WWTBAM Bored

Is that what I get? $600 for me, $600 for Mrs. BiT, and $300 for each of the kiddos?

Are there any income ceilings or anything? I haven't heard of any.

Looks like either a cruise or a down payment on a new SUV.

BackInTex wrote:Is that what I get? $600 for me, $600 for Mrs. BiT, and $300 for each of the kiddos?

Are there any income ceilings or anything? I haven't heard of any.

Looks like either a cruise or a down payment on a new SUV.

My understanding is that there is a maximum of $1200.

** Nope. I was wrong. As long as BiT and wife do not make over $150,000, they will get $2400. Here is AP's breakdown of claculation for severla different situations.

http://ap.google.com/article/ALeqM5iSU7 ... wD8UCIUPO1

Appa23 wrote:

BackInTex wrote:Is that what I get? $600 for me, $600 for Mrs. BiT, and $300 for each of the kiddos?

Are there any income ceilings or anything? I haven't heard of any.

Looks like either a cruise or a down payment on a new SUV.

My understanding is that there is a maximum of $1200.

just found this on Reuters:

* Individuals would get rebates of up to $600 and married couples could get up to $1,200, plus $300 per child, no limit. Individuals with annual incomes above $75,000 in adjusted gross income (AGI) or married couples making $150,000 in AGI would get less depending how high their incomes are above those thresholds.

Looks like $2400 will be coming in May.

Though I wish I would get less depending.....

I'm probably getting nothing.

I don't know what I'll get, if anything. I just know that every time I come into a windfall, small or large, it's followed by some kind of veterinary emergency that sucks up the windfall and a little bit more.

That's better than those emergencies that suck up everything without any windfall, but still....

BackInTex wrote:

Appa23 wrote:

BackInTex wrote:Is that what I get? $600 for me, $600 for Mrs. BiT, and $300 for each of the kiddos?

Are there any income ceilings or anything? I haven't heard of any.

Looks like either a cruise or a down payment on a new SUV.

My understanding is that there is a maximum of $1200.

just found this on Reuters:

* Individuals would get rebates of up to $600 and married couples could get up to $1,200, plus $300 per child, no limit. Individuals with annual incomes above $75,000 in adjusted gross income (AGI) or married couples making $150,000 in AGI would get less depending how high their incomes are above those thresholds.

Looks like $2400 will be coming in May.

Though I wish I would get less depending.....

Yes.

We already were planning a cruise for October (late anniversary celebration). So, I guess that we are doing it on Uncle Sam's dollar. (He owes me, anyway.)

BackInTex wrote:Is that what I get? $600 for me, $600 for Mrs. BiT, and $300 for each of the kiddos?

Are there any income ceilings or anything? I haven't heard of any.

Looks like either a cruise or a down payment on a new SUV.

I wouldn't rush to spend it - as I recall the last time we got such a "tax windfall" from Uncle Sam, we had to pay taxes on it the next year because it was considered "earned income".

Quite frankly I'm convinced this is exactly the wrong thing to do for the economy. Yes, there's a need for a stimulus, but just sending cash to every American isn't the answer. Those who are wealthy don't need it, those who are poor will use it to pay bills (or, as one conservative radio commentator put it, "buy lottery tickets"), and the middle class will use it to purchase items made overseas. In none of those scenarios does the U.S. economy get much of a boost.

earendel wrote: I wouldn't rush to spend it - as I recall the last time we got such a "tax windfall" from Uncle Sam, we had to pay taxes on it the next year because it was considered "earned income".

I don't recall that. I remember it being worse, offset as a credit to taxes witheld or already paid. So in essense, it was just a pre-payment on any tax refund, but a loan if you weren't over withholding.

BTW, I received a 1099 from the IRA yesterday for $20 in interest for tax overpayments. I don't recall ever getting $20 from them, or applying any earned intrest to my tax bill. But I'm not going to call them. When opening the evelope I was concerned it was an audit notice. So I will declare the $20 and let them keep another $6 of my money.

earendel wrote: Quite frankly I'm convinced this is exactly the wrong thing to do for the economy. Yes, there's a need for a stimulus, but just sending cash to every American isn't the answer. Those who are wealthy don't need it, those who are poor will use it to pay bills (or, as one conservative radio commentator put it, "buy lottery tickets"), and the middle class will use it to purchase items made overseas. In none of those scenarios does the U.S. economy get much of a boost.

I agree this is not a good solution, short or long term. Its simply marketing for votes.

MSNBC reports that the money will be considered income for 2008. Enjoy this bipartisan clusterf*ck.

ne1410s wrote:MSNBC reports that the money will be considered income for 2008. Enjoy this bipartisan clusterf*ck.

Can you provide a cite?

BackInTex wrote:

earendel wrote: I wouldn't rush to spend it - as I recall the last time we got such a "tax windfall" from Uncle Sam, we had to pay taxes on it the next year because it was considered "earned income".

I don't recall that. I remember it being worse, offset as a credit to taxes witheld or already paid. So in essense, it was just a pre-payment on any tax refund, but a loan if you weren't over withholding.

It is how I recall how things were handled with 2001 taxes.

This "rebate" really was an advance refund check, representing the difference between the 15% rate and the new 10% rate for the first $6,000 of income for single filers ($12,000 for married filers, and $10,000 for heads of households). The reason why some people got confused (and still may be confused to this day, was that the IRS did not change the tax tables for 2001, so when you did your taxes in April 2002, it looked like you were paying "more." In reality, one simply was paying what they would have paid had there not been a tax cut.

