Stimulus Package OK'd by Congress

[DDankew]

"The measure would send rebates to some 111 million people, including roughly 35 million families who don't make enough to pay income taxes. Individuals with adjusted gross income of $75,000 and couples making $150,000 would get rebates equal to the taxes they paid, up to $600 for individuals and $1,200 for couples. Those making more than that would see their rebate go down by 5 percent of every dollar of income over the limits.


Taxpayers would get at least $300, even if they paid less than that in taxes — or $600 for couples. That's also the case for those who don't pay income taxes but earn at least $3,000.


All eligible people would get an additional $300 per child."

What this tells me is that the homeless guy down the block that receives his welfare check every month, which he uses for alcohol and, pays no taxes and has a kid will get $ 900.

The crack head who gets a welfare check and pays NO TAXES will get $ 600 bucks.

A married couple with two kids, pay the Income , medicare, Social security and AMT tax, pay Property taxes and make over $ 175,000 will get ZERO eventhough they may have paid over $ 60,000 of income, sales and property taxes.

What kind of government stimulus package is this? Sponsored by the Tobacco and Alcohol companies?

 

[Dtrigg]

"The measure would send rebates to some 111 million people, including roughly 35 million families who don't make enough to pay income taxes. Individuals with adjusted gross income of $75,000 and couples making $150,000 would get rebates equal to the taxes they paid, up to $600 for individuals and $1,200 for couples. Those making more than that would see their rebate go down by 5 percent of every dollar of income over the limits.

Does that mean I'll have to send them a check?

 

[Big_D]

I am hoping I can qualify...good thing it is Adj gross or I would be out.

 

[DDankew]

This is what my friend told me,

"Let me get this straight. Because my income is high enough that I don't qualify for the rebate, the government is going to take $1200 from my pocket and give it to someone else so they can spend it and stimulate the economy? Why not just let me keep it and spend it myself?"

and by the way $ 75,000 salary in San Francisco is nothing....Rent for a 2 Bedroom will run northwards of $ 2,500 a month.

 

[White92]

I'm waiting for the Ford, Dodge and Chevy ads telling you to bring in your rebate check and they'll match it on any new car or truck. It will seem like they're being nice to help stimulate the economy until you try to sell that vehicle in a few years and realize that spending that $1200 check on a new vehicle from them just made you upside down $9,000.:tongue:

 

[docjohn]

Lol, thats right I'm sure some "mortgage" company somewhere will lure the homeless and welfare recipients of a 1000.00 rebate check to use it as a downpayment on a 1.5 million dollor house in Glen Oaks lol.:tongue:

 

[ABhagat]

Why do people support this? Is the Government not in enough debt as it is? Seems like people expect this money to magically appear and make everyone's problems go away, when all we'll be left with is a little less balance on our credit card bill but a sh*t load of more national debt to rack up.

 

[White92]

Is the Government not in enough debt as it is?

Nah, seems like they're always looking for a way to beat the previous record.

 

[Aero]

I love how they say anyone who makes over 75k/150k isn't "working class". If they wanna make the handout fair, they should give everyone 2% back what they paid in taxes. Those people who paid no taxes will get their fair share. :biggrin:

 

[SWIFTVISION]

Why do people support this? Is the Government not in enough debt as it is? Seems like people expect this money to magically appear and make everyone's problems go away, when all we'll be left with is a little less balance on our credit card bill but a sh*t load of more national debt to rack up.

I want to see you post a picture of your torn up check in protest!

I could use it for CC bills...

 

[jond]

Those making more than that would see their rebate go down by 5 percent of every dollar of income over the limits.

For every DOLLAR or every $1,000 dollars?
For every dollar doesn't make any sense at all. So if you make $75,001 you get 95% of the rebate, if you make $75,020 you get nothing?

 

[ABhagat]

I want to see you post a picture of your torn up check in protest!

I could use it for CC bills...

Might as well spend it, I guess. It's not like I'm going to get any Social Security when my time comes around. :frown:

 

[JeffShoots]

Why do people support this? Is the Government not in enough debt as it is? Seems like people expect this money to magically appear and make everyone's problems go away, when all we'll be left with is a little less balance on our credit card bill but a sh*t load of more national debt to rack up.

Dude, sorry but you don't "get it".............it's the Government they CAN just print more money :tongue: j/k

 

[Big_D]

I love how they say anyone who makes over 75k/150k isn't "working class". If they wanna make the handout fair, they should give everyone 2% back what they paid in taxes. Those people who paid no taxes will get their fair share. :biggrin:

+1

In California, if your not making 6 figures you should qualify for food stamps.

 

[myguitar]

Well, I hope the crackheads down on the corner will spend it on booze at the liquor store... which will somewhat stimulate the economy...

If I get a check, it's going into either savings or my etrade. Or I might just donate it to Huckabee or Obama!

 

[mickeylex]

I'm not complaining about this "stimulus package".

Most of us here do pretty well financially (and most households on Prime are above the average household income level for the U.S.), so not getting a thousand dollars or so back on taxes shouldn't be the cause of so much stress.

I can't miss what I never had, right?

 

[ak]

dont you have to give this money back come tax time next year anyway? I remember we got $300 back in 02 or 03 and I had to give it back when doing tax.

 

[jlsnyderNSX]

I'm all for receiving money back from the government because they have proven over the years that they cannot manage our money...
With that said, I have to say that this Stimulus Package is one of the poorest ideas yet. Taking money from people that have attended college to increase their knowledge and worked hard to be successful in order to help the out the average person that does the least amount necessary to get by (I'm not talking about people that can't help their circumstances). The government has become so short-sighted that they don't even realize the very people that will not see a dime from this program are the same people that currently pay over 90% of the taxes as a whole.
This whole Robin-Hood syndrome is as if they are encouraging people to stay stupid, poor, and lazy, and remain dependent on the Government...
My two pennies! BTW, worth more melted-down, now days...

 

[robr]

Nice, I'll take the $1800, thanks Uncle Sam!

 

[5inchfatlip]

OK I'm getting confused, I thought everyone is getting a rebate of lets say $300 for being single??

If I'm above the AGI of $75000 what happens to my rebate? Or am I paying something out of pocket now??

 

[CL65 Captain]

Oh... I thought you were talking about a "Stimulus Package"

 

[jlsnyderNSX]

OK I'm getting confused, I thought everyone is getting a rebate of lets say $300 for being single??

If I'm above the AGI of $75000 what happens to my rebate? Or am I paying something out of pocket now??

You already did, but you wont see any return because you are considered successful...

Kind of rips the drive right out from under your feet. :frown:

 

[carmar]

For every DOLLAR or every $1,000 dollars?
For every dollar doesn't make any sense at all. So if you make $75,001 you get 95% of the rebate, if you make $75,020 you get nothing?

For every $1,000 above $75,000, you will need to deduct 5% of the rebate.
For example, you are at $76,000, you will receive a rebate but it will not be $600. Your rebate check will be $570. Assuming, you are single status.

So if your income is $95,000, you are screwed :biggrin:

 

[sahtt]

When do I get my check??!?? I already have an entire list of worthless junk I need sooo bad!!

The government wants to take $ away from your wealthier friend and give it to poorer people because they know your friend has a much higher chance of saving it and adding nothing to the immediate economy whereas the poor guy will go blow it on stupid $hit he doesn't need as soon as he opens his mailbox. Seriously.

 

[ABhagat]

Oh... I thought you were talking about a "Stimulus Package"

HAHAHAHA :biggrin: