US Stimulus Package: Advance or Gift?

Discussion in 'Politics, Religion, Social Issues' started by swiftaw, Feb 7, 2008.

  1. swiftaw macrumors 603

    swiftaw

    Joined:
    Jan 31, 2005
    Location:
    Omaha, NE, USA
    #1
    Now, I'm not wanting a debate or not this proposed stimulus package is a good idea or not, all I have is a simply query.

    So, the government wants to give us a 'tax rebate' of $600 or so (depending on circumstances), my question is this: [Note, I have looked everywhere for an answer and no official one can be found yet]

    Is this money a gift, or is it simply an advance on our 2009 tax refund?

    I guess we'll have to wait for it to be finalized before we know for sure, but just as a warning, the 'rebate' given out in 2001 was actually an advance on your 2002 tax refund. However, I have heard rumors that this one is different and will actually be a gift, with no strings attached in any way, but that sounds too good to be true.
     
  2. gkarris macrumors 604

    gkarris

    Joined:
    Dec 31, 2004
    Location:
    "No escape from Reality..."
    #2
    I think it's more a rebate from last year's taxes...
     
  3. swiftaw thread starter macrumors 603

    swiftaw

    Joined:
    Jan 31, 2005
    Location:
    Omaha, NE, USA
    #3
    Well, if you view it that way, then it's a gift, we would have no future liability resulting from it.
     
  4. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #4
    Does anyone know if we made above the $3,000 threshold, but are claimed as as dependent by our parents, will we still get the rebate?
     
  5. SMM macrumors 65816

    SMM

    Joined:
    Sep 22, 2006
    Location:
    Tiger Mountain - WA State
    #5
    Keep my 'shot in the arm' and pay down the national debt. I know that many will not agree. The top 1% do not care about that. They know they are never going to pay their share, and any 'kick-back is more money in their pocket. Those in the lower earning brackets will see the extra cash as a small windfall. For them, this is probably a good thing.

    This Country's economy has been so poorly mismanaged, it is beyond comprehension. The financial rape by the the republicans will not be fully realized for years. I think Congress realizes drastic measures are required and this 'package' is a short-term 'shot in the arm'. However, I have not seen a single face (democratic) that really has a great deal of enthusiasm for it.

    If we do not get a democratic administration in November, we are screwed.
     
  6. solvs macrumors 603

    solvs

    Joined:
    Jun 25, 2002
    Location:
    LaLaLand, CA
    #6
    Probably not. Nor would a lot of those who really need it. I'm with those who think this won't do enough to do anything.
     
  7. Roger1 macrumors 65816

    Roger1

    Joined:
    Jun 3, 2002
    Location:
    Michigan
    #7
    How much are we supposed to get? My kid need braces this year, in addition to paying off some college loans. :eek:

    edit: Maybe I need to put google click through ads in my sig :0)
     
  8. miloblithe macrumors 68020

    miloblithe

    Joined:
    Nov 14, 2003
    Location:
    Washington, DC
    #8
    Well, we do have liability for it in that this is debt for the government that we will eventually have to pay off through taxes.
     
  9. aristobrat macrumors G4

    Joined:
    Oct 14, 2005
    #9
    Doesn't look like they'll get any of this tax rebate. The top 1% usually refers to people who earn more than ~$328,000 a year, so it looks like the % of people not getting this rebate is a lot higher than the top 1%.

    http://www.keloland.com/News/NewsDetail6371.cfm?Id=0,65650
     
  10. Pittsax macrumors 6502

    Pittsax

    Joined:
    Dec 8, 2004
    Location:
    Toronto, Ontario
    #10
    Does anyone know where there's info about who will get this rebate? I'm a US citizen who payed US income tax last year (and will this year), but I live in Canada. Am I still eligible? I can promise I'll come back to the US to spend my money if I have to :p
     
  11. nbs2 macrumors 68030

    nbs2

    Joined:
    Mar 31, 2004
    Location:
    A geographical oddity
    #11
    Congress is calling it a "stipend", not a rebate.

    According to a recent article, this move is not only in violation of the PAYGO rules which were Congress passed 1/4/07, but the goal behind it (that it be spent) will do nothing to get America back in the game in the Savings Race with China (-4 to +50). More importantly, this money has not been accounted for in the national budget - the $150b that is being spent on this program is pure deficit spending. Coupled with the deficit spending being built by the AMT rewrite, and the current Congressional action, Congress has approved more deficit spending in the last 60 days than they did during the previous fiscal year.