So I file jointly and have an AGI of under $150,000, but only I work.

I'm guessing, though, that that qualifies me for the $1,200 couples' rate.

Add in the two kids, and I've got $1,800 coming.

Was going to sock it away, but the dishwasher is going on the fritz. Would have bought a new one anyway- now I guess this will cover it.

earendel wrote:Quite frankly I'm convinced this is exactly the wrong thing to do for the economy. Yes, there's a need for a stimulus,

I disagree there's a need for a stimulus. I think it's about time the FEd and the government STOP interfering and just let this thing work it's course.

earendel wrote:but just sending cash to every American isn't the answer. Those who are wealthy don't need it, those who are poor will use it to pay bills (or, as one conservative radio commentator put it, "buy lottery tickets"), and the middle class will use it to purchase items made overseas. In none of those scenarios does the U.S. economy get much of a boost.

A little bit overly-simplistic, but in general, I agree.

[CharlieBrown]I get a rock.[/CB]

Shoulda known there was a catch...

minimetoo26 wrote:[CharlieBrown]I get a rock.[/CB]

Shoulda known there was a catch...

Rock my ass, you got a four of a kind....

I'll send you my rock too. I don't need it....

lb13

Can you provide a cite?

Tucker Carlson. He seemed to think that most people were confused by the Republicrats* action.



Shocker.


*my word not is

littlebeast13 wrote:

minimetoo26 wrote:[CharlieBrown]I get a rock.[/CB]

Shoulda known there was a catch...

Rock my ass, you got a four of a kind....

I'll send you my rock too. I don't need it....

lb13

You can get a bunch of ones for Where's George! Or watch the mosquito gorge on Tabasco over and over again....

minimetoo26 wrote:

littlebeast13 wrote:

minimetoo26 wrote:[CharlieBrown]I get a rock.[/CB]

Shoulda known there was a catch...

Rock my ass, you got a four of a kind....

I'll send you my rock too. I don't need it....

lb13

You can get a bunch of ones for Where's George! Or watch the mosquito gorge on Tabasco over and over again....

I don't remember getting anything last time. I didn't think the government catered to us childless, cheap-ass bachelors. I'd hate to get any of that 98% of my salary I pay in taxes back just because the government thinks I need to be stimulated to buy something I don't want or need....

I'll show them. If they send me a check, it's going straight into the bank...

lb13

ne1410s wrote:

Can you provide a cite?

Tucker Carlson. He seemed to think that most people were confused by the Republicrats* action.



Shocker.


*my word not is

OK. I have yet to find any on-line article stating that the rebates are income (as they clearly are not).

littlebeast13 wrote:I'll show them. If they send me a check, it's going straight into the bank...

lb13

How.....UNAMERICAN!!!!!

minimetoo26 wrote:You can get a bunch of ones for Where's George!

I haven't seen any Where's George-marked bills in months. Where is George?

minimetoo26 wrote:

littlebeast13 wrote:I'll show them. If they send me a check, it's going straight into the bank...

lb13

How.....UNAMERICAN!!!!!

Yeah, I must be one of those pinko commies!




lb13

MarleysGh0st wrote:

minimetoo26 wrote:You can get a bunch of ones for Where's George!

I haven't seen any Where's George-marked bills in months. Where is George?

Apparently George got tired of hanging around Friends of the Library sales. He usually ends up at Wal~Mart or down at the strip club....

lb13

For people who pay income tax, it looks to me like this money is coming from temporarily lowering the tax rate on the first $6,000 of income from 10% to zero (on the first $12,000 for couples). If they had done it prior to the start of the year everyone's after-tax pay would have went up slightly and by the end of the year you would have paid about $600 less in taxes.

If this passes, people will continue to have money taken out of their pay that they don't actually owe. Instead of making everyone wait until next year to get that money back they are going to give it to us now.

So I don't see how that would be taxable income. It is money that the person earned and was an overpayment in taxes. And it should not mess up anyone's tax planning since the $600 is a reduction in the amount of taxes owed. It shouldn't reduce any refund or increase tax liability next spring.

The other part of the plan will give money to people who work but don't make enough to have to pay any income taxes. That money is coming from reductions in the funding for food stamps and unemployment benefits. Those $300 checks would probably be considered taxable income since that is not money that the person already earned but most will not have to pay taxes on it because they don't make enough money to pay income taxes.

andrewjackson wrote:For people who pay income tax, it looks to me like this money is coming from temporarily lowering the tax rate on the first $6,000 of income from 10% to zero (on the first $12,000 for couples). If they had done it prior to the start of the year everyone's after-tax pay would have went up slightly and by the end of the year you would have paid about $600 less in taxes.

If this passes, people will continue to have money taken out of their pay that they don't actually owe. Instead of making everyone wait until next year to get that money back they are going to give it to us now.

So I don't see how that would be taxable income. It is money that the person earned and was an overpayment in taxes. And it should not mess up anyone's tax planning since the $600 is a reduction in the amount of taxes owed. It shouldn't reduce any refund or increase tax liability next spring.

The other part of the plan will give money to people who work but don't make enough to have to pay any income taxes. That money is coming from reductions in the funding for food stamps and unemployment benefits. Those $300 checks would probably be considered taxable income since that is not money that the person already earned but most will not have to pay taxes on it because they don't make enough money to pay income taxes.

I don't know what they're doing, but I've seen in a couple of places where they said this will need to be reported as income on next year's tax return.