earned less than that in 2007 but earn more than that in 2008, you will not have to pay back the difference. And now that a bill has been passed and signed by the President, barring anything horrendous happening in Washington, checks should be in the mail in May...as long as you file your tax return by April 15th. If you file late/ask for an extension, then it could be significantly delayed.

Single filers with no kids and an income below $75,000 will likely get a $600 rebate. But if they made $80,000, their rebate will be reduced by $250 ($5,000 x 0.05). So they will get a check for $350 ($600-$250).

 

..and there it is.

 

That sucks. I pay more in taxes and get less back. America.

A 24 year-old making over $80k and complaining about the $250 removed from his rebate

 

Where's that violin smiley?

A 24 year-old making over $80k and complaining about the $250 removed from his rebate

 

Where's that violin smiley?

but I don't know if I'll always make that much. I received a lot of money for relocating which was just added onto my salary pay. I don't get that money every year.

College.

I know I'm in the vast minority on this, but I don't think it's a great idea to borrow $200M from China to "stimulate" our economy.

 

Having said that, I sure as hell won't turn down the check.

I know I'm in the vast minority on this, but I don't think it's a great idea to borrow $200M from China to "stimulate" our economy.

If you believe Keynes economics, having the government go in to debt during a time of economic slowdown by putting more money in the hands of people that will spend it is actually an effective way of pushing up the economy during a down turn.

 

The problem is, in my eyes, we've been hanging out in the red for the last 30 years, so it's kind of like having the pedal to the medal on an engine and then pushing down harder on it.

Invest it, although somewhere along the lines I'll probably spend it.

Putting it in savings and eventually using it toward the downpayment for a new car... I've got the toys already so we'll be practical.

Speaking of that, how is it that Illinois has you list your state tax refund as income the next year? If I get a refund in 2007 for the taxes I paid in 2006, I have to claim it as income for 2007! i already paid taxes on it in 2006, which is why they returned it to me to begin with. How they got that one thru is amazing.

 

Because the total amout of sales or state income taxes you pay is tax deductable. A refund is an adjustment upwards of income in that sense.

I know I'm in the vast minority on this, but I don't think it's a great idea to borrow $200M from China to "stimulate" our economy.

 

Having said that, I sure as hell won't turn down the check.

The best part is we'll have all sorts of new Americans who will be paying back that loan and the interest, because it is a free gift for us.

 

 

Where will I spend it?

Same as Jim, but I'm spending it in Mexico where you're money goes farther . . .

 

I'm going to carefully analyse which industries are the hardest hit and need the most help, factoring in US content in both labor and materials. Once I determine where I can help US industry the most I will buy a new MP3 player and wireless printer for my home network. Gotta help those that loaned us the money.

 

 

Information on Stimulus Package

The Administration and Congress have agreed to an economic growth package that would provide advance payments to many Americans. More details will be available soon, but here are some highlights:

 

• Starting in May, the Treasury will begin sending stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.
• The vast majority of people receiving a payment only need to file a 2007 tax return as they normally would. The IRS will then do all the rest, including determining eligibility and payment amounts.
• The Treasury will work to quickly implement this important stimulus package. Additional details on timing of the check mail-outs will be available soon.
• The IRS.gov Web site will be the best source of information for all stimulus questions. This web page will contain all the latest information as it becomes available.
• The IRS and Treasury will be working closely with the Department of Veterans Affairs and Social Security Administration along with beneficiary organizations to ensure that all eligible individuals know what to do to receive a stimulus payment.

Information on Rebate Scams

 

Taxpayers should be aware that there are identity theft scams involving the proposed advance payment checks, known informally as rebates to many Americans. The IRS knows of at least one telephone scam making the rounds which uses the proposed rebates as bait.

 

Related Items:

 

• IR-2008-11, IRS Warns of New E-Mail and Telephone Scams Using the IRS Name; Advance Payment Scams Starting
• 1040 Central

Much of my check will be spent in Mexico this summer.

Edited February 10, 200818 yr by Greg The Bull Luzinski

strippers

The best part is we'll have all sorts of new Americans who will be paying back that loan and the interest, because it is a free gift for us.

Where will I spend it?

Same as Jim, but I'm spending it in Mexico where you're money goes farther . . .

 

I'm going to carefully analyse which industries are the hardest hit and need the most help, factoring in US content in both labor and materials. Once I determine where I can help US industry the most I will buy a new MP3 player and wireless printer for my home network. Gotta help those that loaned us the money.

 

 

You gonna get the high class donkey?