Tax Rebate Approved!

[meresal]

Date: 1/25/2008 1:06:18 PM
Author: shel
Invest the rebate in a no-load, low-cost index fund that tracks the entire U.S. stock market and you''ll do just fine.

This is exactly what they DON''T want you to do with it. They don''t want it to sit in an account and earn interest. They want ppl to be irresponsible with the rebate, the whole incentive is to give the money to ppl that will go out and blow it. Either on food to feed their families, on a family vacation, or maybe a romantic getaway... as long as it''s in the US

 

[Patiently_Waiting]

Date: 1/25/2008 12:49:11 PM
Author: Beacon
We won''t get anything either, which annoys me, even though maybe it shouldn''t. They did this once before, maybe around 2001, gave away either 300 or 600, I forget. I suppose most people will spend it and the people who receive it will respend it, etc. But seriously most people just don''t think ahead and what will happen 3-6 mos down the line? I don''t think these one time things do much. However if given a choice of mailing the money out to all of us or spending it on more ammo to blow in Iraq, this is ok.

I believe the cap is a phase out, meaning that for a couple the reduction starts if you earn 150K and then goes to zero rebate if you are over 175K

I believe you are correct in the cap phasing out. I had heard for singles, it starts phasing out at 75k and goes to zero by 87k.

BTW - Is that your bird in your avatar - what a cutie!

 

[Patiently_Waiting]

Date: 1/25/2008 2:06:20 PM
Author: meresal

Date: 1/25/2008 1:06:18 PM
Author: shel
Invest the rebate in a no-load, low-cost index fund that tracks the entire U.S. stock market and you''ll do just fine.

This is exactly what they DON''T want you to do with it. They don''t want it to sit in an account and earn interest. They want ppl to be irresponsible with the rebate, the whole incentive is to give the money to ppl that will go out and blow it. Either on food to feed their families, on a family vacation, or maybe a romantic getaway... as long as it''s in the US

BINGO!

 

[Beacon]

You are right, that is what they want the people to do. But I do not get it. If they take and waste the money on stuff at Target or whatever, then what happens next month, when they don''t have that government subsidy?

The idea is to reward foolish behavior which is what got folks into the condition they are in.

 

[strmrdr]

Date: 1/25/2008 2:46:57 PM
Author: Beacon
You are right, that is what they want the people to do. But I do not get it. If they take and waste the money on stuff at Target or whatever, then what happens next month, when they don't have that government subsidy?

The idea is to reward foolish behavior which is what got folks into the condition they are in.

but it makes them feel good in an election year!
Which is the idea....
never mind that it makes for a worse future.....
See the my last post/rant on page 1...

 

[meresal]

Date: 1/25/2008 2:46:57 PM
Author: Beacon
You are right, that is what they want the people to do. But I do not get it. If they take and waste the money on stuff at Target or whatever, then what happens next month, when they don''t have that government subsidy?

The idea is to reward foolish behavior which is what got folks into the condition they are in.

It''s a recurring cycle that happens every 4 yrs... The person leaving office, increases the economy for the next person to take over and see it fall just as fast. This is why we have a CNN channel that survives running the same stories for 24 hrs straight. I hate talking about politics, so this will be short. But this is what it is plain and simple. You aren''t supposed to understand it, bc after 10 months there will be nothing to understand. They want your eyes to fill with $$$$ signs and come next april, you will be in sich a daze from the "free spending" the government allowed you to do, you will have no idea what hit you.

Honestly, how many things in life are REALLY long-term solutions. You can never predict what the future will hold, and just like everyone else, the gov wants to make ppl happy in the "Here and Now". Lots of things have happened in our countries past, and you can say that all they caused was strife, but that would be one sided. I''m sure there are many love stories that came from WWI and WWII. Like I said earlier, there''s an upside and downside to everything in life, it just depends who you ask.

 

[TravelingGal]

We won''t get it, as we are above the cap. And we are not the people they would want to give it to anyway, as it would go straight into our house savings account. We are doing well for a reason: We work hard, are fiscally responsible and know how to SAVE. We have our own stimulus plan, and it''s not in tune with what the government wants.

 

[Patiently_Waiting]

Date: 1/25/2008 3:57:57 PM
Author: TravelingGal
We won''t get it, as we are above the cap. And we are not the people they would want to give it to anyway, as it would go straight into our house savings account. We are doing well for a reason: We work hard, are fiscally responsible and know how to SAVE. We have our own stimulus plan, and it''s not in tune with what the government wants.

AMEN - well said!!

 

[Fancy605]

Date: 1/25/2008 2:46:57 PM
Author: Beacon
You are right, that is what they want the people to do. But I do not get it. If they take and waste the money on stuff at Target or whatever, then what happens next month, when they don't have that government subsidy?


The idea is to reward foolish behavior which is what got folks into the condition they are in.

