Ask Mike: Money From Uncle Sam?
Hey Guys,
It’s the most terrible time of the year — tax season. But there’s something unusual about it this year. Some folks are actually looking forward to hearing from the IRS.
Blame the bizarre exuberance on the government’s decision to send checks to taxpayers as a way to jump start the economy. Not surprisingly, news of the “economic stimulus plan” is a hugely popular topic in Yahoo! Answers. People want to know if it’s true that “everybody” is really getting a check.
I went in search of an answer and found that the vast majority of Americans will indeed get some money from Uncle Sam. If you have a valid Social Security Number, can’t be claimed as a dependent on a tax return, and have “either an income tax liability or qualifying income of at least $3,000″ you should get between $300 and $600 by mid-May.
That should cover most Americans, but not everybody. Read the small print and you’ll see that there are limits to Uncle Sam’s generosity. For example, the plan 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.”
So, what do you think of this as a means to fend off a recession? Are these sorts of packages a good idea or are there better ways to boost a sagging economy? If you get a return, will you spend it, invest it, or pay off debt? Please leave a comment below and share your thoughts.
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Pretty interesting.
SPEND IT!!! As fast as I can!!!
hey i was wondering what if i worked part time and only revieved 800-900 dollars then would i still get the money?
Wow I think that is a little un-fair to the people who have an income a little bit higher, but I know it can help people such as private school teachers who don’t make a lot of money, but help so many people.
They will take it back next year anyway. This is an election year. They are buying your vote, but with your money. If the govt can afford to give every taxpayer a 3-6 hundred dollar rebate, with a national debt, and supporting a very expensive war, and national disasters, and highway maintainance, and many many other federally funded programs and subsidies, they must not be as short of funds as they claim they are. It’s your money, They are just lending it back to you before they increase taxes to get it back.
I just want to know if we have to do anything to get this extra money from uncle sam or will it just come to us?
The reason we are in this mess now is because the government has already “stepped in” far too many times. The mess they’ve created is from printing extra money and the lowered interest rates after 9/11, not to mention the fact that civil rights groups pretty much forced loan companies to give loans to high risk individuals and the government pushed marketing that everyone shouold “own” a home.
Ask yourself one thing- Where are they getting this money when we are in the hole anyway? We will either have to pay it back in the road or sell our freedoms to the highest bidding country.
Get rid of the federal reserve! Why do we have UNELECTED people with virtually complete control over our money? Go back to gold! Let things rise and fall on there own, before we are completely screwed.
It’s gone in a blink to pay for one out of 3 children’s college tuition. It will help!
I am going to be one of the few who will not be looking towards taxes.
So I plan on doing nothing.
that being said.
Hillary sucks (that is my opinion so do not take it personally Hillary fans)
From
liverpool fan MAN U SUCKS
I think the plan is foolish, but I’m looking forward to getting mine. I’m on Social Security and am raising my grandson, whom I adopted. Our joint income from Social Security is a whopping $890 a month. Makes it pretty hard to survive. I’ve been without a car since September, so maybe I can buy a used car to get us around. If I can afford the gas and insurance.
The money will be a real shot in the arm for us, but overall, I think it’s a mistake for the government to do this. In reality, what good will that little dab of money do most people?
How much have we spent on Iraq and Afghanistan? How much good have either of thos wars done anyone in the world? I think we should start worrying about our homefront and let the people over there have the right to run their own countries as they see fit. If we spent even half of what we’ve spent over there, we could ease a lot of ills in this country.
The government is using the money poorly. First the bailouts to the major organization and now this. Some of the candidates for president even want to spend more money on bail outs. In the end, these are just debt pay backs for money that was already spent and the savings and loan problem in the 1980s proved that bail outs don’t work because the companies loose fear of investment loss. Even if somebody does use their check to buy something, chances are it would be used to buy a foreign product like a Sony TV.
The best way to starve of a recession in the short term is to spend the money on infrastructure repairs and upgrades. It’s projected that the U.S. requires $1 trillion in the next 5 years to make this upgrade. The rebate program the IRS is doing this year would equal the same amount of money to pay for the first year. The fed bail out on the larger institutions would probably end up paying for years two and three. Add in another $400 billion for years 4 and 5 and the U.S. infrastructure would be good for another 30-50 years. I would say this program would equal the tech boom in the ’90s as far as generating jobs and keeping the money in the U.S. for the first two or three transactions.
In the next 18 years, 75 million Americans will turn 65, with only 40% saying they will work past 45. Right now there are about 6 million Americans unemployed at any one time. There already a shortage of some jobs now such as rail road workers, nurses, police officers and military personnel (the army and marines want to add 130,000+ positions). I believe this downturn will be quickly followed by a long term economic boom as massive job shortages will be needed to be filled.
If you don’t file a 1040A form, you will NOT get one penny of the economic stimulus.
Go to http://www.irs.gov to print your own form if you didn’t get one in the mail. Fill it out & mail it in. You can request direct deposit or a regular paper check. Remember, if you choose direct deposit & someone intercepts your form to the IRS, you just gave them your banking information. Play it safe, kill a tree this one time & opt for a check.
I really need this money to help make ends meet. The cost of everything is really getting out of hand. I’m glad that the stress of week to week living will finally get a little easier with the help of this rebate check.
I’m one low income person as I’m disabled and can only work part-time. I know many people who are low income who are thrilled to be getting this money. It will buy me a computer with the bit of savings I have – I became disabled at 32. Of course many will say I should’ve had a fortune saved by that age in the event of illness, but now I have no assets and then I had none either. I do know similar people in my situation. Their parents, siblings, children and even distant relatives often give them money. I get nothing from anyone but I’m OK with it. I also know others who are friends of friends of mine in my situation who have wealth in their family so they have maybe millions of dollars in trusts, etc. so there is no worry. Not all Americans are making $100,000 a year, though most of my relatives are.. and my parents both have good retirement pensions… just some thoughts because for many Americans sad to say but $300 is A LOT of money – if I knew that I’d be saying that 28 years after graduating high school I would’ve been shocked!
consumer is not satisfied by the decision of the District Forum, he can challenge the same before the State Commission and against the order of the State Commission a consumer can come to the National Commission
To tell the truth. I will not know what plans might work out with the money, as long as there are no strings attached this might actualy work out.
My husband and I typically pay into taxes, and since we eeked into the range this year – we will be happy to receive something to pay our bills down a bit. Of course, we plan to keep a very small portion for ourselves.
I honestly believe this is an excellent idea, especially for this year. Our State taxes were raised in Maryland from 5% to 6% in January, Gas is terribly high, and (For anyone who smokes) Our cigarette taxes were raised this year by $1.00 per pack.
Everything seems to be incredibly expensive in comparison to a few years ago, and we need extra income!
Our combined $1200 refund is small in comparison to what it would have been 5 years ago! I could have done so much with it then… and now it will barely seem like anything.. though I am appreciative to pay down bills a bit.
This country cannot possibly be jump started by the small “refund check” that uncle Sam plans to send us. The problem with this country is that for far too long politicians have lined their pockets while robbing us “SMALL FOLK” of our hard earned money, keeping wages relatively low, and often just above the standard of living. American’s can’t afford to live in this country. Why do you think there are so many hispanic people comming from Mexico? They are comming here to work for a little while then going back to Mexico, and living well with their families. The cost of living is much lower their, so they make money here and send it home to Mexico. EVERYTHING here in America gets more and more expensive, our wages for the most part stay relitively small. People can’t afford to even go to work, I have see alot of people going back to riding bicycles to and from work. I for one, have my entire family in other states ( New York, and Michigan), I can’t afford to visit them because gas prices are so rediculous, and I am really not that far from them ( Illinois). I havn’t seen my family in about 5 years, and there is really nothing I can do about it, if fuel prices spike like they are forcasting then it will be alot longer before I am able to afford to visit them. They are all in the same predicament that I am as well, so we communicate through phone calls and the internet. My family and I have gone back to eating poor mans meals, of beans and cornbread, pork and beans and hamburger, and simple meals because the prices of food is so outrageous. We skimp on alot of things, like clothing we shop at alot of thrift stores anymore. Even taking these steps we still have a hard time paying the bills, my husband is a truck driver who BRINGS HOME a 700 dollar check each week. With gas, and higher utility rates, higher interest on our mortgage ( which is about 13% right now) we have a very hard time making ends meet. We have been married 8 years, and never been able to afford a honeymoon, or even a vacation. My husband doesn’t get time off from work, we can’t afford that either. There are alot of families who are in the same position as we are and it’s sad. American’s need more money in general, and me personally, I think that if the prices of fuel are gonna keep going up maybe the government should step up, stop lining their pockets, and possibly create a gas card for those American’s who ARE actively working and struggling because of the fuel prices. Help them out with at least their fuel for getting back and forth to work. I don’t know but that might help some of us. We spend an average of 150 dollars of the 700 that my husband brings home just on fuel for him to get back and forth to work. I myself am unable to work due to a back injury, and my daughter is 17 and a special needs child with new siezure episodes as of late. So we spend alot of money in fuel apart from just the to and from work that I listed. I have been told that there is light at the end of the tunnel but I am begining to wonder cause we have been in this tunnel for along time and I still can’t see the light. Good Luck and God Bless those of you who are struggling like we are. Oh yes one more thing, BRING OUR TROOPS HOME for GOD’s sake. It’s not getting any better over there anyway.
I think it will help for a short period, but once the extra money is gone, its gone. The reason we are in a recession is because of the war and high gas prices. High gas prices drove up everything in price. Now some people have a hard time even buying food. To fix it the wages need to go up as well.
According to Rep. Jerry Moran, this “economic boost” is coming to us from $$$ borrowed from CHINA! If you don’t find that scary, here’s the rest …of the 9trillion $$ debt we owe…2 trillion is to CHINA! What happens when “3rd World” nations begin to recall our debt? Is all of that worth $300?
I planned on using my check for my wedding…I don’t understand how its going to help boost the economy. lol. I don’t think anyone does. They’re all saying ” I don’t care, I get money!”
Cut down on spendings.
Ron Paul 2008
Without getting raising my blood pressure another 10 points, and getting into politics and my thoughts and views, I’ll answer the question at hand.
I will more than likely spend my “economic stimuli” generated 300-600 dollars.. but not on something frivoulous as intended. My husband is currently overseas “fighting” in this atrocity of a war, so whatever extra cash I have laying around, whether made by my own means, or handed to me by the government will be going into sending him care packages. As discounted as the postage is to send things to him, its still a pricey venture to make sure he has, in some small aspect, some of the comforts of home.
As much as I’d like to “stick it to the man” and throw that money into my ROTH IRA..
Money is money to me.
As I’m sure it is to alot of people who make even less than I do..
Some people will receive their money by late June or July. It all goes on the last four of your social. Plus, you have to file your taxes in order to get an economic stimulus check.
I worked for the government as a Marine for twenty years. One thing I learned is they are a sneaky bunch. How many people do you think they are going to snag in this “sting” operation that will net a lot of folks who have never filed before?
