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View Full Version : How to spend your tax rebate


SpaceRangerEric
01-19-2008, 10:11 AM
With all the talk of us getting a tax rebate in order to stimulate the economy, I would like to offer a suggestion. In order to get the maximum benefit, we should spend that money on American made goods and services. Disney is a great place to spend that money.
Spend a little extra, or give a little bigger tip, while at Disney to keep the money moving in the domestic economy.
If you are going to buy goods, try to buy American made products to support your fellow American workers.

Disclaimer: I am not Bob Iger trying to get you to spend more to help our bottom line, but I am a stockholder.

Adi12982
01-19-2008, 10:53 AM
I wonder how many will spend their rebates. . . we were planning on saving it for rougher times ahead. . . well actually we are debating between that and a trip to Disney since we weren't planning on any this year. . . but I am honestly curious how many will do that. For us whether we spend it or save it will have to do with how we have met our saving goals before I finish school.

EthansMom
01-19-2008, 10:56 AM
The tax rebate being discussed so far (~$1600 or less) is not really enough to fund a whole WDW vacation.

I get what you're saying about tipping better, though. We've been making a point of giving slightly better tips, esp. when warranted, because as bad as the economy is getting for DH and I, it's got to be much worse for folks who are making less money than us.

Have you tried finding "Made in the USA" items lately? It's downright impossible to find anything that is completely manufactured here.

One tip for those folks looking for a little extra money: If you usually get a tax refund, consider doing the exemptions worksheet on the back of your W2 at work. You won't get as much of a tax refund next year, but you will get the extra money each month in your paycheck. With rising inflation, some folks are going to need that money NOW more than getting it in the future.

delmar411
01-19-2008, 11:02 AM
if this rebate comes then it will be $x amount less that we have to put aside from DH's paychecks to fund our Disney vacation. So I guess we would be spending it but in place of a different $1600....

SpaceRangerEric
01-19-2008, 11:06 AM
The tax rebate being discussed so far (~$1600 or less) is not really enough to fund a whole WDW vacation.

Not if you watch the Disney commercial "$1600 for the whole week, we can afford that".:rotfl:

I agree it is tougher to find Made in US products. That is a result of greedy companies and short sighted consumers. With the internet, it is still possible to find nearly any type of product still Made in the US.

I am not a Michael Moore type liberal here. Actually, I am a free-trader and about as far right as you can get. But if we are going to avoid a recession, let's take advantage of this opportunity to do the right thing. IMHO.

mrsklamc
01-19-2008, 11:15 AM
The impression I got from the other thread was that us budget boarders, by and large, aren't planning on spending our returns. Might want to go post on the community board:thumbsup2

Belle1962
01-19-2008, 11:16 AM
Check your sovenirs, tshirts, etc. They were more than likely NOT made in the USA. Going to Disney--good idea. Fly American carriers. Rent american cars. Tipping bigger won't keep the money in the American economy if it is ultimately going to be used for foreign made goods is it?

calypso*a*go-go
01-19-2008, 11:24 AM
Well, if a check shows up in my mailbox anytime soon it's already ear-marked to pay my DCL deposit -- gosh, I feel so patriotic! :teeth:

Toby'sFriend
01-19-2008, 11:27 AM
if I get one, mine will go into our "buy a vacation house someday" down payment fund.

I asked DH last night if that made us un-American.

He said he already has a couple of employees who were wondering if any banks were giving Tax Rebate Check Anticipation loans on the proposed plan.

:laughing:

SpaceRangerEric
01-19-2008, 11:28 AM
The impression I got from the other thread was that us budget boarders, by and large, aren't planning on spending our returns. Might want to go post on the community board:thumbsup2

I thought that meant it is discussions on how we budget for the trip. If I am mistaken than I am sorry.

Belle1962, Every time we make a transaction in our economy, it will benefit the economy. Even buying foreign goods helps our service sector. Buying American goods helps both our service and manufacturing sectors. I know it is a struggle, but we as consumers are responsible to search for the goods made domestically, if we want to change the way things are going.

