How to spend your tax rebate

[Adi12982]

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]

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]

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]

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']

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]

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. I got worried there for a minuet.

 

[HayGan]

If we get anything, it will be used to pay our ever-increasing insurance premiums and property taxes. Doesn't that sound sexy?

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

 

[mamalle]

well good since it looks like we owe $1500 this year with my new independent contracting job and they can just keep it

 

[mom2twinz3]

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]

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]

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]

Can you say "college Freshman" in the Fall . Yikes, how did my "baby" grow up so fast . I'm crossing my fingers and saying my prayers for the many scholarships he has applied for as well.

 

[alexandmaddie]

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