Aside from that, this rebate goes against common sense. Most people are goijng to spend this money on goods made in China at WallMart or are going to pay down their credit card debts. How many are going to invest it by buying stocks and bonds? I’ll bet you could count them on one hand. A better way would have been to cut taxes by the amount of the rebate so that people will have marginally more to spend or invest each payday. In fact, let’s do away with the IRS altogether and take away the power to spend us into the poor house? Look into the Fair Tax folks. No income or FICA taxes. No Social Security taxes. Not only is this tax a lot simpler for all of us, it gets the government our of our pockets and they can no longer intimidate us into paying our “fair” share. With the Prebates that everyone gets every year under the Fair Tax Plan, this evens out the burden on taxes paid when you purchase something. The Prebates are based on the neccessities, like food, shelter, clothing, transportation, etc, that families would normally spend. They are categorized by family size. So, the argument that the rich can afford to pay 20% sales tax while the poor have to do without is laid to rest. That tax money is apportioned out to them at the start of each fiscal year and it the family’s responsibility to use it wisely.
As long as we support the irresponsible people in our society, we will never get the government off our backs. Remember, we had a Revolution of an unfair tax of 3%. Today we are taxed well over half our income when you include all the different levels of taxation and fees from the local to the federal.
I don’t care about the politics associated with it, I’m looking forward to the extra money.
I, for one, am thrilled. Like the commenter two spaces above me, I am on disability. Only I have three kids and their father does not pay child support. So our stimulus check should be in the range of $1200. I haven’t filed taxes in years because my taxable income just a little less than $4000, so this is great. I don’t honestly think that a couple hundred dollars from every person is going to “stimulate the economy” though. Three hundred dollars isn’t even enough to pay my rent or make a car payment. Not enough to make a significant payment against any debt I owe either….there are people losing their houses and that small amount won’t save them. I prefer to think of this as a gasoline recovery fee for all the gas I bought and over paid for. Our check will be saved for moving expenses so we won’t be stimulating the economy with our money.
I don’t really think it will boost the economy to much but it might keep it from getting worse. Granted it won’t help much but somethimes helping a little will keep things closer to stable. The majority of the people I know will be paying off debt. That is what I plan to do if not just save it and keep a little money in my pocket as a pay my bills.
i hate this there is no bunny stuff!
Don’t hold your breath people, remember the last “stimulus package”, people ended up getting barely anything. Keep in mind that all of this money is coming from China (that’s over a trillion dollars, on top of the trillions we already owe China.) If you really want to try and make this work, my advice is to spend this money as IRRESPONSIBLY as you can, buy stuff you don’t need, but above all BUY AMERICAN PRODUCTS. If everyone goes out and buys flat-screen TVs made in China or Japan, we’ll be screwed. Likewise if everyone pays bills with it.
I will be using all my tax return money to help cover the 3-4 weeks I’m out from work after I have back surgery in June. Between my work leave and my tax refund (including “Uncle Sam’s” extra portion) I should have just enough to cover bills/other expenses.
* Wouldn’t it be great if we got refunds twice a year? Once during the winter holiday seasons and again in summer. Anyone agree? LOL
With the current president, I think the money is better spent by the people. With a more humanitarian presidential government, the rebate money would be better spent going to improving more long-term issues such as schools. And maybe the amount being rebated should be by percentage of income per “family” claimed–those with lower incomes per family would get a higher percentage per their income; those who already make a lot of money would only get a nominal percentage rebate. I intend to donate my rebate to a charitable organization since I don’t need the money to make my life good so I’m not stimulating any economy, just supporting further things I believe in.
And I will never ever “look forward” to filing my tax returns. To me, doing my returns verges on insulting–first the government takes a huge chunk of money I’ve earned away from me before I even get to it, then once a year they make me tally up exactly all the money I am not getting. It’s like saying “see this figure here that is a huge percent of what you made this year? Well, look at it long and hard because you’ll never see this money and we (the government) are going to squander it uselessly. Hahahahaha!”
I think it is a good short term solution, but much more needs to be done to correct this mess. I agree with the other commenter who said repairing infrastructure is a good way to go. The weather is right and jobs could be created toward that goal.
I think it is also good that the money is released in two stages to the population. That gives the government a chance to see how the funds will most likely be spent and the opportunity to bolster areas of commerse which are not benefiting from this program.
I think the best way to spend is to support your local small businesses. If they can stay afloat through the resession, there may be less workers laid off at the factory level, also creating a better end of year total (holidays.)
Either that, or spend it to improve your job skills.
What is this little bit of $ supposed to accomplish? The country has a negative savings rate, and the smart thing to do would be to put the money into savings but of course few will do that and would defeat the purpose of the checks in the first place. Now, $2000 might do something, but even then it’s just a stop-gap for the economic problems we’re experiencing right now and will continue into the coming year (at least). It’s like the Bush admin. just wants to prop things up until he’s safely out of office. The big collapse can then be blamed on his successor.
i plan on putting it in savings as i hope to retire in the next year or two.
i do not feel that 300-600 will make a difference in many people’s lives. I feel it should go by income…
I’m looking forward to having the money – I should be getting $2100 (couple + 3 children). Having said that…I think it’s not a great idea in the first place. It’s robbing Peter to pay Paul…in other words, we will be paying for it, one way or another.
Everyone is getting their money on May 2, if its a direct deposit from the previous 1040, otherwise you will have it sometime during that week after in snail mail by check, http://www.irs.gov has all the information.
