Economic Stimulus Checks/Anyone Got One?

[MACH]

Mine hasn't come yet. It will just go into savings and the government just paid for my vacation to Bora Bora.

Thanks. I think this stimulus thing is a bunch of crap but what do I care. I am going on a government paid vacation!

 

[jsledder]

I know that is one of the assumptions underlying this rebate, but would like to see statistics that back up this claim. My experience in talking with my clients is that when lower-income families receive tax refunds, property tax rebates or "stimulus checks", they tend to use it to pay down some debt, put it towards their monthly expenses, or sock it away. On the other hand, when higher-income folks with more discretionary income receive "extra" $$$, they tend to actually buy things with it, or go on trips, because it is free money to them.

Go stand in a Wal-Mart during the first 2-3 months of the year and see how many people, that are obviously "low income" and receiving huge tax refunds, are out buying new TV's, stereo's, clothes, etc... and then find their names on the list of people not paying their property tax, in trouble with credit collectors, local credit problems, etc.. In a small town it's easy to figure out where that money goes. I would be willing to be there are more people spending the refunds on luxuries rather than paying off debts, I could be wrong....

 

[Scott]

So how much is it?

 

[racingpit]

I got hosed! I am 22, but I am living at home to help take care of my Mom because she has some health problems. I also go to college. I will not get a stimulus check as I was claimed as a dependent, and also, my Mom didn't get any money for me.

 

[niner49]

I got hosed! I am 22, but I am living at home to help take care of my Mom because she has some health problems. I also go to college. I will not get a stimulus check as I was claimed as a dependent, and also, my Mom didn't get any money for me.

Something is wrong with this picture? your Mom should get $600 for herself and $300 for claiming you as a dependent? who does your Taxes?

 

[PCDOC]

So how much is it?

$600 each for you and your wife plus $300 for each kid. Providing you two combined make under 150k or if Missy is a stay at home mom and you make under 75k. The $600 total starts to drop off when you reach a those points in total income.





Phase Out: The stimulus payment –– both the basic component and the additional funds for qualifying children –– begins to phase out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples who file a joint return with AGI over $150,000. The combined payment is reduced by 5 percent of the income above the AGI thresholds.

Here are two examples of how the phase out works:

An individual with AGI of $80,000 and federal income tax liability in excess of $600 would qualify for a basic rebate of $600. Because this individual’s AGI exceeds $75,000, however, her rebate is reduced by $250 (the credit is reduced by multiplying the amount of AGI over $75,000 by 5%). The taxpayer receives an economic stimulus payment of $350.
A married couple with two children, AGI of $160,000 and federal income tax liability before the child tax credit exceeding $1,200 qualifies for a basic rebate of $1,200 and an additional qualifying child credit of $600 for a total rebate of $1,800. But because the couple’s AGI exceeds $150,000, their rebate is reduced by $500 (the amount of AGI over $150,000 multiplied by 5%). The couple receives an economic stimulus payment of $1,300.

 

[PCDOC]

Would it be un-patriotic to spend it on Molson?
After all, Canada is our neighbor!

That would be great!!!!! My golden retrievers name is Molson and he could use a new collar along with a set of powder pros.

 

[TIM]

So, if we spend that money at Wal-Mart, all the money will go to China .
If we spend it on gasoline it will go to the Arabs.
If we purchase a computer it will go to India .
If we purchase fruit and vegetables it will go to Mexico , Honduras , and Guatemala .
If we purchase a good car it will go to Japan .
If we purchase useless trinkets, it will go to Taiwan .
And none of it will help the American economy!
We need to keep that money here in America . The only way to keep that money here at home is to spend it at yard sales, since those are the only U. S. owned and operated businesses still in operation.



but what you are forgetting is, if you buy it in your local store, you will support the local employees, who work at the local store, who donate to your little sussies pagent. Spend the money in your local market.

tim

 

[Blu Du]

age limit is seventeen

 

[Dare-Ya]

Something is wrong with this picture? your Mom should get $600 for herself and $300 for claiming you as a dependent? who does your Taxes?

Racingpit is right. One of those nice little stipulations our government put into place. If you are 17 or above (your parent cannot get the child tax credit) or if you are claimed as a dependant by your parents (even though you have an income of your own, and you paid taxes) you do not get a rebate nor do your parents get one for you.

 

[Scott]

600 each adult and 300 each dependent?

So a married couple with 2 kids would get $1800??

 

[PCDOC]

/\ /\ /\ /\ /\ Yesir

It gets sent out according to the last two digits of your social or whoever is listed first on your tax return. Lowest first. Mine is 58 so my wife and I should expect it late June.

 

[milehighassassin]

I got hosed! I am 22, but I am living at home to help take care of my Mom because she has some health problems. I also go to college. I will not get a stimulus check as I was claimed as a dependent, and also, my Mom didn't get any money for me.

So who claims you as a dependent?

I don't know the exact legality to it but if your mom did not make ANY money or didn't file her taxes, then she won't get a check.

If that was the case, then you shouldn't have let anyone claim you as a dependent, if you did then that is your own fault.

Who did do YOUR taxes?

 

[TIM]

not everyone will get a stimulas rebate, it depends on your income also.

 

[Circus Midget]

I found 6 Hundo bucks in my account today.

 

[800 RMK]

Vegas this weekend.................

 

[Mafesto]

Success is not getting penalized. If you made more money you are not getting taxed anymore from this stimulus check. You just won't get as much or any, but if that is the case then you already made FAR more than this tiny $600 check.

Wrong with a capital "R"!

Where does this funding come from?
Largely future income tax.
Guess what, those getting the most $ (because of their inability to prevent procreation)
will end up paying the least amount back (because of their inability to prevent procreation)

Why do we as a society continue to reward those who are irresponsible enough
to have kids they cannot afford to raise?

Like they taught us in jr high...."If you can't afford it, abort it"

 

[sldgy]

Wrong with a capital "R"!

Where does this funding come from?
Largely future income tax.
Guess what, those getting the most $ (because of their inability to prevent procreation)
will end up paying the least amount back (because of their inability to prevent procreation)

Why do we as a society continue to reward those who are irresponsible enough
to have kids they cannot afford to raise?

Like they taught us in jr high...."If you can't afford it, abort it"

yep, YEP, and DOUBLE YEP!

 

[Jeff C]

Got my $1800 check the other day,,,,,,,,,,,,,,, niiiiice



Who is funding it? the Chineese of course!!


Got Rice?

 

[Mafesto]

Got my $1800 check the other day,,,,,,,,,,,,,,, niiiiice



Who is funding it? the Chineese of course!!


Got Rice?

Yea,
We'll all be speaking Manderin before it's over.