Stimulus Plan? $600-$1200 Tax Rebates?

[mojo]

Originally Posted by Gracie2006

They did the same thing several years ago as I recall. It was $300 and the "rebate" was considered taxable income for the year if memory serves correctly. Personally, it won't be a drop in the bucket for me. How about putting it all in a pool to lower gas prices, do something that would help the greatest number of people?

Yes, as I recall, they did tax it. That makes a lot of sense, not.

[Jenn218]

Originally Posted by celstu1

It just got approved!!!! woooohooooo

It already approved? I missed it!

[Jenn218]

Originally Posted by celstu1

sorry, I should have posted the link!!!

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

That is what I get for NOT ready the whole thread before posting

[Jenn218]

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.

THANKS FOR THAT

[Jenn218]

Originally Posted by Gracie2006

They did the same thing several years ago as I recall. It was $300 and the "rebate" was considered taxable income for the year if memory serves correctly. Personally, it won't be a drop in the bucket for me. How about putting it all in a pool to lower gas prices, do something that would help the greatest number of people?

They shouldn't be charging so much in gas anyway! There is no need for it...I read somewhere that we have reserves that would last for many many years to come...all the money is just going into the pockets of the CEO's of the gas companies

[Jenn218]

Thanks for all these links, etc...I am saving them all in email to send to my family........

I heard that they are trying to pass this so we will spend more to help the economy, but I don't think we should have to claim this next year.

And as for the "recession" (sp)....they say this is no where near what it has been in the past....that w/ an economy that the US has, there is always a recession, that just goes w/ the economy. On some show I watched, a guy showed a graph of recessions from the time of the great depression to now...there were TONS of recessions....I think every decade and a year or two of recession. AND they said even w/ the economy slowing and the housing market halted (etc) that we are no where near a depression.

[gutu28]

I hope it passes all the way through! Ill help the economy..I want an iphone!

[MyLadies]

Originally Posted by hha

They did this a few years back, wasn't this much though, think it was like $300

Really? Gosh I don't recal getting any money, and we sure don't make that much to have been not part of getting it. I wonder when? Maybe it was before I was old enuf to work & file taxes... (LOL!!!! That was like 28 years ago. LOL!)

[MyLadies]

Oh I just read above posts that it passed. $150,000 for couples? Jumping jiminy.... if we ever made that kind of money, I'd die and go to heaven.LOL!! Is that middle-class now? So I guess I'll be looking for my checks in the mail then. Like I said before, I'll use them to pay my taxes. LOL!!!

[hha]

Originally Posted by MyLadies

Oh I just read above posts that it passed. $150,000 for couples? Jumping jiminy.... if we ever made that kind of money, I'd die and go to heaven.LOL!! Is that middle-class now? So I guess I'll be looking for my checks in the mail then. Like I said before, I'll use them to pay my taxes. LOL!!!

No, it's not passed yet..Congress has to approve it, then the President would have to sign off on it..