PDA

View Full Version : Government Checks !


vaknitter
01-28-2008, 09:41 AM
:woohoo: Have you all been following the proposal that is set to go before the senate that would mean all tax paying adults would get recession checks from the governement? Unless I'm reading the reports wrong the hubby and I will get a check for $1200 in June. Of course, it is the government so who knows how much we'll pay in taxes for that ..... even if we only end up with $10 that's still yarn money : )

cdjack
01-28-2008, 10:29 AM
You can get up to 1200 dollars. Now, that is fine if they want to send me a check for a few hundred dollars in July, but I don't know how that is supposed to fix the economy.

Abbily
01-28-2008, 10:55 AM
I'm worried it's going to be handled like the last one a few years ago, where we'll have to pay it back when we do our taxes next year!

saracidaltendencies
01-28-2008, 11:11 AM
Yeah, I believe it's $600 for an individual and $1200 for a couple and from what I last read, an additional $300 per child.

It just kills me, they plan on sending out these checks thinking we're all going to go buy new cars or tv's, or some other indulgent thing/s, but, everyone I know plans on trying to pay down bills! That whopping $1200+ ain't even gonna make a dent in my debt! Ugh, don't even get me started...lol

Darcia
01-28-2008, 11:44 AM
Here in Canada we get 100$ per month per child indefinitely. It is taxed as income, but as a stay at home mom of two, we call it my paycheck. We also get approx 74$ per child tax free so life is good here.
Maternity/Paternity benefits here are for 1 year.

I think the gov. wants us all to multiply!

brendajos
01-28-2008, 11:58 AM
The idea is that if they send you the money you will go out and spend it which will infuse some more money into the economy. The problem IS that if you look at the polls most people plan to spend it on their bills or save it.

Darcia
01-28-2008, 12:05 PM
The idea is that if they send you the money you will go out and spend it which will infuse some more money into the economy. The problem IS that if you look at the polls most people plan to spend it on their bills or save it.
Those one-time fix it payments never work.

brendajos
01-28-2008, 12:30 PM
Well, to be fair, there are other things included in the plan beyond just the checks, but in general I don't really think the checks will work. The plan may work, hard to say, but none of it is a magic pill.

debb
01-28-2008, 12:38 PM
Too little, too late is the general concensus among economists. I think they are just trying to prop up the economy until november.

alleusion
01-28-2008, 12:53 PM
As a US citizen living in Canada, I wonder if I'll get it as well. I still have to pay US taxes on anything I make here...so....

Guess I should ask my tax person.

iza
01-28-2008, 01:07 PM
The way economy works is weird. I feel we are encouraged to buy as much useless stuff as possible instead of paying bills, saving money, buying only what we can afford and what we need. In what kind of world do we live in? :shrug: It can't go on like this indefinitely!

lelvsdgs
01-28-2008, 01:22 PM
If only they would come sooner than June! But, I'll be glad to get that check no matter when it comes...:out:

figaro
01-28-2008, 02:10 PM
I will gladly take a check for $2100! :woohoo::woot::happydance:

(married-$1200+3 kids at $300 a piece)

Birdiegirl
01-28-2008, 02:55 PM
This bill still has not passed the Senate...and they are right now proposing to add on to the bill to include Senior citizens on Social Security...this will reduce the rebates to probably $500 rather than $600.

If Bush gets stubborn, he will veto it when it goes back to him...

--------

scout52
01-28-2008, 03:36 PM
I'm assuming this is income limited? like if you make over a certain amount you won't qualify for the check? it wouldn't make sense for people in the top income brackets to get the rebates. where did you read this? my father lives overseas as well. but as to pay taxes so i wonder if it affects him. americans overseas and taxation is so confusing.

debb
01-28-2008, 05:23 PM
As it stands now, I believe the upper income cut-off is $75,000 per person (double for married)

ecb
01-28-2008, 07:33 PM
In my house it will go into the general fund to pay bills
the good point is that if I pay my back due bills, the people I pay will have more money, and less debt, to spend
Once their Debt is down, they can spend more, and offer more credit to people who need services, thus inflating the economy a bit.
Anything to get people to spend more money
Less savings, means more money in the economy, unfortunatly this promotes the widening of the class differences. the people it makes the most difference to, will make the biggest changes in their spending. The Wealthy will not see a large change

