How will you spend the proposed stimulous tax rebate?

V

Vicariously

living in a fantasy world
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VA
So in addition to your 2007 Tax Return the government is propsoing an economic stimulous Tax rebate. Paying individuals who were working and that made less than $75,000 up to $600 per person ($1200 per married couple) and $300 for each additonal child. Its projected that the checks should start arriving in may.

I was just curious to see what everyone is planning on doing with the rebate and their opinion of its purpose. The government hopes that you will spend it..to help boost the economy...

I personally have no qaulms about taking the rebate if the government is handing it out but I am curious as to where the money is coming from considering the US is already in such a huge deficit.

JJ and I are expecting $1200 I thnk our plan is to take a third of it and pay off some remaining debts before our move this summer...save a third and spend a third...so $400 for bills, $400 Savings and $400 for splurging 🙂

what do you propose your rebate will be and how will you put it to use? Do you think that the idea will infact help in stimulating the economy?

I think it will, but I dont think it will be enough to help the defict at all, only increase it. I think it will only be a temporary "band aid" on the economy and in a months time things will be the same as they are now. Still looking foward to the extra cash though 🙂
 
I'm planning to put that rebate check into my savings account.

However...you DO know that the rebate they're giving is little more than borrowed money,which sooner or later you're going to have to pay back...right? And if you honestly think this is going to to a damned thing to get the economy rolling....'nuff said!
 
Vicariously said:
I personally have no qaulms about taking the rebate if the government is handing it out but I am curious as to where the money is coming from considering the US is already in such a huge deficit?

Do you think that the idea will infact help in stimulating the economy?

I think it will, but I dont think it will be enough to help the defict at all, only increase it. I think it will only be a temporary "band aid" on the economy and in a months time things will be the same as they are now. Still looking foward to the extra cash though 🙂
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For Ck >>>>> Umm yeah well if you read the above I pretty much insuniated that money doesnt grow on trees...and by saying its a temporary fix...people will spend the money if they have it to spend but once its one its gone....
 
Does everyone get one? If I get one half will go towards paying off my car, the other half will go to pay my college tuition.
 
Supposedly we would get $2400 but I doubt we get that much. We actually didn't have any tax liability last year because most of the money my husband earned was disability and non-taxable. We literally paid $4 in taxes and are getting all that back plus earned income and child tax credit.

We're probably going to save it. We're filing for bankruptcy so we have no debt other then our 2 vehicles (maybe we'll pay the van off). Oh, we're giving some to my dad to buy a new stove. Our stove is almost 40 years old and now the oven doesn't work.
 
V
Vicariously
I know you would still get the $300 for each kid I think...but if you didnt have tax liability I am wondering if you quys would get the $300 rebate or be able to get the full $600 per individual and if you didnt work you would not get the full $1200
Randy Giles said:
Does everyone get one? If I get one half will go towards paying off my car, the other half will go to pay my college tuition.
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If you made at least $3,000 and didnt pay taxes for 2007 your rebate would only be $300 as an individual.

Individuals who made less than $75,000 for the year but more than $3,000 and who DID pay taxes will get $600.

individuals who made $75,000 or more will NOT recieve a rebate unless they are married and their spouse was working and paid taxes on their income in 2007. Married Couples can recieve upto $1200 (so $600 per individual)

Couples making $150,000 or more in 2007 will not recieve a rebate.


so yeah pretty much if you worked and paid taxes and you are considered middle class america you get one 😉

and if you have kiddos you will get $300 per child that lives with you and you can legally claim as a dependant for the 2007 tax year.

for example I'll break my expected rebate down for you. My husband worked and made approx $50,000 in 2007 which he paid taxes for.. so he qaulifies for the $600 rebate...I did not work and did not pay taxes, so therefor even though we are married we will only get the $600. We claim two dependants so we get $300 each for them. so our total rebate would then be $1200 🙂 Hope that answers your question.

And yes this is in addition to you tax return...you will not recieve it with your return its seperate.
 
R
Randy Giles
Thanks. :)
I recently began donating monthly to the ASPCA. I will probably increase my monthly gift for a few years with this rebate. I am a SUCKER for the animals.
 
T
TabulaRasa
good for you, good to hear. I know exactly how you feel.
Vicariously said:
Couples making $150,000 or more in 2007 will not recieve a rebate.
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that was gonna be my question since both my wife and i work.

if and when we get the money, we will be buying stuff for our new house (i.e. shovel, rake, hose, ladder, tools, maybe even hardwood floors, etc.)

btw, are they gonna take taxes out of that check 🙂...........just kidding. im crazy like that.
 
V
Vicariously
I think its gonna be tax free but then again uncle sam always gets their money somehow LOL watch our federal taxes will go up to cover the costs later on...but in the meantime I will be glad for the extra cash :) CONGRATS on the new home!
Yes well if anyone remembers last year. Bush offered the same deal and then, revoked it. So, try not to spend the money yet!!!
 
Just glancing through people's responses here, this is exactly what the Bush administration DOESN'T want you to do with the money, and exactly why this whole thing WILL NOT WORK to boost the economy. Smart people will use this windfall to pay off bills for things they've already bought. Other smart people will save the money. Poor smart people who aren't in debt will use it for groceries. That's not really going to give the economy the kind of kick-start it needs. Glenn Beck was talking about this last week (I think) and said that they should give all this money to small businesses, who actually buy stuff from and invest in the production companies. Someone else pointed out that if they give it to us (the taxpayers), we'll buy stuff from stores like Wal-Mart, who will then turn around and spend the money in . . . CHINA. So how is this going to help our economy again?!
 
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