Stimulus Plan? $600-$1200 Tax Rebates? - Page 2 - YorkieTalk.com Forums

chachi · 01-29-2008, 01:01 PM

Wow that is alot quicker than I thought it would be

celstu1 · 01-29-2008, 01:01 PM

Quote:

Originally Posted by chachi

Wow that is alot quicker than I thought it would be

sorry, I should have posted the link!!!

http://www.reuters.com/article/bonds...26806020080129

Lexi Rae · 01-29-2008, 01:01 PM

yipee!!!!!!!!!!!

Bizzymammabee · 01-29-2008, 01:09 PM

Can't wait to get it...just in time for our property tax hike. They give it with one hand and reach around and take it back with the other.

kaitlyn · 01-29-2008, 01:11 PM

Ive heard that one way they were wanting to do it would knock most people who make between 24,000 and 40,000 a year out of getting it!!! Does anyone know if that changed? I read in the same article that they were also trying to make it where everyone got it but that they were not sure if it would pass that way. If i find the article again I will post it.

kaitlyn · 01-29-2008, 01:13 PM

Quote:

Originally Posted by kaitlyn

Ive heard that one way they were wanting to do it would knock most people who make between 24,000 and 40,000 a year out of getting it!!! Does anyone know if that changed? I read in the same article that they were also trying to make it where everyone got it but that they were not sure if it would pass that way. If i find the article again I will post it.

http://money.cnn.com/2008/01/18/news...ion=2008011913
Theres the webpage where that was said...

hha · 01-29-2008, 01:15 PM

Well, they've done this once before, and then the next year you have to claim what you got on your taxes..I haven't heard they passed it yet, but, in all reality, they really don't have the billions of dollars it's going to cost them to put out..It will be nice, but, in a long way, I feel it's hurting this country more yet..

Erin · 01-29-2008, 01:24 PM

If it's a tax rebate I don't understand how people who don't pay taxes can get the rebate.

Also, the $25k-40k is for families of 4, not individuals. Individuals making $25k-$40k definitely pay taxes and therefore should get a rebate.

I'm torn. I'd love $1200. But the country can't afford it. They say the national debt is equal to $30,000 per person. We've worked hard to pay off our debt and we don't appreciate that very much!

$600 isn't going to prevent a recession but it will make people feel happy and better about it and therefore go out and spend money. That might help a little but not enough.

But I still want $1200. It's our money anyway they are just giving it back to us!

Lexi Rae · 01-29-2008, 01:26 PM

are you saying that individuals that make 20k to 40k arent getting anything?

bchgirl · 01-29-2008, 01:26 PM

It passed....here's the details. Btw, even though it's not mentioned in the paragraph I copied and pasted....you will have to include it as income next year.

Under the House plan, most workers would receive $600 from the government, $1,200 for couples, plus $300 per child. Eligibility for the full check would be capped at $75,000 in adjusted gross income for individuals, $150,000 for couples. Workers with at least $3,000 in earned income last year but too little earnings to pay income taxes would receive $300, along with $300 per child. Businesses would receive $45 billion in tax incentives to invest in new plants and equipment.

Erin · 01-29-2008, 01:30 PM

Quote:

Originally Posted by Lexi Rae

are you saying that individuals that make 20k to 40k arent getting anything?

It depends on what you pay in taxes I think. When you claim dependents you pay less taxes - therefore individuals pay more. Essentially what they did was eliminate the bottom tax bracket. It sounds like anyone with income gets $300 even if you paid no taxes at all, and then if you paid at least $600 in taxes then you will get the $600. At least that's the way I interpret it. I try to follow politics so I've been following this in the news too.

Individuals making $25k-$40k should get $600 assuming you pay a normal amount of taxes.

Erin · 01-29-2008, 01:38 PM

Quote:

Originally Posted by bchgirl

It passed....here's the details. Btw, even though it's not mentioned in the paragraph I copied and pasted....you will have to include it as income next year.

Under the House plan, most workers would receive $600 from the government, $1,200 for couples, plus $300 per child. Eligibility for the full check would be capped at $75,000 in adjusted gross income for individuals, $150,000 for couples. Workers with at least $3,000 in earned income last year but too little earnings to pay income taxes would receive $300, along with $300 per child. Businesses would receive $45 billion in tax incentives to invest in new plants and equipment.

So save $150 of that $600 to pay in taxes next year......

Sunnyd · 01-29-2008, 01:47 PM

It hasn't passed the Senate. From what I've read and been told (I'm a CPA it's a big discussion at our office) it will be FREE money. You won't have to include it on your 2008 taxes and it doesn't reduce any credits. We'll see. I expect it to be reduced a little more before it makes it to Bush's desk. When Pres. Bush proposed the plan, it was $800 and 1600 but it excluded working people who paid no taxes. Hopefully, it will make to Bush's desk by the middle of the month.

hha · 01-29-2008, 02:00 PM

http://www.bargaineering.com/article...explained.html

gutu28 · 01-29-2008, 02:13 PM

Is this supossed to be for income earned in 2006 or 2007?