No its not in June or July, or has anything to do with your social security number, that was for some other rebate a few years ago that spam email is going around giving the wrong information
I called the IRS about this on Friday and spoke to a rep about this. I was sent a form to fill out and wasn’t sure how to fill it out. The rep helped me thru it, it wasn’t hard at all. Then she asked four the last 2 digits of my social security number so she can tell me when my 300.00 will be direct deposited in my bank. She gave me the dollar amt and day I would have it in the bank. I told her to thank the president for me.
u r right
I am going to pay off a bill,so I guess this doesn’t help the economy.
How is 300 per tax payer going to prevent a recession?
Sorry, but I pay 6 figures in income tax. I just don’t see it.
I’m italian, so in my country from after the second war we have health for free, is not the best way to proceed, may be no: in the poorer zone: the south the service is really approxe, but I think we should do it better is the only way: life is life: of a president or a bitch can not see any difference. HEALT FOR FREE, we are human not gorillas
show me da money!
Well the fact that this rebate is based on your tax liability means that people will get UP TO $600. My tax liability was 0 so I’m getting $300. As far as helping the economy that is a bunch of crack. OK, pull out our troops and that will help milllions of dollars spent a day. This recession is predicted to be catastrophic and President Bush and administration are responsible. The reason our troops aren’t back is 1. We don’t have the freakin money to bring them back
2. We made a big mess and somebody has to fix it.
3. Dumbasses voted to RE-ELECT a dumbass. So it cancelled out each other.
Have a nice day. And just because everybody is in a recession doesn’t mean we can be freaking out and mean to people unless they’re #3.
I see a lot of big plans from those I hear in stores and the laundry-mat
I plan to pay behind bills as I just turned 65 & am disabled and they cut my ss check…robbing me of 82 .00 a month, did they think as I turned 65 I was not in need????or less disabled??or my everyday bills are less?
im low income myself. if people make $75,000 in a year then they dont need the extra money. try living off of an income of $800 a month!
Big Deal!!! I”ll get &300.00 & I”ll give them $335.00
HowThe Hell ????? Is $300.00 going to help me Jump Start Anything?????????????????????
I will probably save it.
Well, I must say I think it is little too late. Americans have lost most of thier faith in the system and well, most will spend it paying off bills. I mean, why in the world would most people spend it on foreign items! I quit buying things that are not made in America. Someone needs to start supporting us and it might as well start with me. I’m all for equality and everyone having money to take care of thier families. But who are we really helping if we cant support our own! It is a sad time right now! You may be thinking another nut job but whatever, you are certainly entitled to your opinion. But if we as AMERICANS don’t stop letting our politicians run us in the ground, we are so gonna be screwed! Me? I will be using it to pay my bankruptcy attorney off. Not much will be left and it will go into my savings account. That sad, thanks! And have a great day!
I shall be one of those recieving a check, which is pretty cool-but I doubt this is going to help the economy.
I don’t know about other people, but my money will be going towards bills, not shopping (wish I could though). We’ll see what happens though.
Wow, you must be a HUGE yuppie if you hate tax time. For “normal” people its time for our refund, and we our so lazy that we don’t want the money.
What is wrong with you? Worst time of year??
do you have to fill out a form to get the incentive check?
Alot of people will be getting that tax kickpack. Although you will only be getting it right away in May if you got your last tax return by direct deposit. If you received your taxes by getting a check in the mail, then receiving dates vary person to person. The IRS is going by the last two numbers of your social security number. the lower the number the faster it gets sent. Go here to check out the list of dates…http://www.volunteertv.com/news/headlines/16771711.html I hopes this helps out some people. I know I was hoping for may, now i know i have to wait til july.
But you do realize that you’ll owe that money back when you file your 2008 taxes, right?
When you get that check from the IRS, don’t spend it!
IMHO, the problems our country is facing are due to policy, and, fortunately, reversible. However, the role of the government is to maintain a flawed status quo.
1) Foreign wars must be stopped immediately. Defense budgets must be decreased dramatically. Redirect the money towards infrastructure.
2) Invest heavily the savings into infrastructure – power grid, railways, water canals, roads, bridges, etc.
3) Bring manufacturing back to America. Many armed forces personnel have outstanding technical skills and a can-do attitude. Finance and hire them in industrial enterprises. Without manufacture, our country will wither on the vine.
4) Redesign communities. Work-home commute should be minimized. Redistribution of unused land to people (not companies) willing to plant a garden, raise an animal, etc.
5) Revamp the legal system. Too many acts are criminalized. Have an amnesty and empty the prisons. Less cops with less power. Jury trial for ALL. Even a single day in jail justifies jury trial. No more plea bargaining. Abolishment of family court. It is an unconstitutional court. No more ex-parte divorces, and close scrutiny for no-contact orders. It should take 7 years to finalize a divorce.
6) Free immigration, with 0 social services. Come and work, if you like.
7) Power to the people. 2 terms in Senate is enough. No more lobbies.
9) Merit-based college scholarships. More people in technical specialties. Feminist studies will not aid us to go forward. Engineers and scientists will.
Partner individual high schools with companies. Allow students to apprentice for these companies and use the proceeds to fund the school.
10) Limit the capital and number of shareholders for any corporation. Any corporation can run roughshot over the rights of its employees, consumers, etc. voters in their full right, because the company can afford to buy legislation.
Actually, the link the tapestry gave does in fact take you to a page that says that when you receive your money is based on the last two digits of your ssn. I heard that it isn’t really “free money,” though. It’s an advance of next year’s return?
Due to the poor economy, I will be saving it for a rainy day! or to buy milk for my four kids as that is more expensive than gas, and oh, Yes, I will be using it for gas. Guess I won’t be saving it after a month of gas and milk I will be broke.
But something is better than nothing and I am looking forward to it!