The sad thing is that SOME of the people who are in bad situations probably won't be blowing the money at Target. In fact, I would say that an alarming number of the adults who qualify for the lowest bracket in the community where my job is will likely use any extra money to fund their drug habits. I mean, I know that's a terrible thing to say, but it's a big reality.

 

[Fancy605]

Date: 1/25/2008 4:01:32 PM
Author: Patiently_Waiting

Date: 1/25/2008 3:57:57 PM

Author: TravelingGal

We won''t get it, as we are above the cap. And we are not the people they would want to give it to anyway, as it would go straight into our house savings account. We are doing well for a reason: We work hard, are fiscally responsible and know how to SAVE. We have our own stimulus plan, and it''s not in tune with what the government wants.

AMEN - well said!!

I agree. Goodness, I wish everyone knew to save for themselves.

 

[strmrdr]

Date: 1/25/2008 5:53:47 PM
Author: Fancy605

Date: 1/25/2008 4:01:32 PM
Author: Patiently_Waiting

Date: 1/25/2008 3:57:57 PM

Author: TravelingGal

We won''t get it, as we are above the cap. And we are not the people they would want to give it to anyway, as it would go straight into our house savings account. We are doing well for a reason: We work hard, are fiscally responsible and know how to SAVE. We have our own stimulus plan, and it''s not in tune with what the government wants.

AMEN - well said!!

I agree. Goodness, I wish everyone knew to save for themselves.

You know I used to think that way a long time ago but....

DVT then a pulmonary embolism no insurance then cant get insurance for less than $2500 a month
pneumonia and adult onset asthma
Job shutting down and not getting the last 2 weeks pay
Elbow injury requiring surgery and rehab.
trouble finding a job in a crappy economy and with health issues.

Just be thankful for what you have and don''t look down on others until you have been in their shoes because you are just an injury and job lose of being there.
If you think otherwise you are mistaken.

 

[shel]

Savings is good, but make sure that the account''s interest rate is outpacing inflation, which has historically been about 3% a year, or else your money might dwindle in value. Bank interest rates will probably go down, now that the Federal Reserve slashed its rate by three-quarters of a point. And the Fed is expected to cut it by another half-point later on, meaning even lower interest rates. In the meantime, inflation doesn''t show any signs of letting up.

 

[strmrdr]

Date: 1/25/2008 6:11:14 PM
Author: shel
Savings is good, but make sure that the account''s interest rate is outpacing inflation, which has historically been about 3% a year, or else your money might dwindle in value. Bank interest rates will probably go down, now that the Federal Reserve slashed its rate by three-quarters of a point. And the Fed is expected to cut it by another half-point later on, meaning even lower interest rates. In the meantime, inflation doesn''t show any signs of letting up.

Government number inflation has been around 3% real world and how it used too be measured its been hovering around 10%
If it wasn''t for easy credit the economy would have been in a tailspin years ago.
Now the easy credit got hard for a few weeks and the economy crumbled.
Making credit easier again and printing more money is going too make it worse long term.
There really is a no win situation for this mess.

Gone:
easy credit
Jobs
Bankruptcy
strong currency

Hold on too your hat its getting bumpy
This is looking frighteningly like late 1930''s Germany

 

[sumbride]

Date: 1/25/2008 6:07:09 PM
Author: strmrdr
Just be thankful for what you have and don''t look down on others until you have been in their shoes because you are just an injury and job lose of being there.

If you think otherwise you are mistaken.

So true Storm. This applies to almost everyone in the US. I have a good friend who was in grad school when she developed an illness that required hospitalization. Eventually she had to stop going to classes and enrolled in online courses from her university which she could take while in and out of the hospital. After her most recent hospitalization she found out that her student insurance dropped her because online classes didn''t count for their policy. She was diagnosed with Lupus and a related heart condition, has over $100k in medical bills, absolutely no income and no insurance, nor any ability to get insurance. And she''s 30. She feels like her life is over. At 30.

 

[TravelingGal]

Date: 1/25/2008 7:11:47 PM
Author: sumbride

Date: 1/25/2008 6:07:09 PM
Author: strmrdr
Just be thankful for what you have and don''t look down on others until you have been in their shoes because you are just an injury and job lose of being there.

If you think otherwise you are mistaken.

So true Storm. This applies to almost everyone in the US. I have a good friend who was in grad school when she developed an illness that required hospitalization. Eventually she had to stop going to classes and enrolled in online courses from her university which she could take while in and out of the hospital. After her most recent hospitalization she found out that her student insurance dropped her because online classes didn''t count for their policy. She was diagnosed with Lupus and a related heart condition, has over $100k in medical bills, absolutely no income and no insurance, nor any ability to get insurance. And she''s 30. She feels like her life is over. At 30.

Sorry to hear about your friend sumbride.