I'll get off my soapbox now.

mickeyfan2
01-19-2008, 11:33 AM
They were talking last night on a show about past rebates. They said those at the higher income levels save it and those at the lower income levels spend it. That may be why they have a cap on who gets it.

snomofinn
01-19-2008, 11:45 AM
[QUOTE=SpaceRangerEric;22664148]Not if you watch the Disney commercial "$1600 for the whole week, we can afford that".:rotfl:

:lmao: Don't you just love those commercials???? They don't tell you it's for off season and value resorts, etc. My DH and I just look at each other when those commercials come on and laugh.

I was listening to all this on t.v. last night and I thought it didnt go through yet, and they were going to decide within the next 30 days? Did I hear wrong?

Schachteles
01-19-2008, 11:49 AM
Well, if a check shows up in my mailbox anytime soon it's already ear-marked to pay my DCL deposit -- gosh, I feel so patriotic! :teeth:

ME TOO!! I plan to use it on our November cruise to book the next one!!! :beach:

Schachteles
01-19-2008, 11:51 AM
The impression I got from the other thread was that us budget boarders, by and large, aren't planning on spending our returns. Might want to go post on the community board:thumbsup2

I don't think this is true at all.

SpaceRangerEric
01-19-2008, 11:54 AM
Well, if a check shows up in my mailbox anytime soon it's already ear-marked to pay my DCL deposit -- gosh, I feel so patriotic! :teeth:

Sarcasm?

snomofinn, It didn;t go through yet, but it will in some form.

calypso*a*go-go
01-19-2008, 11:58 AM
Sarcasm?

Nope...just me trying to justify another Disney vacation that we probably shouldn't be taking! :goodvibes

SpaceRangerEric
01-19-2008, 12:00 PM
Nope...just me trying to justify another Disney vacation that we probably shouldn't be taking! :goodvibes

NICE!!!:goodvibes

disneyjunkie
01-19-2008, 12:03 PM
Any idea when the checks will go out?

I plan to be one of three things with the check.

A. Be a responsible adult - use it towards my son's tuition that way I'll be a month ahead or use it toward a SAT prep class next fall.

B. Have fun - use it toward our DL/DCL/WDW trip next summer.:dance3:


B. Have fun - use it toward our DL/DCL/WDW trip next summer.:dance3:

C. Be a responsible adult- Save it :rolleyes:

Lintasare
01-19-2008, 12:06 PM
Since I already have a plan for paying my current planned vacation. If I get this rebate I will probably save it for another vacation.

Disneyoverload42
01-19-2008, 12:08 PM
It'll go toward paying down debt - or it'll go towards paying budget items (food, gas etc.) and then the money I had budgeted for those will go to paying the debt LOL either way it'll help the economy. (which I don't buy into the sky is falling thing but it's a hypothetical question at this point anyhow right? If I did believe the economy was as bad as the media said I certainly wouldn't be on a Disney site planning vacations :lmao: )

$1600 would pay off an entire loan for us and move us down the snowball list :woohoo:

Toby'sFriend
01-19-2008, 12:09 PM
Any idea when the checks will go out?


CNN article I read last night said June at the earliest.

mom2my3kids
01-19-2008, 12:29 PM
The whole idea is to spend it to get the economy better, we will buy a couple things and then spend the rest at disney world..

mom2my3kids
01-19-2008, 12:31 PM
Any idea when the checks will go out?

I plan to be one of three things with the check.

A. Be a responsible adult - use it towards my son's tuition that way I'll be a month ahead or use it toward a SAT prep class next fall.

B. Have fun - use it toward our DL/DCL/WDW trip next summer.:dance3:


B. Have fun - use it toward our DL/DCL/WDW trip next summer.:dance3:

C. Be a responsible adult- Save it :rolleyes:


I SAY.........B :lmao:

gomomgo
01-19-2008, 12:40 PM
They were talking last night on a show about past rebates. They said those at the higher income levels save it and those at the lower income levels spend it. That may be why they have a cap on who gets it.

I heard the same thing this morning. I wonder if catching up on bills is considered "spending." Or are they just talking about the purchase of new items?

lovemygoofy
01-19-2008, 12:49 PM
I'm doing the unAmerican unpatriotic thing by putting it in a high interest savings acct. Knowing my luck, next year I'll have to pay this "rebate" back because of the weird taxes during a deployment.

mickeyfan2
01-19-2008, 12:52 PM
I heard the same thing this morning. I wonder if catching up on bills is considered "spending." Or are they just talking about the purchase of new items?

I understood it to be new items.

Lisa_M
01-19-2008, 12:55 PM
If I don't have a permanent job by then I will be saving it and paying bills with it. If I do, I will be putting it towards one of our student loans. There will be no vacation or Wii's or anything leisurely for us with that money...

Green Tea
01-19-2008, 01:02 PM
I don't believe I will be getting any check anyway. If I did I would send it to ING for some later vacation.

lailah
01-19-2008, 01:10 PM
Question here...Because we have no small children living in our household, we didn't get that child tax credit in 2001. I've been trying to read about this one and couldn't figure out if this was for households with children or for everybody who is within the $ bracket. :confused3

doulacandice
01-19-2008, 01:12 PM
Some of our tax refund is going to Disney vacation.. The 1800.00 or so we should be getting back some time in the future will probably go on a downpayment towards a new car/Suv.

luv2nascar
01-19-2008, 01:13 PM
depending on status of emergency fund it will either go in there or down on a credit card. Thanks.

TiggerStac
01-19-2008, 01:14 PM
It'll go toward paying down debt - or it'll go towards paying budget items (food, gas etc.) and then the money I had budgeted for those will go to paying the debt LOL either way it'll help the economy. (which I don't buy into the sky is falling thing but it's a hypothetical question at this point anyhow right? If I did believe the economy was as bad as the media said I certainly wouldn't be on a Disney site planning vacations :lmao: )

$1600 would pay off an entire loan for us and move us down the snowball list :woohoo:

same here....pay off another piece of debt.

mamalle
01-19-2008, 01:21 PM
when would this come out if its voted on to go through? is it after you submit your 2007 taxes?

Toby'sFriend
01-19-2008, 01:26 PM
Question here...Because we have no small children living in our household, we didn't get that child tax credit in 2001. I've been trying to read about this one and couldn't figure out if this was for households with children or for everybody who is within the $ bracket.


The plan the President released for discussion yesterday is eliminating the 10% tax bracket. Which means that everybody who pays taxes through the 10% and above tax brackets would get some money back.

People who don't pay taxes, will receive nothing.

As discussed, the IRS is estimating that the earliest they could print the checks if the plan were approved right now would be June.

pandora174
01-19-2008, 01:27 PM
If we get $1600 for our family. Half will go to savings. The rest will go to soccer & swim classes for my DS who has developemntal delays so this would really be helpful to us. The balance I would stock up on groceries, specially meat & things I can freeze, & my DH car has an oil leak we haven't been able to fix. So we're putting $ back in the economy, doing things we need for the family & still saving ! I hope it does happen :dance3:

Belle1962
01-19-2008, 01:42 PM
I thought that meant it is discussions on how we budget for the trip. If I am mistaken than I am sorry.

Belle1962, Every time we make a transaction in our economy, it will benefit the economy. Even buying foreign goods helps our service sector. Buying American goods helps both our service and manufacturing sectors. I know it is a struggle, but we as consumers are responsible to search for the goods made domestically, if we want to change the way things are going.

I'll get off my soapbox now.

Don't think of it as a soapbox. I (and I am proud to say my son also) drive ONLY American made vehicles (GM as matter of fact). We try to buy American but it has gotten harder through the years.

SpaceRangerEric
01-19-2008, 01:59 PM
The intent is for people to spend it on new items, not to retire debt. I completely understand some people have tougher situations. That was me a few years back. I am just hoping that everyone, who can afford to spend it, does spend it.

I can proudly say my soapbox is Made in the USA!!

pandora174
01-19-2008, 02:05 PM
The plan the President released for discussion yesterday is eliminating the 10% tax bracket. Which means that everybody who pays taxes through the 10% and above tax brackets would get some money back.

People who don't pay taxes, will receive nothing.

As discussed, the IRS is estimating that the earliest they could print the checks if the plan were approved right now would be June.

Do you think my DB who is disabled & received SSI benfits & files every year but only makes about $7K so he pays no taxes would not qualify ? He could use that $ for so many essentials that he can't afford now. :guilty:

Braque
01-19-2008, 02:06 PM
So, here's my plan for tax return rebate, should it be as much as I hope it is:

1. We need a new computer; and if there's anything left -
2. Send in an additional monthly mortgage payment; and if there's anything left after that -
3. Send it to ING for a Summer 2009 Disney trip -

all spent . . . that was easy :)

seanandkaitsmom
01-19-2008, 02:12 PM
We are going to WDW in June, if the rebate is here it will all go to "uncle Walt". If not it will be spent on something fun for the family!!! Maybe a big swingset!!!

Disneyoverload42
01-19-2008, 02:14 PM
The intent is for people to spend it on new items, not to retire debt. I completely understand some people have tougher situations. That was me a few years back. I am just hoping that everyone, who can afford to spend it, does spend it.

I can proudly say my soapbox is Made in the USA!!

I disagree. It's a peter/paul thing though - Using my situation as an example, currently my grocery budget is between $300-$400 a month - because of my debt load. If I pay off debt, I have more money to spend on groceries (and believe me with a teenage boy that IS where it would go!) Once my debt is paid off (except for my house & SLs), I will have $400+ a month to pump into the economy EVERY month and since DH and I only (and for the last 4 years) use cash it is going toward the economy and not toward a bank's bottom line. Currently our disposable income (after debt and necessities) is $40 a month. I think long term we would help the economy more being out of debt - just our situation.
As for buying American - Mitsubishi and Toyota are both made here. Probably other brands too. It's not a simple statement to make in today's global economy. Some Saturns & Ford's have Toyota motors in them... It's all too confusing to keep track - we just have to do what is best for our situation and chug on.

Toby'sFriend
01-19-2008, 02:19 PM
The intent is for people to spend it on new items, not to retire debt. I completely understand some people have tougher situations. That was me a few years back. I am just hoping that everyone, who can afford to spend it, does spend it.

I can proudly say my soapbox is Made in the USA!!

yeah well
I quit using the US Government as my financial planner a couple of years ago.

We're happier this way.

My contribution to the US Economy is that I don't file bankruptcy every 7 years, I don't sign up for subprime loans that I can't afford, I pay all my bills before they are due, I invest in the US stock market, and I pay a huge percentage of our family income in taxes on a yearly basis.

I will use my money my way with a clear conscience.

SpaceRangerEric
01-19-2008, 02:25 PM
I
As for buying American - Mitsubishi and Toyota are both made here. Probably other brands too. It's not a simple statement to make in today's global economy. Some Saturns & Ford's have Toyota motors in them... It's all too confusing to keep track - we just have to do what is best for our situation and chug on.


I agree. You can't go by name anymore. That is why I said Made in USA, not Brand USA. I can own a part of companies from around the world with stocks, and foreigners can do the same with American companies. The whole point of this rebate is to help the American economy. That is why we need to focus on goods and services made in the US even if they are ultimately owned by foreign companies.

EthansMom
01-19-2008, 02:39 PM
Question here...Because we have no small children living in our household, we didn't get that child tax credit in 2001. I've been trying to read about this one and couldn't figure out if this was for households with children or for everybody who is within the $ bracket. :confused3

We didn't qualify for the one in 2001 either. I think there were income limits on it or something. But that one was just a "loan" against taxes you were going to pay that year anyway, so no more money than you would have gotten eventually.

The thing I don't understand about Bush's plan to eliminate the 10% tax bracket is where that money is going to come from? I mean, the federal government isn't going to lower their spending, right? So, for folks to get a tax rebate, someone is going to be paying for it somewhere.

Usually, only lower and middle class families get the tax rebates because they are more likely to spend them. Studies have shown that people with higher incomes tend to save most "extra" money. In order to stimulate the economy, the rebate needs to be spent. If you take $1000 and spend it at Walmart, for instance, then Walmart is able to pay their Greeter, and the Greeter can then go spend his/her paycheck at the grocery store, and the grocery store can then pay the Cashier, and the Cashier can spend his/her paycheck at Walmart, etc....

staceyfe
01-19-2008, 02:46 PM
I (and I am proud to say my son also) drive ONLY American made vehicles (GM as matter of fact). We try to buy American but it has gotten harder through the years.


We are a Chevy family, and when I bought my 07 Equinox it stated on the window sticker that the motor was manufactured in Canada. I think this is true w/ motors and transmissions of most GM products. Just because you are buying GM or Ford does not mean it is 100% American made/manufactured.

dvcgirl
01-19-2008, 02:50 PM
The intent is for people to spend it on new items, not to retire debt. I completely understand some people have tougher situations. That was me a few years back. I am just hoping that everyone, who can afford to spend it, does spend it.

I can proudly say my soapbox is Made in the USA!!

And think about how ridiculous "the intent" of this "stimulus" package is. Out of one bubble in 2001 and right into another fueled by a lax federal reserve and an incredibly cheap money supply. So we're left with a housing market that is as bad as that in WW II, a savings rate that equals that of the Great Depression, trade deficit, budget deficit....I mean, what more can the government do to mess things up? This is pure politics....nothing more. They're all trying to out-do each other now..."Did I say 70 Billion for the stimulus....I *meant*, 700 Zillion dollars!!"

Now they're going to print even more money, even though the money supply has increased by 15% last year alone (inflation anyone?), add to the deficit and send $800 to most Americans and imply it's "Un-American" to pay down your debt? Insanity.

Keep in mind, that there are estimates that the first go-round of this type of plan did very little if anything to spur on the economy. Some estimates are that only 1/3 of those rebates were spent in a timely manner. In 2001 we had 1.6 Trillion dollars of consumer debt and just six years later that number is 2.5 Trillion dollars. A good deal of that will go to paying down credit card debt.

Why is it that our Free Market Capitalist President is all for creating bubbles but can't let the market work things out when they burst? We either take the pain now, or take much more pain later. I'd prefer taking it now and getting it over with.

And then when the each American either spends, saves or pays down debt with a tiny bit of debt with that $800....then what? I hope that Stimulus Team is working on that. Maybe they can come up with a Super-DUPER- Stimulus plan!!

momof3littlelilos
01-19-2008, 03:33 PM
Any idea when the checks will go out?

I plan to be one of three things with the check.

A. Be a responsible adult - use it towards my son's tuition that way I'll be a month ahead or use it toward a SAT prep class next fall.



OMG - I was just trying to figure out where I'd get SAT prep course $
for DS.
Good, now that I have something "responsible" to spend it on I feel better. :thumbsup2

Toby'sFriend
01-19-2008, 03:41 PM
Do you think my DB who is disabled & received SSI benfits & files every year but only makes about $7K so he pays no taxes would not qualify ? He could use that $ for so many essentials that he can't afford now.

Well keep in mind that what is on the table right now is simply the Republican President's proposal. What is finally passed will most likely be some sort of compromise from the Democratic controlled House and Senate and the President. Social Welfare type of relief will most likely be added in by the Democrats sometime over the next week.