Something that is.
i have a question. will everybody get those money.
i am an 19 years old person who have a part time job and no children and i claim myself. will i get money in may?
I don’t know how much we’ll be getting or what we’re going to do with it but I do know that some people need it more than others and they’re probably the ones who wont get anything! NOW THAT’S WHAT SUCKS!!!!!!
We are a military family with an extreme fixed budget..as you know we are overworked and highly underpaid. We are also stationed 1400 miles away from our family…whom we get to see once a year. Our stimulus refund will be alil higher, due to us having 3 children…and our money will be what gets us home this year for Christmas. So, despite all the negative, we are quite grateful.
Well if the government would grow a pair and get rid of the federal reserve (which is privately owned) and stop unlawfully taxing americans (there is no law that says we have to pay income tax) the country would be in great shape
I know this might not mean much coming from a 14 year-old but I think that the economy was doing fairly well until the war. Not to say that’s the only thing but I have a theory, the infamous domino effect. Too much money is being spent on the war, and I do think that we need to support our troops well, but the president has gotten America too far in that, at this point, it would be a waste to pull out now. Now, to step back and look at the broad side of things. We’re in a war in the Middle East —> The Middle East supplies quite a bit of our oil at the pump. —> US production of oil peaked 35 years ago and has declined ever since. —> The prices of gas increase —> EVERYONE uses gas —> EVERYONE is affected —> The economy declines leading us into the dreadful, but oh-so-true RECESSION. The president has been extremely slow to act upon this issue and in fact, he didn’t do anything, well at least anything smart. Congress had to put their foot down and say that something had to be done. Congress was relatively quick to come up with the Economic Stimulus Plan. I think he’s in the shadows of the Democratic nomination race as the majority of political-related news and media now focuses on that. All I can say is that I hope that whoever becomes the next president, actually does the job.
I don’t get a check either. My parents still get to claim me as a dependent because I’m in school, despite being 20 and making $12,000 a year on my own and not relying on them at all…in fact I give them money. And since I’m over 17, my parents won’t get any extra money for me, but I won’t get any either.Not fair. I has to pay taxes, no return for me, and I don’t get a stimulus check either.. This plan is a bunch of bull. How does the economy get stimulated of young people are cut out?
I’ll use it to pay off a couple of small balance credit cards.
The other 1 or 2 hundred I’ll put into savings to use as sick-day money when my husband wants to stay home to get well.
i am one of the “fortunate” ones who are going to recieve a stimulus check in may or whenever it decides to get here, but i don’t concider myself lucky for my circumstances in order to get it. my husband has two children from a previous marriage that live with us and i have two from a previous marriage that also live with us, we scrimp and coupon clip and work over time through out the year just to make a good life. this last year, we both brought in around 30,000 and filed jointly, and the irs.gov website estimated that we are going to recieve not only 1200 for being married and making over a certain amount for head of house hold, but an additional 300 dollars per child we claimed. i really dont care how this money is possible for us, all that i know is that it is going to provide a great deal of relief financially and it couldn’t be coming at a better time.
Bread and Circuses! Bread and Circuses!
I’m extremely happy to be getting this. Trying to live on SSA Disability I am about $10 each month away from being on the streets homeless, having to take my 79-year-old Mother & my two dogs(children) with me.
Yes, it’s a great idea to boost the economy, but let’s look at the facts:
Fact 1, The U.S. borrowed $1.5 BILLION dollars from China in order to pay for all these “Stimulus Payments”.
Fact 2: MOST people are going to take their Rebates & run to WalMart to spend their money. Which will go from there, right back into China’s Economy.
So in essense, we owe China $1.5 BILLION and we’re ALSO spending $1.5 BILLION on goods basically Made In China.
You really have to laugh!
Thanks for listening.
May Allah blesh you
i’d really like to use it to invest. i don’t see how handing out money will help an economy that is slowly seeping deeper into debt.
I believe it will work!
We’ll see the effects around 3 or 4 months after the checks initially go out. This means, as early as August 2008, an impact on our economy will begin.
It takes about 2 months to know if there was a positive or negative impact on our economy, so by October 2008, we’ll start to hear about the turn-around of the economy. By November 2008, we’ll definitely know the impact is working,
This is for short-term growth. Other than putting this money in a savings plan (which stimulates long term growth), it really doesn’t matter what you do with the money. Using it to pay-off personal debt will have a positive effect as well.
I think the only way these checks will stimulate the US economy is for EVERYONE that gets one to spend their money locally, if we buy gas with, buy Sinclair, if we food, buy from the farmer’s market down the street, if we buy goods, buy US made goods. Mine will not go in to a bank either, I’m not bailing out the banks! (I would think about it, but the government is already doing that!)
It’s all just so skewed!
Being disable,I know our younger people,will find answers,to our Money problems.I know our genration did.
Well i myselfe love the thought of getting this money,but i also know there will be a catch to this in the long run.This stimulas package is just a crutch.I will of course spend it to buy things and help stimmulate the economy.I work for the economy.I am forced to.Everything is going up in prices but my takehome pay is not.People that bring home $75.000 a year should not even be includet in this package .They already have enough money to spend.Me and my husband have to work at what i consider good paying jobs around here but believe there will never be a day that we will make that much together.We have been and will stay in this so called recession.It is getting worst now.I like to read the buissness pages in the paper and get so tickled and mad at the same time,when i read the part of the economey is picking up in the first 1/4 of the year.They make it seem like it such a surprise.Duh .It`s Income Tax season.People have money to spend.I appreciate getting this money .It is not going to help the economy much,maby for a little while.We deffinently don`t need no Obama or Hillary at this time.that is just another joke to me.I am giving my Kids their $300.00.so they can buy themselfes some school clothes.I still think that us people that work so hard and still to this day get srewed.The Economy is not going to get any better.