Strm, I agree...times can get tough. But what I am saying is when you are healthy are times are GOOD, for god''s sake, don''t just live in the today and spend...think about tomorrow and prepare in the best way you can should catastrophe happen!! It may not be enough, but at least you''re being proactive!!!

 

[movie zombie]

has anyone stopped to ask where the $ is coming from for the rebate? the claim is that its a tax rebate....which means it was yours in the first place. but really, where is it going to come from? more borrowing from outside the country.........with more interest due by the US taxpayer.

we won''t see a penny of it in our household and i''m thankful for that. extending unemployment would get the money out there quicker and be spent in the economy sooner.

movie zombie

 

[steph72276]

Date: 1/25/2008 2:03:48 PM
Author: surfgirl
When I read the first few posts on this thread I immediately thought 'and this is why Social Security cannot be abolished...because people will just spend and not think about saving for the future...' Seriously, with all due respect to the initial few posters on this thread, if you have any outstanding expenses that need to be paid off (ie: credit card debt, school loans, bills, etc.), shouldn't you be paying those off with this 'extra money' rather than buying more jewelry? Now, if you have no outstanding debt then why not bank/save/invest that extra money and grow it for the future? Just a thought...I dont know if I'm getting any of this alleged rebate, and while I have no outstanding debt as of this moment, I'd probably take this money and put it away somewhere...Things are too unstable right now to not have every little bit 'just in case'...You cant pay a bill with an earring...

With all due respect to you surfgirl, I think it was a little rude and presumptuous of you to suggest that the first few posters (me included) who were thinking about buying jewelery with the rebate were being foolish. You have no knowledge of any of our financial situations. I certainly would put the money toward any outstanding debt if I had any. More than likely, I will put the money (if we do get any) toward savings or long-term investments, but there is nothing wrong with spending the money a different way if you are on your feet finacially. If you always followed your own advice, then I'm sure you would have a tiny diamond instead of your big, beautiful rock and used the difference to invest. Just a thought.

 

[UCLABelle]

Well, I am the only one I know getting one, but YIPPY FOR ME! I will be putting it toward wedding related stuff

 

[Mara]

boo hoo we won''t get anything according to Greg. he also says we are paying for it as it comes out of taxpayers pockets? i never follow this stuff as i am too lazy and he is so into it i can just tap into him for the cliff notes version, but yeah during an election year...talk about an agenda.

 

[meresal]

Date: 1/26/2008 12:32:09 PM
Author: Mara
boo hoo we won''t get anything according to Greg. he also says we are paying for it as it comes out of taxpayers pockets? i never follow this stuff as i am too lazy and he is so into it i can just tap into him for the cliff notes version, but yeah during an election year...talk about an agenda.

The only reason it''s coming out of tax payers pockets, is bc it''s a forward towards your tax return next year.

This money could be used by the gov to buy things (whatever), but then ppl get mad bc they assume that the gov could give this money to ppl that need it. Then, this rebate comes around, and the gov acctually DOES try to give it to ppl that need it, and look, most ppl are arguing that the GOV is wasting money!!!

There''s a reason that you and your SO are not getting a return. You probably have a very high income and have alot in savings. If you read the earlier posts, of myself and some of the others you will see why this comment has not been made in the last day. That came off rude, I apologize... but I just don''t see the reasoning in getting upset that you''re not getting a return when you probably don''t need it.

 

[meresal]

This rebate will also be given to some business owners, with the preapproval to buy equipment used in their shops. This is good for all those town that "HATE" wall-mart moving in. The gov is trying to give a hand to the small business owners.

 

[meresal]

Date: 1/26/2008 12:14:24 PM
Author: UCLABelle
Well, I am the only one I know getting one, but YIPPY FOR ME! I will be putting it toward wedding related stuff

UCLA--- Congrats on having some extra money for the wedding. You won''t be using to pay for a honeymon overseas, right???

 

[meresal]

Date: 1/25/2008 9:06:24 PM
Author: movie zombie
has anyone stopped to ask where the $ is coming from for the rebate? the claim is that its a tax rebate....which means it was yours in the first place. but really, where is it going to come from? more borrowing from outside the country.........with more interest due by the US taxpayer.

we won''t see a penny of it in our household and i''m thankful for that. extending unemployment would get the money out there quicker and be spent in the economy sooner.

movie zombie

I''m currently trying to track down where it is coming form... gimmie a few and I''ll get back to you.

