Stimulus Bill

[alison]

I've been trying to follow this. What does it mean in the end?

What does "up to 1200" for joint filers mean? Another 1200 would be great to have for our nest egg (I know, I know, the idea is we're supposed to spend it), although I think "up to" are the operative words there.

Re: Stimulus Bill

The refund phases out at certain income limits. The number $174k for joint filers sticks out in my mind but I'm not certain. The rebate is based on your 2007 return so you need to file to get the check.

Here's an article:
http://www.usatoday.com/money/perfi/col ... bate_N.htm

I wonder if this will work as well as hoped. With the whole mortage hullabaloo I think people might be more inclined to pay their debt or tuck it away than to spend.

[alison]

Re: Stimulus Bill

I don't know why I posted this in the debate forum, but thanks for clarifying this a bit for me. The article you posted, Nellie, is helpful.

I had done a few searches, but didn't really find anything that got to the point about what to expect.

[DCJenn]

Re: Stimulus Bill

Yeah, add us to the pay off debt group. Not that a whopping $1500 will do all that much but I guess in the long run, it can't hurt.

I can't decide which bill I'm going to address- probably the property tax.

Jenn

[Cumberland]

Re: Stimulus Bill

We are in the pay off debt category too, but isnt that a good thing? I sort of think it is a drop in the bucket for the average family that makes more than say 75k. It isnt even a mortgage payment for half of America. Why bother, I say. I would rather see those interest rates that they claim are being lowered, really be lowered. Our mortgage guy says for the past two weeks they have just been inching up and up.

Re: Stimulus Bill

I agree that paying off debt is a good thing. I think that is what more (most? many?) people will do. It seems like a lot of work and might not have the intended benefit. Or like Tara said, easier to lower taxes with more of a long term view.

Re: Stimulus Bill

What Tara and Nellie said.

Now, daydreaming about my refund. In a perfect world, I'd use the money to by a 29 game season tickets in the upper box section for 4 at Camden Yards.

In reality, I'll use it to salve the wounds of the bathroom repair if it ever happens.

P.S. My favorite quote about the rebate was from the senator or congressman, caught on camera shaking hands with Bush after the State of the Union. He laughed and on camera asked Bush how does one RE-bate someone who doesn't bate i.e. folks getting refunds who never pay a dime in taxes in the first place. Priceless.

[Michele]

Re: Stimulus Bill

Is this money just a jump for next years taxes? As in, when we file next year will we get our refund minus the 1200?? (or owe 1200 more??)

[alison]

Re: Stimulus Bill

Is this money just a jump for next years taxes? As in, when we file next year will we get our refund minus the 1200?? (or owe 1200 more??)

Along those lines, I read that this was an advance on our 2008 taxes. So, does that mean we won't get the full amount next year? And maybe even owe?!

Re: Stimulus Bill

That is priceless, Kevin. I heard Nancy Pelosi being interviewed about this on the radio and she said something along the lines of --- I'd love to just give everyone a check but we have to have some limits (parameters, something like that). Surely she must have meant she would like to just hand out her own money to unsuspecting strangers, not federal dollars, right?

I just realized my MIL will get one of these. She pays no taxes.

Re: Stimulus Bill

Nancy Pelosi

I dare not speak her name.

What a coincidence, if DW ever gets home we're going to our favorite new place in 'Lil Italy where you know who grew up.

Though I'm not in the highest tax bracket yet (and may never be), I feel it's my public duty to share the following FACT: the top 1% of earners / income level pay 40% of the ENTIRE tax revenue in this country.

Just remember that when a candidate inveighs against the "fat cats" of society.

[alison]

Re: Stimulus Bill

I think parameters means they were toying with the idea of debit cards.

Re: Stimulus Bill

I think parameters means they were toying with the idea of debit cards.

Could said debit cards be used for malt liquor and a stroll on any city's favorite strip?

Power to the people. Revolution. Change. Er, whatever.

Re: Stimulus Bill

Confession, I haven't kept up with the mortgage mess and repair enough to know what exactly is from Congress and what is from the banking industry on a private basis. But given all of the talk about this from a legislative side --- debit cards? Are you serious? Can you pay your mortgage with one of those or deposit it to savings?

Re: Stimulus Bill

Kevin, that quote is great!

Is this money just a jump for next years taxes? As in, when we file next year will we get our refund minus the 1200?? (or owe 1200 more??)

Along those lines, I read that this was an advance on our 2008 taxes. So, does that mean we won't get the full amount next year? And maybe even owe?!

I think that's how the last round of rebates (2001?) worked...I seem to remember owing more in taxes when we filed the following year. I'm not sure how it will work this year.