Yeah but, I all the money they “give” you is actually just an advance on your next income tax return. the only way to come out ahead is to not have money owed to you next tax season. just like the last time they did this, thier giving you your own money.
I agree with you shannon. I’ve been working and paying taxes since I was 16! But I am 21 now and my parents still claim me as a dependent b/c I am in school. I pay my own housing, schooling, car.. etc. But yet I am stilll not entitiled to the bonus. Guess they don’t care about us.
Mike you are a douche
I should be getting some, and if so, I will be paying debt first and then either replaceing my junk car, or moveing out of my brothers house! I am sure some folks see it as unfair, some see it as a reson to celebrate, I am simply gratefull, and will try to use it wisely.
I’m looking forward to it—COME TO POPPA; POPPA NEEDS SOME NEW CHUCKS!!! I don’t know if it’ll stimulate the economy, but it’ll stimulate me—rrrrrrrrrrrrrrrrrrrrrrrr!!!
I think its a good idea
I’m using the money to purchase airline tickets!!
I do not understand all these parents claiming their college age children on their tax returns if they are not helping them with the expenses of college. I have 3 daughters, two in college, one on the way. In no way can I afford to pay their tuition, I help them out with the cost of books, and occasionally a bill or two if they fall behind. We never put anything aside for college as most ofthe time there was nothing left over to put aside, and when there was my ex was quick to spend it on something stupid and frivolous. I wanted my kids to go to college so they would not end up in the same boat. They live on loans that eventually they have to pay back, if I were the one that was going to pay back those loans or if I had set aside a college fund I would feel that I could claim them but as I am not and did not, they claim themselves, thus they will get their own checks.
I’m 51 years old! All my young years I here old men say “IT CAN’T GET ANY WORST”. All I can say, Is that it has!!! The 14 year old kid known as TY, has good points. But as always the GOV. will do as they want!!! if they(THE GOV.) wants to give money, they will!! if they want to fight they will!! AND if they want your house or land, THEY WILL TAKE IT. Sorry, I’m not antiGOV. Proud to been born in the U.S. and to be here. Is $300-$600 going to make a differance in your life? Becouse it won’t even pay rent for 1mo. for my 800s.f.house I live in. {OH, WELL.}
it will make those that did not file taxes or work “officially” in 2007 think twice.-blurey
Hope it comes soon I love to shop and for what better reason then to help our country
Hey Mike! Is this info on target? I thought that married couples who file jointly get $1200, not $600? Even the IRS webstie’s calculator says $600 but the info page says $1200. Which one is “correct?”
It seems odd that the government would take our money and then pretend that it is being generous by giving it back. I will happily take whatever check they decide to send and I will cash it, but I personally wish the government, Federal, State, and local would take their money and leave ne what’s mine and then leave me the heck alone.
I received one of these checks for $399 several years ago, after Bush took office. I had to fight for it, damn near got audited and it’s 400 bucks I’ve already paid!
I get $400 bucks of my own money as a temptation from Republicans, for a vote. What about our gazillion dollar debt for the war?
As a student, as a woman, $400 back might be applied to a loan that increased, because the government reduced funding to my school, my tuition increased and I still owe the government more money.
This is like Reaganomics. Stupid, ineffectual and political.
If you are receiving SS and do not ordinarily file. You should file this year in order to get your $300.
The stimulus package is directly related to taxes paid unless you meet certain criteria.
So who is “hit” the hardest by not getting it?? The working poor who pay toward self-employment tax (the equivalent of social security) but do not pay income tax because their income is used to pay their mortgage interest and other taxes.
dont forget you have to claim this money next year…
Iam gonna get me some langeries and 3 pairs of new shoes.
I am one of those who will not be recieving one bcause despite the fact that I am an American, born here, work here, have paid taxes here..married to a Canadian who does not have a SS# just a taxpayer ID#..filed joint on tax return..I don’t get one. Not real happy, could sure use it.
The people who truly need it will be getting something. Im just not certain it will make a lot of difference. As a 36 year old who is one of the lucky ones who will get nothing, filling single with an agi 88k, where is all the outrage like the last tax break where everyone donated it to family planning plans overseas that where cut under the Bush administrattion?
I dont know how stimulus package can help the economy. Most are going to use it to pay their credit card dues. May be very few spend it.
this stimulus package is ofcourse of no use. I dont see any benefit to the economy
Couple of things…first, they are going to take taxes out of this check, aren’t they? So we won’t get the whole thing, right?
Second, this is nothing more than a band-aid,and a small one at that. Any “stimulus” will be short- lived…it won’t make any prices go down, so folks won’t be any better off than they were before.
The fact is that we’re in a bit of trouble in this country right now, and it’s not going away overnight, with or without a stimulus package.
The Washington politicians are smart enough to pass such a thing in an election year but hopefully the people will also be smart enough to vote these same jokers out of office and start over
I’ll be looking forward to my $600,because it will come in handy,during vacation time. I hope Uncle Sam keeps his word. The last time there was a “Tax Rebate”,the checks were sent,but the money had to be repaid,during the next filing year. That “clause” was not stipulated,when the check arrived.
Yes, I am looking forward to get my check too, I’ll mostlikely write the word ‘Void’ across it, then frame it and hang it on the wall, because I do not believe this is a good idea.
To me it is, that you can’t jumpstart a car that is out of gas, it is the same with the economy. I bet Allan Greenspan is ripping his last hairs out, watching what is being done to the economy.