    So, thank you Congress, for dropping this bomb on me and my children. I can only hope that they expire before their Social Security benefits kick in - it may be the only way to stop them. Republicans and Democrats, White House and Capitol Hill - you are all useless wastes of oxygen.

    Sorry about not heeding your request about discussing if it is a good idea or not, but sometimes you gotta call a horse a horse.
     
  12. Thanatoast macrumors 6502a

    Thanatoast

    Joined:
    Dec 3, 2002
    Location:
    Denver
    #12
    Of course not. Who do you think is earning all the interest on that debt? :(
     
  13. swiftaw thread starter macrumors 603

    swiftaw

    Joined:
    Jan 31, 2005
    Location:
    Omaha, NE, USA
    #13
  14. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #14
    I believe it is a gift or whatever they call it these days. I'm bummed that I won't get it because I make too much. F'kers. ;)
     
  15. ReanimationLP macrumors 68030

    ReanimationLP

    Joined:
    Jan 8, 2005
    Location:
    On the moon.
    #15
    Well, with this, me and my siblings plan to put our all packages together and try to buy a cheap little car for us to get around easily.
     
  16. Desertrat macrumors newbie

    Joined:
    Jul 4, 2003
    Location:
    Terlingua, Texas
    #16
    The expected deficit for this fiscal year is expected to be some $210 billion, dpending on what source is read. The latest number on the "stimulus package" is $168 billion, to add to the deficit.

    The stimulus is just over one percent of GDP, so it's really not much of a stimulus. It will be another little straw on the camel's back of the weakening dollar.

    Given the relatively low income range for the majority of recipients, it is expected that the money will be spent at big-box stores--which means most of it will go overseas, adding to the balance of payments deficit.

    Truly bad idea, but both parties love feel-good BS in an election year. Anybody in Congress who has supported it is either very cynical or is incompetent to hold elected office.

    'Rat
     
  17. nbs2 macrumors 68030

    nbs2

    Joined:
    Mar 31, 2004
    Location:
    A geographical oddity
    #17
    I was going to list the Yeas, but the list would have been too long. So, here is the list of those who voted Nay. I don't have much faith in the NVs, as it isn't clear if they chose to abstain or or just weren't there because they were too busy campaigning to oppose idiot legislation. This legislation is so bad, the NVs ought to be treated as harshly as the yeas.

    HOR
    AR 1 Rep. Robert Marion Berry Democratic N
    AZ 3 Rep. John Shadegg Republican N
    AZ 6 Rep. Jeff Flake Republican N
    CA 3 Rep. Daniel Lungren Republican N
    CA 40 Rep. Edward Royce Republican N
    CA 46 Rep. Dana Rohrabacher Republican N
    CA 48 Rep. John B.T. Campbell III Republican N
    CA 52 Rep. Duncan Hunter Republican N
    CO 6 Rep. Tom Tancredo Republican N
    FL 2 Rep. Allen Boyd Jr. Democratic N
    GA 1 Rep. Jack Kingston Republican N
    GA 3 Rep. Lynn Westmoreland Republican N
    GA 6 Rep. Thomas Price Republican N
    GA 7 Rep. John Linder Republican N
    GA 9 Rep. Nathan Deal Republican N
    GA 11 Rep. Phil Gingrey Republican N
    ID 2 Rep. Michael Simpson Republican N
    KS 1 Rep. Jerry Moran Republican N
    MN 7 Rep. Collin Peterson Democrat/Farmer/Labor N
    MS 4 Rep. Gene Taylor Democratic N
    NC 6 Rep. John Howard Coble Republican N
    NJ 5 Rep. E. Scott Garrett Republican N
    TN 2 Rep. John Duncan Jr. Republican N
    TN 5 Rep. Jim Cooper Democratic N
    TX 1 Rep. Louis Gohmert Republican N
    TX 2 Rep. Ted Poe Republican N
    TX 14 Rep. Ronald Paul Republican N
    TX 26 Rep. Michael Burgess Republican N
    VA 4 Rep. James Randy Forbes Republican N
    VA 5 Rep. Virgil Goode Jr. Republican N
    WA 3 Rep. Brian Baird Democratic N
    WI 5 Rep. F. James Sensenbrenner Jr. Republican N
    WY At-Large Rep. Barbara Cubin Republican N