I'm sure it is very difficult for him right now. High inflation in necessities such as food and energy prices always hits the lowest income levels the hardest.

dvcgirl
01-19-2008, 03:47 PM
I'm sure it is very difficult for him right now. High inflation in necessities such as food and energy prices always hits the lowest income levels the hardest.

And this is why lower and middle income Americans will probably get the bulk of this money.....they'll spend it.

I've read that they'll have a problem using that 10% tax bracket though, because families of 4 making $25,000 to $40,000 (which amounts to up to 50 million people apparently), won't get a full rebate under this plan. They don't pay enough in taxes to get through that bracket due to write-offs. The Dems won't let that go through.....so they may have to use payroll taxes instead.

neatokimmo
01-19-2008, 03:53 PM
Hmmm...I wonder if I'll even get it? I have an adoption credit that wipes out my tax liability.

If I go get a check, it will go into my ING account for the next baby.

Do you get $$ for both you and your children?

dvcgirl
01-19-2008, 03:59 PM
Hmmm...I wonder if I'll even get it? I have an adoption credit that wipes out my tax liability.

If I go get a check, it will go into my ING account for the next baby.

Do you get $$ for both you and your children?

Well, keep in mind that this plan isn't finalized by any means. But the plan that they're floating out there would be that you need to have working income and filed a tax return. Currently, you also need to have paid enough tax to get through the 10% tax bracket, which is $8,000.

Again, this thing isn't finished yet. The Dems will want many more goodies that line up with their political platforms....like money for unemployment and heating bills....Repubs want tax breaks for business. I wouldn't count my chickens just yet on this thing....

momof3littlelilos
01-19-2008, 04:06 PM
And this is why lower and middle income Americans will probably get the bulk of this money.....they'll spend it.

I've read that they'll have a problem using that 10% tax bracket though, because families of 4 making $25,000 to $40,000 (which amounts to up to 50 million people apparently), won't get a full rebate under this plan. They don't pay enough in taxes to get through that bracket due to write-offs. The Dems won't let that go through.....so they may have to use payroll taxes instead.

I was about to comment on this very thing. According to Bush's plan the money wouldn't get into the hands of low income and moderate income families. As you said, and from CNN:

"Who would get it
Democrats could get on board with an income tax rebate if it's fully refundable, meaning that everyone with earned income would get the full rebate, even if they didn't make enough money to owe income tax, said Furman.

Otherwise, roughly 40 percent of tax filers (which is more than 50 million households) would get only a partial rebate or no rebate at all, according to the liberal Center on Budget and Policy Priorities.

A significant portion of that 40 percent would be families of four making between $25,000 and $40,000, the CBPP said.

There are a few ways that could be prevented, Furman said.

One way is to offer tax credits, a dollar-for-dollar reduction of your tax bill. If it's refundable, it means you get the credit even if your tax bill is $0 or something less than the full credit.

Another way is to have the rebate be a payroll tax rebate. The payroll tax - 6.2 percent of your wages - is what's taken out of everyone's paycheck to fund Social Security, no matter how low your annual income.

A payroll tax rebate would not affect your Social Security benefits or the long-term solvency of the entitlement program, Furman said, because it would really serve as a tax credit. In other words, money from your paycheck would still be taken out and put towards Social Security, but the federal government would send you a check that would serve as an advance on a refundable tax credit on your tax return."

I keep thinking I understand the plan, then I read something that contradictors what I thought I knew. I guess it's just too early to know who'll get what. As it stands with the presidents/Republican plan, we probably wouldn't get anything...which is weird because we're supposedly the target spender family.

HaleyB
01-19-2008, 04:24 PM
With all the talk of us getting a tax rebate in order to stimulate the economy, I would like to offer a suggestion. In order to get the maximum benefit, we should spend that money on American made goods and services. Disney is a great place to spend that money.
Spend a little extra, or give a little bigger tip, while at Disney to keep the money moving in the domestic economy.
If you are going to buy goods, try to buy American made products to support your fellow American workers.

Disclaimer: I am not Bob Iger trying to get you to spend more to help our bottom line, but I am a stockholder.