The falling dollar is the main culprit here, I think it would be better to increase interest rates so that foreign investments would stabilize the dollar and bring it up in it’s value on the world market, while at the same time then driving down the price for crude oil.
In addition to this, why should people be penalized for having money by driving interest rates down? It only drives investors away from domestic to foreign-overseas-banks if they get more in return there.
And all of this because of a few people who can’t balance their check books and default on their mortgages, shame on them for bringing down this Great Nation.
This is definately true! My husband and I are expecting almost $2 Grand from our tax returns for filing joint and for having a kid! We’re excited!
Hi Mike/ all~
Just wanted to comment that I posted a question on Yahoo Ask as to ‘How your tax relief check would be spent and how it would help the economy”
Although ‘X T’s” was not chosen as the “Best Answer”, I would like to send prayers and well wishes to him as he will begin serving in Iraq as the checks come out. ( He does not receive email from “Ask Yahoo”)
I’m asking others from ‘Yahoo’ to support him also~
Thanks !
Ms G
I’m looking forward to getting a rebate–I’ll use mine to pay my state taxes.
What really upset me was that I heard about it for two weeks, and then I got this official notice from the IRS.
I later heard that it cost the government $42,000,000 to mail those things to taxpayers, not to mention the trees they had to cut down to print them. I’ll be so glad to see Geo. Bush leave office. Sorry for being Wendy Whiner, but enough is enough!
pay off debt
Someone mentioned a better idea. Create jobs by building up the infrastructure. Sounds good to me.
That dad-blasted AMT has me in the hole, so if I am on the list the IRS is just going to take it, some stimulus.
Bush’s ego war has placed us where we are.
Afganistan was bad enough and we still haven’t got anything but excuses and body bags out of that.
Compared to what is being spent on war this rebate is nothing but sucker bait.
i’ll be thrilled to get it. i’m working on paying off credit card debt, so not only will i be putting $500 towards my debt, but i will also be able to put an additional $600 towards my debt! and i only have about $4,000 in debt from my internship and my new laptop, so that’s going to go a long way for me!! and if i don’t get the job that i’m thinking i’m getting this month, then it will go towards my car payment, and minimum balance. yea for extra cash! and i’m not ever going in debt again. :-p
My husband and I are lucky we get in all $1,200 and we sure can use it. we can buy our Med. for 2 months.and go out to dinner some where nice and pay a debt.
Since I owe the IRS already it means little to me.
I also am one of the lucky ones. I will get nothing our poor health and medical bills along with the medicine. Nothing
My comment is that yes I believe it will help the economy a little. Even if the average american utilizise the rebate for bills it will release other funds to go and buy the things they have been putting off. The fact is its, not the rich or the poor that stimulate the economy anyway! By all right ..did you no how many people fit under the earned income credit..and the ones that do are techniclly low income? These are the genuine muiddle incomers the ones that need the sales. The one that wait 6mo before they buy that new device because they no the price will come down!
I do have one question is how do they expect it to help the economy if we spend the extra money for Gas!!
remember if you owe the IRS money they will take whatever you are entitled to. This doen’t help to simulate you spending spree
i will be paying off my school loan.
People forget the costs to process the “rebate” checks. From the time it is calculated and written, to the time it is cashed and accounted for) costs the taxpayer money: GSA 2000 estimate is about $25 per check (the “base” costs are the same for either paper or electronic checks; BTW, that’s a conservative estimate; some say it is as high as $50 per check).
Multiply that by a mere one million of the approximate 135 million returns received by the IRS last year (http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133414,00.html),
and you can see that it takes a sizeable chunk of our tax dollar just to process the checks (granted, not all returns are “taxable” and/or would be eligible to receive a “rebate”, and never mind the postage it will cost to send out not one but TWO “reminders” from Uncle Sam telling us to file in order to get the rebate, but that’s why I said to use just one million – - a tiny percent of those presumed to be eligible – - as opposed to some other, larger, number).
Did the previous “rebate” help the economy? No.
Will the current “rebate” help the economy? No.
Why not?
Because the problem with the economy is (1) the Iraq debacle costing the USA billions of dollars (yes, I know thousands of lives have been lost; yes, I do care; why doesn’t the Bush administration???), and (2) the bulk of our manufacturing jobs have left the shores of the USA, thus leaving us vulnerable to numerous defective merchandise from China and, eventually, from other countries.
Do you really think that a $1200 check for a two-earner family will pay more than a combined mortgage, grocery, utility, transportation, college, etc, etc, etc, bills for a single month???
I do not believe in giving rebates under such circumstances, but wouldn’t it have been smarter and cheaper for the IRS to simply send eligible filers a letter prior to the 2008 tax season that they may deduct the appropriate amount from their taxes, or just give every American an automatic rebate of, say, $300? That way, they would have saved substantially on the checks and advertising (yes, they’d probably still need to send out one letter telling all Americans to file, but what about the thousands who have not filed previously (i.e., new taxpayers)?).
Thus endeth the rant! (well . . . not really, but I’m getting a cramp in my wrist, so I have to stop!)
I think people are missing the true reason why these checks are being given out.
The sub-prime mortgage crisis you hear about on tv is a real issue and there’s going to be a lot of problems with it in the next year or so. Notice who they’re giving the checks to, people who can’t be claimed as dependents who’ve made at least some money last year but also isn’t making over 75k. Basically they’re trying to get this money to the people in the demographic that are most likely to default on there mortgage in the coming months. This is less a bill to stimulate the economy as it is to delay a real economic disaster in the US that’s been in the making for a while now.