    Senate
    AK Jr Sen. Lisa Murkowski Republican N
    AL Jr Sen. Jefferson Sessions III Republican N
    AL Sr Sen. Richard Shelby Republican N
    AZ Jr Sen. Jon Kyl Republican N
    CO Sr Sen. Wayne Allard Republican N
    ID Jr Sen. Michael Crapo Republican N
    ID Sr Sen. Larry Craig Republican N
    NE Sr Sen. Charles Hagel Republican N
    NH Sr Sen. Judd Gregg Republican N
    NV Jr Sen. John Eric Ensign Republican N
    OK Jr Sen. Thomas Allen Coburn Republican N
    OK Sr Sen. James Inhofe Republican N
    SC Jr Sen. Jim DeMint Republican N
    TN Jr Sen. Bob Corker Republican N
    WY Jr Sen. John Barrasso Republican N
    WY Sr Sen. Michael Enzi Republican N
     
  18. MacNut macrumors Core

    MacNut

    Joined:
    Jan 4, 2002
    Location:
    CT
    #18
    What people need to do is save not spend like the government wants. We are in this mess because everyone spends money they don't have. Just what we need the government giving out free money just to spend it away. My savings accounts have gone nowhere because interest rates are so low. I hope everyone takes the rebates and pays off loans or something and not buy a new TV that they don't need. Everyone is wasteful, government and the tax payers that complain about government. They can only all blame themselves.
     
  19. stevegmu macrumors regular

    Joined:
    Jan 29, 2008
    Location:
    A stone's throw from the White House.
    #19

    One is more than welcome to pay more taxes than they owe.

    The top 1% pay 29% of all taxes, while the top 5% pay 50%, yet they don't 'pay their share?' Can you explain this 'logic?' Just how much should the top earners pay? 100%?

    http://www.allegromedia.com/sugi/taxes/

    You must have missed the part about the rebates being capped at $75000 for single filers, and $150000 for couples.

    How, exactly, has the economy been mismanaged? Does the President control the FED? Did President Bush force people to take out loans on homes they could not afford?
    How are the Republicans 'rape' the economy?
     
  20. Ugg macrumors 68000

    Ugg

    Joined:
    Apr 7, 2003
    Location:
    Penryn
    #20
    bushco's unwillingness to in any way shape or form, reign in the financial houses has proven to be disastrous. Deregulation of banking is obviously where this fiasco began but bushco has proven to be blind to the financial shenanigans that have gone on during his watch. All he needed to do was get the watchdogs after the banks and the downturn wouldn't be nearly as bad. Rather, he chose to pursue partisan, faith based politics that have done more to divide this country than most any other president. Reagan of course is at the top of that list.
     
  21. WildCowboy Administrator/Editor

    WildCowboy

    Staff Member

    Joined:
    Jan 20, 2005
    #21
    It is a tax cut for 2008, but it is being estimated based on your 2007 taxes and being advanced to you in May so that you can spend it ASAP. If your circumstances change during 2008 such that you would qualify for an increased amount (such as having a child born in 2008), they'll give you the additional credit when you file your 2008 taxes in early 2009.
     
  22. stevegmu macrumors regular

    Joined:
    Jan 29, 2008
    Location:
    A stone's throw from the White House.
    #22
    I see. President Bush vetoed the bills Congress passed to regulate financial institutions. Can you provide me with the SR or HR #'s of said bills? In case you didn't know, and it seems you don't, the President has very little to do with the economy. Seems you have an issue with the FED, not President Bush.
    Can you give examples of these 'faith based' politics?
     
  23. Queso macrumors G4

    Joined:
    Mar 4, 2006
    #23
    According to an article in The Economist from June 2006*, the top 1% of US population owned 38% of the wealth. If they are therefore only paying 29% of taxes it's accurate to say they're most definitely paying less in proportion to their incomes than others lower down the distribution curve.


    *Apologies, but it isn't posted on their website so I can't link.
     
  24. skunk macrumors G4

    skunk

    Joined:
    Jun 29, 2002
    Location:
    Republic of Ukistan
    #24
    There is a difference between income and wealth.
     
  25. Queso macrumors G4

    Joined:
    Mar 4, 2006
    #25
    That I do know, but over the past decade they have tended to go hand in hand.
     

Share This Page