Almost everything in WDW is made in China. I looked and failed to find a single made in the USA item in the America pavilion at Epcot.

http://flickr.com/photos/somebachs/2193215581/

livndisney
01-19-2008, 04:27 PM
Almost everything in WDW is made in China. I looked and failed to find a single made in the USA item in the America pavilion at Epcot.

http://flickr.com/photos/somebachs/2193215581/

And not all things made in China are "bad".

patsal
01-19-2008, 07:32 PM
Don't know that we would get anything, but if we did I'd just put it in savings--I 'm thinking I'll have to pay it back sometime anyway with higher taxes in the future to offset what they gave me now.

MiniGirl
01-19-2008, 07:51 PM
If we get anything, it will be used to pay our ever-increasing insurance premiums and property taxes. Doesn't that sound sexy?:sad2:

stahshee
01-19-2008, 08:33 PM
yeah well
I quit using the US Government as my financial planner a couple of years ago.

We're happier this way.

My contribution to the US Economy is that I don't file bankruptcy every 7 years, I don't sign up for subprime loans that I can't afford, I pay all my bills before they are due, I invest in the US stock market, and I pay a huge percentage of our family income in taxes on a yearly basis.

I will use my money my way with a clear conscience.

:thumbsup2 If we did get some sort of extra money in June/ July. It prob will go towards our heating season for the winter.

ceecee
01-19-2008, 08:57 PM
I haven't paid much attention to this, but I'm thinking I read somewhere it was only for those who made under a certain amount. Anyone hear about that? I thought it said $110,000 was the max you could make and still get the refund.

problemchild718
01-19-2008, 08:57 PM
Ours will be deposited directly into our American bank (hopefully that will help the American economy) and for some car repairs to our local auto shop

ehstrojette
01-19-2008, 09:12 PM
I will use mine to put in a new toilet and bathroom floor then the rest will go towards Christmas.. this past year we didn;t think there was gonna be a christmas for the kids but God provided the money(about 125 on each kid) plus other people buying so our kids did fine. I want to make up for it this year and that would help out alot!!

Adi12982
01-19-2008, 10:51 PM
And think about how ridiculous "the intent" of this "stimulus" package is. Out of one bubble in 2001 and right into another fueled by a lax federal reserve and an incredibly cheap money supply. So we're left with a housing market that is as bad as that in WW II, a savings rate that equals that of the Great Depression, trade deficit, budget deficit....I mean, what more can the government do to mess things up? This is pure politics....nothing more. They're all trying to out-do each other now..."Did I say 70 Billion for the stimulus....I *meant*, 700 Zillion dollars!!"

Now they're going to print even more money, even though the money supply has increased by 15% last year alone (inflation anyone?), add to the deficit and send $800 to most Americans and imply it's "Un-American" to pay down your debt? Insanity.

Keep in mind, that there are estimates that the first go-round of this type of plan did very little if anything to spur on the economy. Some estimates are that only 1/3 of those rebates were spent in a timely manner. In 2001 we had 1.6 Trillion dollars of consumer debt and just six years later that number is 2.5 Trillion dollars. A good deal of that will go to paying down credit card debt.

Why is it that our Free Market Capitalist President is all for creating bubbles but can't let the market work things out when they burst? We either take the pain now, or take much more pain later. I'd prefer taking it now and getting it over with.

And then when the each American either spends, saves or pays down debt with a tiny bit of debt with that $800....then what? I hope that Stimulus Team is working on that. Maybe they can come up with a Super-DUPER- Stimulus plan!!