01-29-2008, 01:01 PM	#16
chachi I Love My Yorkies Donating Member Join Date: Feb 2005 Location: Indianapolis, Indiana Posts: 37,147	Wow that is alot quicker than I thought it would be __________________ Chachi's & Jewels Mom Jewels http://www.dogster.com/?132431 Chachi http://www.dogster.com/?132427

01-29-2008, 01:01 PM	#18
Lexi Rae Gina, (Lexi's Mommy) Donating Member Join Date: May 2005 Location: LONG ISLAND,NY Posts: 10,455	yipee!!!!!!!!!!! __________________ Gina & Lexi CLICK HERE for our Photo Album ...

01-29-2008, 01:09 PM	#19
Bizzymammabee Luvs Lulu Donating Member Join Date: Feb 2006 Location: Queens, NY Posts: 6,931 Blog Entries: 1	Can't wait to get it...just in time for our property tax hike. They give it with one hand and reach around and take it back with the other. __________________ Lulu will always be in my heart

01-29-2008, 01:24 PM	#23
Erin Donating YT 1000 Club Member Join Date: Jul 2005 Location: Chicago Suburbs Posts: 3,306	If it's a tax rebate I don't understand how people who don't pay taxes can get the rebate. Also, the $25k-40k is for families of 4, not individuals. Individuals making $25k-$40k definitely pay taxes and therefore should get a rebate. I'm torn. I'd love $1200. But the country can't afford it. They say the national debt is equal to $30,000 per person. We've worked hard to pay off our debt and we don't appreciate that very much! $600 isn't going to prevent a recession but it will make people feel happy and better about it and therefore go out and spend money. That might help a little but not enough. But I still want $1200. It's our money anyway they are just giving it back to us! __________________ Erin, Sammy & Loki Sewing patterns and tutorials @ www.dogundermydesk.com

01-29-2008, 01:26 PM	#24
Lexi Rae Gina, (Lexi's Mommy) Donating Member Join Date: May 2005 Location: LONG ISLAND,NY Posts: 10,455	are you saying that individuals that make 20k to 40k arent getting anything? __________________ Gina & Lexi CLICK HERE for our Photo Album ...

01-29-2008, 01:11 PM	#20
kaitlyn Senior Yorkie Talker Join Date: Nov 2007 Location: over the rainbow Posts: 92	Ive heard that one way they were wanting to do it would knock most people who make between 24,000 and 40,000 a year out of getting it!!! Does anyone know if that changed? I read in the same article that they were also trying to make it where everyone got it but that they were not sure if it would pass that way. If i find the article again I will post it.

01-29-2008, 01:15 PM	#22
hha No Longer a Member Join Date: Oct 2007 Location: Seneca, SC Posts: 2,837	Well, they've done this once before, and then the next year you have to claim what you got on your taxes..I haven't heard they passed it yet, but, in all reality, they really don't have the billions of dollars it's going to cost them to put out..It will be nice, but, in a long way, I feel it's hurting this country more yet..

01-29-2008, 01:26 PM	#25
bchgirl Donating YT 10K Club Member Join Date: Apr 2005 Location: at da beach Posts: 15,444 Blog Entries: 2	It passed....here's the details. Btw, even though it's not mentioned in the paragraph I copied and pasted....you will have to include it as income next year. Under the House plan, most workers would receive $600 from the government, $1,200 for couples, plus $300 per child. Eligibility for the full check would be capped at $75,000 in adjusted gross income for individuals, $150,000 for couples. Workers with at least $3,000 in earned income last year but too little earnings to pay income taxes would receive $300, along with $300 per child. Businesses would receive $45 billion in tax incentives to invest in new plants and equipment. __________________ Deb, Reese, Reggie, Frazier, Libby, Sidney, & Bodie Trace & Ramsey who watch over us www.biewersbythebay.com

01-29-2008, 01:47 PM	#28
Sunnyd Senior Yorkie Talker Join Date: Apr 2005 Location: Linwood, KS Posts: 249	Don't spend it yet It hasn't passed the Senate. From what I've read and been told (I'm a CPA it's a big discussion at our office) it will be FREE money. You won't have to include it on your 2008 taxes and it doesn't reduce any credits. We'll see. I expect it to be reduced a little more before it makes it to Bush's desk. When Pres. Bush proposed the plan, it was $800 and 1600 but it excluded working people who paid no taxes. Hopefully, it will make to Bush's desk by the middle of the month.

01-29-2008, 02:00 PM	#29
hha No Longer a Member Join Date: Oct 2007 Location: Seneca, SC Posts: 2,837	Here is how it works http://www.bargaineering.com/article...explained.html

01-29-2008, 02:13 PM	#30
gutu28 Lovin' the Cali kisses! Donating Member Join Date: Feb 2006 Location: Lawrenceville, Georgia Posts: 2,990	Is this supossed to be for income earned in 2006 or 2007? __________________ Larissa and Cali Let's go Georgia Bulldogs!