Coremodels
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OK, not really free...but money you didn't know you were getting.
http://www.nbc4i.com/midwest/cmh/news.apx.-content-articles-CMH-2008-01-24-0003.html
WASHINGTON -- Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.
Coremodels
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Individuals who pay income taxes would get up to $600, working couples $1,200
Not so bad, even without kids really! The incomes that they start phasing out are fairly high too.
Coremodels
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Walker wroteshroud wrote Consider my economy stimulated! :lol:I'm going to invest my money in a Nintendo Wii.
LOL! You know what, I hadn't really thought about what I intend to do with it other than "fun", being kind of like "found money"...and a Wii is a PERFECT choice (that or a new vid card for my computer, because I play lots of PC games).
Walker
The KLD / Downtown
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Honestly, I thought about doing the exact opposite of what we're supposed to be doing with it, and throwing it into Desi's college savings. ;)
But I guess if we're supposed to be stimulating the economy, we're supposed to be spending it right away. And I don't hate America.
Hrm. I guess what would be best of all is to try to spend it all locally. Buy from small local shops and buy locally made products if we want it to have the best and more direct impact on our economy.
Roland
Clintonville
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Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining the rebates of at least $300 for almost everyone earning a paycheck, including those who make too little to pay income taxes.
The rebates would phase out gradually for individuals whose income exceeds $75,000 and couples with incomes above $150,000, aides said. Individuals with incomes up to $87,000 and couples up to $174,000 would get partial rebates. The caps are higher for those with children.
So if you don't pay income tax, you get a check. If your in a high tax bracket and pay more tax then most, you don't. I'm not cool with those contributing more in taxes being being left out of this refund.
I suppose doing something to jolt the economy is better then doing nothing but at least make the stimulus even across the board. I don't want to sound like a grouch...
Shop local!
Coremodels
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I don't know, considering the social security cap seems fair to me.
mh338498
Discovery District
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does anyone know if this is going to be treated as income? The last time they did this (I think the Reagan era) they treated it as a loan of sorts, I think - so don't quote me. I'm just recalling reading somewhere about how a bunch of people got screwed because they ended up spending all of their "rebate," but then ended up having to pay some or all of it back.
From what I'm gathering, this one looks like some sort of tax refund advance. I guess I'm still wondering exactly what it means. Does it mean I'll get an extra $600 on top of my normal refund? Or just the difference between my normal refund and $600? And if I get an extra $600 bucks now, as a "tax refund advance" does that affect my tax refund next year?
And if it is treated as income, does that mean I'll get taxed on it?
Color me dumb, I just don't quite get it :) I guess I'll have to ask a tax attorney...
Coremodels
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It shouldn't be treated as income, any more than a standard refund would. It is definitely in addition to your standard return though.
mh338498
Discovery District
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Coremodels wrote It shouldn't be treated as income, any more than a standard refund would. It is definitely in addition to your standard return though.
Awesome :) I guess I'll just have to wait until all of the details are finalized. At least it sounds like my fiancee and I may now have enough money to swim with the dolphins on our honeymoon AND fly back home. Hopefully skybus can take us somewhere close to where we can accomplish that... Ft. Lauderdale, maybe?
hobbesOSU
West Side C-bus
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mh338498 wroteFrom what I'm gathering, this one looks like some sort of tax refund advance. I guess I'm still wondering exactly what it means. Does it mean I'll get an extra $600 on top of my normal refund? Or just the difference between my normal refund and $600? And if I get an extra $600 bucks now, as a "tax refund advance" does that affect my tax refund next year?
My uneducated guess is based on what happened in 2001. The 2001 advanced rebate was based on the creation of the 10% bracket. That was a pre-refund of what refund you'd get from your 2001 return.
I don't think they created any new tax brackets this time, it's probably just an advance on whatever tax refund you'd receive in 2009 for your 2008 return. So don't count on a sizable refund in 2009.
hobbesOSU
West Side C-bus
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Walker wrote Hooray for having a kid!
:lol:
Anyone got any details on how the child thing is going to work here? AFAIK, the IRS has no clue about my kid that was just born in August 2007. So, I'm guessing that I won't see the $300 advance until I file my 2007 return.
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