Remember when you get your check from Uncle
Sam, that it’s what’s left over after your taxes have already been paid. Check out the difference between what you paid in and what you’re getting back. And, the money we’re getting as a stimulus package is borrowed from China (who hates us), distributed here at great cost to the government, so that we can buy more products made in China, or perhaps to pay for our high gasoline costs (gasoline from oil produced in the Middle Eastern countries…who hate us). That money has to be paid back somehow, with interest. That’s why the Democrats allowed Bush’s tax cuts to lapse. Hmm, does lack of a tax cut not mean a tax hike? You bet it does!
$300 per person is an insulting waste of our time, especially considering it will come out of your 2008 return anyway, based on a bogus dollar. Now, If they had said they would unconditionally reimburse every family household for 3 months rent receipts, or 3 months mortgage payments in this year of 2008, then it could have actual meaning, and people be thankful and spend wildly. What they need to do is ban adjustable rate loans, and set a maximum fixed interest rate equivalent to whatever the fed funds rate is. Basically, consumers should be able to borrow directly from the fed, effectively bypassing the greedy banks and brokers. Either that, or the banks should be required to match the fed funds rate for all customers on any money stored in any type of checking account. The problem is that the banks have it both ways; they charge too much on mortgages, and then on top of that they fail to pay a fair and adequate interest on checking and savings accounts.
Katie- you’re right, seems as if they don’t care a bit.
Dorothy – I completely agree with you, I just wish my parents had that same kind of reasoning. I have to pay taxes and car registration this month in addition to regular bills…no idea where that extra $300 is going to come from this month. Perhaps the government will just have to wait for their money this time…
Well If I get It great, If I don’t It ain’t any big deal, Because my new renter that’s coming In Is going to be
paying me $800 a month and that works for what I want to do. Money ain’t the only thing that matters In this world, U got to put your mind on other things that
matter as well, Remember this u can’t take It with u when u go, But u can enjoy It while your still here.
Well, in spite of the fact that my AGI was about $21,000 this year, I have been struggling to make ends meet, I have no health insurance, and I have three jobs, I still owe the frigging IRS $687 in taxes this year!!! So my $600 rebate isn’t going to do a damn bit of good. Also, I don’t get their $600 until May, which doesn’t help me pay my tax bill in April. I’ll be scrounging, and possibly eating out of garbage cans, since 100+% of my April income will go to 1) rent and 2) taxes.
So you know what I’m going to do with my $600 “rebuild the economy” trip? Take it on an overseas work trip, and spend it there.
I will probably spend it on Chinese goods. Since the money is borrowed it will increase the national debt. I am glad everyone is getting an education but somebody needs to do the work.
this is a very good anwer
I’m getting other money back as well, so I’m excited because that will add to it of course. I will be buying a few things so I guess it’s true about getting people to put money into the economy. I don’t know how people can’t see how it will help the economy when this country spends all the time, and usually more than it has, if it didn’t there wouldn’t be so many forclosed houses. I’m responsible with money so I will save some money for a down payment on a house, and use soem of it for things I need but didn’t really have the money for.
I think it’s funny people actually can complain about taking taxes out when they are getting extra money for no reason, I guess it’s that mentality of give me give me and not wanting to work for what they have. I do wish we would have used it towards our debt and for things that benefit the country, but I’m glad to have this and I do intend on spending it on some things like a couch, and a laptop, and maybe a higher internet service so that money will go to local businesses and that helps the economy.
Hi. Only in America would people get warm feelings about being bribed with their own money.
This may give a short term boost to the economy..but I highly doubt that this will create jobs…even if it did those that were given jobs would soon find themselves unemployed.
The biggest problem is that people live beyond their means. I see people on welfare making car payments and having expensive cell phones…luxeries as far as I am concerned.
Another reason is that the “toys” have been pretty been bought up by those that want them…so untill there is something that people have to have..the buying power of the consumer is going to be flat.
Bush has taken the US deeper into debt than the US has ever been before. And WHO is going to bear the burden of paying off our debt to China and Japan?
Our children and grandchildren are!
That’s so wrong!. TODAY’s taxpayers have to pay for the mistakes of leaders that WE elected!
In our grandparents’ time the campaign slogan was “A CHICKEN IN EVERY POT.” Now we Americans whine because we’ve had had super-cheap gas for decades but now have to pay $3.25 for it (about the cost of a gallon of milk).
Americans need to bite the bullet.
Cirric,
Great comment!
hi, i would spend it it would help a little but with the gas prices going,going … they may need to think about doing something else. mine would go for medics and food .
They will take it back next year anyway. This is an election year. They are buying your vote, but with your money. If the govt can afford to give every taxpayer a 3-6 hundred dollar rebate, with a national debt, and supporting a very expensive war, and national disasters, and highway maintainance, and many many other federally funded programs and subsidies, they must not be as short of funds as they claim they are. It’s your money, They are just lending it back to you before they increase taxes to get it back.That’s so wrong!. TODAY’s taxpayers have to pay for the mistakes of leaders that WE elected In our grandparents’ time the campaign slogan was “A CHICKEN IN EVERY POT.” Now we Americans whine because we’ve had had super-cheap gas for decades but now have to pay $3.25 for it (about the cost of a gallon of milk). This may give a short term boost to the economy..but I highly doubt that this will create jobs…even if it did those that were given jobs would soon find themselves unemployed.
The biggest problem is that people live beyond their means. I see people on welfare making car payments and having expensive cell phones…luxeries as far as I am concerned.
Another reason is that the “toys” have been pretty been bought up by those that want them…so untill there is something that people have to have..the buying power of the consumer is going to be flat.
wowwwwwwwwww