Just understand, this is my limited opinion of the situation as I see it. I interact with people at both extreames of the Class scale. The people I know on the lower end of the Incoming cash graph, are thrilled to offset some of their debt and to spend some, but not much. I know a few people who are VERY wealthy, and they are almost Blasse about this, its an offset to their taxes, not get them a refund per se

Just my input

ecb

miccisue
01-28-2008, 07:45 PM
This may sound incredibly dumb and naive (I've never been much with economics), but it seems that most people I've talked to are going to use this proposed "refund" to pay for the essentials - lights, heat, groceries, credit card debt.....and while that is good for them, I don't see it being a huge stimulus to the economy. The way the heating bills are running here right now, they can easily hit $300/month - so yes, you are paying the gas and electric companies, but if the money has to go to that, it really isn't helping keep people in department stores, restaurants, etc. in a job. That will only work if people are able to use it for "luxuries".....and our economy has been sucking eggs for so long now I don't think that's going to happen much.
Am I just too cynical??

brendajos
01-28-2008, 08:13 PM
no you are mostly right. ECB is correct in her assessment as to what it will do for businesses, but as far as the rest of us... Their hope is that we will use it to splurge on a new DVD player or something... basically putting "new" money into the system. Savings is the worst thing we can do, as far as they are concerned with this, paying bills is the second worst. The best scenario is that people will use it the way they tend to use their IRS refunds... spend it on something splurge-y that they wouldn't normally buy on their day to day budgets.

(btw.... the ideal tax refund is no more than about $100... no matter how much you like that deposit in your account, you have just given the government a interest free loan.)

saracidaltendencies
01-28-2008, 08:58 PM
The last thing I saw was the income cut off was $85,000. It may have changed since I last saw, though.

And yeah, just to reinforce what was said above, the LAST thing the government wants us to do is pay off our debt! *GASP* They want us to use that money to splurge, splurge, splurge! HA! Yeah, right, like a whoppin' $1800 (what my family should get) is going to do anything but pay my heating bill and try to pay down my credit card debt.

What irritates me so much about this whole thing is it NEVER would have gotten this bad if things had been kept in check in the first place! This is nothing but a crappy band-aid, a temporary "fix" that, in the long run, really isn't going to make much of a difference. Oh yeah, I forgot I wasn't going to get started....hahaha

stitchwitch
01-29-2008, 09:32 AM
I think it's sad that our government knows how bad us Americans are at saving instead of spending our money on crap. That's the reason they are doing it, because they know the majority of people will spend the money on some sort of object they don't need. For the most part the population of the US is obscessed with having the biggest, best and most. Just look at all the people wrapped up in the foreclosure mess. Most of those people bought houses way over their heads because they want to live the American dream of outdoing the Jones' next door. Don't bother worrying about paying your inflated mortgage when your 0% loan runs out, buy it now and worry later! It's just not cool to live in a smaller house that you can afford. Just look at some of the cars people drive compared to their savings. I wonder how many people driving those Hummers have any kind of savings? Probably very few. I see it everyday in our neighborhood and I just have to wonder what people are thinking. :shrug:

cdjack
01-29-2008, 10:04 AM
This isn't a done deal. It passed the Senate and I think that the House gets it today.

brendajos
01-29-2008, 12:26 PM
This isn't a done deal. It passed the Senate and I think that the House gets it today.

It was a deal that was originally brokered between the House leaders and the White House. Unless the Senate significantly changed the original deal it will pass. Besides, they aren't likely to shut it down now since so many people are already spending the money in their heads. :wall:

cdjack
01-29-2008, 02:45 PM
Yeah, I got it wrong. It passed the House and now it goes to the Senate.

GinnyG
01-29-2008, 02:50 PM
IF we do ge the checks I have already decided to spend mine on flooring (American made) for my dining room. That will make everyone happy (especially me) and serve the purpose for which it is intended. I'll be infusing money back into the economy without spending it on something frivalous:thumbsup:

evona
01-29-2008, 08:53 PM
Well, if we get the checks I DO plan on buying a monitor for my son's computer and some yarn, but the rest will go to bills, bills, bills - and that's only about 1 % of what I owe. School loans suck!!