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Home > From $1600/800 to $1200/600 Stimulus Package

From $1600/800 to $1200/600 Stimulus Package

January 24th, 2008 at 06:18 pm

All politics aside it looks like our tax rebates are not going to be as big as we hoped they would be.

Seems like the concession between both party have agreed to give Americans back $600 per wage earner plus an additional $300 per kid up (I don't know if there is a limit as there was in the original Bush proposal). So $600 for a single taxpayer and up to $1200 for those filing jointly.

Seems that the main concession was to give smaller rebates to more taxpayers especially including those who did not earn enough to pay taxes in 2007. Minimum earning is $3000 to get a rebate check. I wonder if anyone can spin the $200 decrease into a charitable contribution to the poor?

I wonder when we should be expecting a check in a brown envelope? I hope soon enough to lock a decent rate on a CD before rates bottom out.

Posted in , Consumers | 16 Comments »

16 Responses to “From $1600/800 to $1200/600 Stimulus Package”

  1. PauletteGoddard Says:
    January 24th, 2008 at 06:44 pm 1201200242
    1201200242

    I wonder when we should be expecting a check in a brown envelope?

    I've read June 2008.

  2. mulyanto Says:
    January 24th, 2008 at 07:08 pm 1201201717
    1201201717

    Honestly, I really don't care what I get. I'd rather have high yield rates than some stupid $600 rebate. The point of it is that you should spend it anyway. Otherwise it's not going to do anything for the economy. Secondly, there's no such thing as free lunch. You can't just pull $150 billion out of your ***. This is just going to be another line on the government's balance sheet that needs to be offset by more revenues. Or we can just look the other way while our debt is growing towards $10 trillion. Fiscal responsibility, my ***.

  3. Broken Arrow Says:
    January 24th, 2008 at 07:11 pm 1201201908
    1201201908

    You know, even though I am completely against the concept and politics behind the rebate....

    I was really, really hoping to get it. Big Grin I know, it's terribly, isn't it? But man, $800 would go a long way in securing my personal finances right about now.

    Still, I wouldn't kick $300 out of the bed, especially if they're dead set on giving one out....

  4. Aleta Says:
    January 24th, 2008 at 07:13 pm 1201202031
    1201202031

    Broden Arrow: Would that help take care of your Student Loan?

    It's funny, everyone thought it was a bad idea, but not ready to send the check back either.

  5. boomeyers Says:
    January 24th, 2008 at 07:13 pm 1201202033
    1201202033

    I guess since the stock market went back up (thanks Warren Buffett!) they decided maybe we did'nt need quite as much??

  6. campfrugal Says:
    January 24th, 2008 at 07:14 pm 1201202053
    1201202053

    Here is what I read, and I copied and pasted it here.

    "Individuals who pay income taxes would get up to $600, working couples $1,200 and those couples 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".

    So, I would get $1800, cause I am married and have two children that qualify. But, June, that seems so far away. We will see, if and when we get it.

  7. Aleta Says:
    January 24th, 2008 at 07:17 pm 1201202220
    1201202220

    I think that they said it was a limit of $1,200 per family. So actually, if you earned enough with no children, you may be able to get up to that amount.

  8. campfrugal Says:
    January 24th, 2008 at 07:25 pm 1201202713
    1201202713

    http://money.aol.com/news/articles/_a/deal-reached-on-tax-rebates-in-june/20080124095609990001

    This is where I read it, if anyone is interested.

  9. mom-from-missouri Says:
    January 24th, 2008 at 07:44 pm 1201203842
    1201203842

    So, if I am understanding this, since I only earned $2000 last year, I would not get one??

    Only my DH and 2 of our kids would be counted??

  10. Mr. Meager Says:
    January 24th, 2008 at 07:51 pm 1201204273
    1201204273

    I'm was always for the rebate because it in essence is a short-term tax reduction. The details I did get were really premature and as more details come out, I feel I am going to need to edit this entry.

    mom-from-missouri, if you filed jointly, I believe it will be based on joint income.

  11. Broken Arrow Says:
    January 24th, 2008 at 08:05 pm 1201205112
    1201205112

    For what it's worth, any kind of reduction, rebate, cut, or whatever they want to call it still amounts to the same thing: The hope that consumers will spend that money and keep our ailing consumer economy alive. The bottom line? Save our predicament that was originally caused by spending with more spending?

    As I've said elsewhere, some have proposed reduction on capital gains tax, which rather than encouraging spending, would encourage saving and investing instead. Sure, it may not save the current consumer economy that way but... why bother saving it in the first place?

    I am aware that Bernanke is just doing damage-control at this point, for a "soft-landing". Still, it's like bailing water out of a sinking ship. Why save it when we should be jumping to a better-built one anyway?

    I'm sorry, rambling again. Big Grin I'll take the rebate, I don't care. Big Grin

    Aleta: Oh yeah, I'll get back to you guys on that one. Wink

  12. Amanda Says:
    January 24th, 2008 at 11:27 pm 1201217244
    1201217244

    I agree with BA, I don't really think this is the best idea ... to dole out money to "bail out" our dropping economy. However, the extra $900 I would recieve would be GREAT to go into my ING account and hopefully make up for most of the money I had to deplete last year in my EF.

    I mean, if the government thinks this is a good idea, I won't turn my head from it.

  13. Beautifulbigred4u Says:
    February 6th, 2008 at 02:28 am 1202264921
    1202264921

    Okay, well first of all.... I don't care where the money is... I will take it.
    the market is dropping because the dollar bill is worth hardly anything any more. and it is only worth something to americans.... We owe so much money to other people....other countries. I will give you a prime example of something that is currently going on. my uncle owns his own machine shop. He makes good quality products for a company in China. In turn that company ships cheap products over here. So not only is our dollar bill going down, but the products are as well. Because a majority of the products are imported and cheap, or not imported and are expensive. Does it make any sense, when the government says that it costs more money to use oil from our country, then to import it from another country? Something like half ass backwardness is going on. So,... personally hey i am fine if the government will give me money.... think on one hand what is 600 dollars anyways... it doesn't even put a tiny hole in my 40 thousand dollar student loans.... But, if i don't work... then I will be homeless....
    okay, well thats my thoughts on this.

  14. Aleta Says:
    February 6th, 2008 at 03:24 pm 1202311492
    1202311492

    beautifulbigred4u: The $600. becomes more significant if you look at it from a tax standpoint. In order for you to come home with $600 as a single person with 1 exemption employee; you would have to earn $750.00. That would be minus withholding and social security taxes of course.

    When people are climbing out of debt;it is one step at a time and there are many of them in the beginning. It will be $600. less than you owed.

  15. Educatedonthematter Says:
    February 22nd, 2008 at 03:12 am 1203649938
    1203649938

    Okay, I was recently educated on the economy (http://zeitgeistmovie.com/) and some of the backwards things that go on. The US currency is loaned out AT INTEREST to the united states of America to distribute amongst its people. With this in mind, The US will NEVER settle its debts so the American people need not worry themselves with the national debt. They need to worry about the Federal Reserve System. Look it up. They are loaning a dollar out at $1.25 or something along those lines...how can you ever catch up? Seriously watch the last part of that video i mentioned, it is very enlightening if you believe it.

  16. lauren Says:
    November 5th, 2008 at 07:38 am 1225870713
    1225870713

    if my mom claimed me and my 2 kids, does that mean, she got my rebate check for herself?

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