The SCARIEST thing, you didn't even mention. . . the Congress has the CONSTITUTIONAL authority to make create/print the money. Instead of doing that the power is in the hands of the federal reserve. And you think, hm, FEDERAL must be a government agency, NOPE - it is run by private banks, people, interests (not even my point, but still a bit scary to me). Anyhow, when congress needs money for stuff it BORROWS money from the federal reserve - putting us further in debt, when they could just print it themselves (as per the constitution). Printing more money without backing (like gold) would increase inflation but that is happening anyhow, but if congress did it versus borrowing money the reserve is just going to print, our national debt wouldn't increase!

suevee
01-21-2008, 01:51 AM
Even if we get this "rebate" or "refund" we will be paying a portion if not all back on our 2008 taxes unless there is a tax reduction to go with it like in 2001. So save a portion for your 2008 taxes or don't expect to have a large refund on your 2008 taxes.

It is not free money, it is our own tax money that we will probably have to pay back later. Thus people who don't pay income tax probably won't get it. If they do the rest of us will be paying that back also in some form or another.

GabbyMom
01-21-2008, 03:37 AM
Is the IRS holding refund checks back till June or a possible second (rebate) check?

As of now I'm expecting a nice refund that will allow me to put my DD into daycare and get back to work. I hope they aren't holding back refunds.

kandeebunny
01-21-2008, 04:08 AM
First I need to get my W2's still waiting on them. I usually get a minimal refund which I put towards my student loan, though this year I may end up putting it towards new glasses.

gonemousin'
01-21-2008, 08:04 AM
Is the IRS holding refund checks back till June or a possible second (rebate) check?

As of now I'm expecting a nice refund that will allow me to put my DD into daycare and get back to work. I hope they aren't holding back refunds.

No, you should get your regular tax refund check as normal (after filing your 2007 return of course). The tax rebate that folks are discussing here is not relate to the current tax filing season...although it will probably impact (possibly reduce unless they lower taxes) your 2008 tax filing this time next year. Hope that helps!

GabbyMom
01-21-2008, 08:12 AM
No, you should get your regular tax refund check as normal (after filing your 2007 return of course). The tax rebate that folks are discussing here is not relate to the current tax filing season...although it will probably impact (possibly reduce unless they lower taxes) your 2008 tax filing this time next year. Hope that helps!

Thanks, I'm so relieved. :hug: I got worried there for a minuet.

HayGan
01-21-2008, 08:35 AM
If we get anything, it will be used to pay our ever-increasing insurance premiums and property taxes. Doesn't that sound sexy?:sad2:

It sounds as good as the new front door that we will be getting if we get a check :lmao:

mamalle
01-21-2008, 08:38 AM
well good since it looks like we owe $1500 this year with my new independent contracting job and they can just keep it :thumbsup2

mom2twinz3
01-21-2008, 08:53 AM
I have 2 sons that will be attending Philmont Scout Ranch in 2009. Some of any money we might get will likely go toward funding that. I will also put some toward a new couch for my great room.

jeanadave
01-21-2008, 10:30 AM
yeah well
I quit using the US Government as my financial planner a couple of years ago.

We're happier this way.

My contribution to the US Economy is that I don't file bankruptcy every 7 years, I don't sign up for subprime loans that I can't afford, I pay all my bills before they are due, I invest in the US stock market, and I pay a huge percentage of our family income in taxes on a yearly basis.

I will use my money my way with a clear conscience.

Well said! I feel exactly the same way.

Free4Life11
01-21-2008, 10:41 AM
Are most consumable things made in America? Ziplock bags, cereal, etc.? I will probably use the check to paydown credit card/student loan debt. I suppose that is helping the economy too.

dznyacct
01-21-2008, 12:55 PM
Can you say "college Freshman" in the Fall :scared1: . Yikes, how did my "baby" grow up so fast :hug: . I'm crossing my fingers and saying my prayers for the many scholarships he has applied for as well.

alexandmaddie
01-21-2008, 01:40 PM
No, you should get your regular tax refund check as normal (after filing your 2007 return of course). The tax rebate that folks are discussing here is not relate to the current tax filing season...although it will probably impact (possibly reduce unless they lower taxes) your 2008 tax filing this time next year. Hope that helps!

So, it it based on our 2006 income (for the $110k cutoff)?


Thanks,

Krista