However, I got into a hrorrible situation, where I was fired for absolutely no reason right after moving across the state, and had to fight to get on Unemployment. I have to say, it is very hard to get ppl off their couches to find a job when you are getting a check every 2 weeks as if you had a job still. You get these checks for the same amount of time that you worked at your previous employer, with a cap on the amount you can recieve in the yr, that is a %''age of what you made at that job. And, if you happen to get a job before the money runs out... say you lose that new job in 3 months, you can go back and start claiming on that previous unemployment money again.what''s left of it). I guess I don''t understand why just handing out more umemployment $$ will help. Why not give it to the people that say, were physically hurt on the job(due to the company''s fault, not their own) and will not be able to find jobs bc of this ie, in a wheelchair or loss of apendages). I can see that as a legitimate reason. Just a thought...

 

[Beacon]

Date: 1/26/2008 12:11:30 PM
Author: steph72276

Date: 1/25/2008 2:03:48 PM
Author: surfgirl
When I read the first few posts on this thread I immediately thought ''and this is why Social Security cannot be abolished...because people will just spend and not think about saving for the future...'' Seriously, with all due respect to the initial few posters on this thread, if you have any outstanding expenses that need to be paid off (ie: credit card debt, school loans, bills, etc.), shouldn''t you be paying those off with this ''extra money'' rather than buying more jewelry? Now, if you have no outstanding debt then why not bank/save/invest that extra money and grow it for the future? Just a thought...I dont know if I''m getting any of this alleged rebate, and while I have no outstanding debt as of this moment, I''d probably take this money and put it away somewhere...Things are too unstable right now to not have every little bit ''just in case''...You cant pay a bill with an earring...

With all due respect to you surfgirl, I think it was a little rude and presumptuous of you to suggest that the first few posters (me included) who were thinking about buying jewelery with the rebate were being foolish. You have no knowledge of any of our financial situations. I certainly would put the money toward any outstanding debt if I had any. More than likely, I will put the money (if we do get any) toward savings or long-term investments, but there is nothing wrong with spending the money a different way if you are on your feet finacially. If you always followed your own advice, then I''m sure you would have a tiny diamond instead of your big, beautiful rock and used the difference to invest. Just a thought.

I don''t think Surfgirl was being rude, more like just expressing the frustrations that we all have about how our government is handling certain things. This government action is a direct wealth handoff as we can see from the remarks on this board. Many of us will get nothing at all, but we all paid taxes. So other people are getting our money to spend/waste as they see fit and of course that is frustrating. Believe me, I would rather have my money back and spend it on something than hand it off to someone else to spend on something.

It almost feels like the government is trying to tell me "hey you are stupid, you save your money and live within your means and work hard. Therefore, you get nothing and we will give this money to people in over their heads to take down to Walmart and buy stuff made in China."

So perhaps we wish people would be self responsible and manage their things wisely, but often they don''t. We all try and do our best with our finances, I don''t think her comments were really trying to put down anyone in particular.

 

[strmrdr]

Date: 1/26/2008 12:58:42 PM
Author: meresal

I''m currently trying to track down where it is coming form... gimmie a few and I''ll get back to you.

However, I got into a hrorrible situation, where I was fired for absolutely no reason right after moving across the state, and had to fight to get on Unemployment. I have to say, it is very hard to get ppl off their couches to find a job when you are getting a check every 2 weeks as if you had a job still. You get these checks for the same amount of time that you worked at your previous employer, with a cap on the amount you can recieve in the yr, that is a %''age of what you made at that job. And, if you happen to get a job before the money runs out... say you lose that new job in 3 months, you can go back and start claiming on that previous unemployment money again.what''s left of it). I guess I don''t understand why just handing out more umemployment $$ will help. Why not give it to the people that say, were physically hurt on the job(due to the company''s fault, not their own) and will not be able to find jobs bc of this ie, in a wheelchair or loss of apendages). I can see that as a legitimate reason. Just a thought...

Where do you live?
Around here its 6 months max and a lot of people have ran out without finding new jobs because there are not enough jobs. (actualy 26 weeks but for the first and last week you dont get a check)
We are also required to apply for atleast 3 jobs a month or be going to school to get a check.
Which is why every time any job opens they get 2-300+ applications.

 

[strmrdr]

Date: 1/26/2008 12:32:09 PM
Author: Mara
boo hoo we won't get anything according to Greg. he also says we are paying for it as it comes out of taxpayers pockets? i never follow this stuff as i am too lazy and he is so into it i can just tap into him for the cliff notes version, but yeah during an election year...talk about an agenda.

The only way the goverment can pay for this is too borrow more money and increase the debt and print more money too cover it.
Not only do the taxpayers have too pay the original amout but the interest on it also.
But the worst part of it for you is printing more money weakens the dollar and makes your bling! as well as eveyday goods more expensive.
Within ~12 months this so called rebate will have cost anyone that got one more than the rebate amount.

 

[strmrdr]

Date: 1/26/2008 12:44:36 PM
Author: meresal
This rebate will also be given to some business owners, with the preapproval to buy equipment used in their shops. This is good for all those town that ''HATE'' wall-mart moving in. The gov is trying to give a hand to the small business owners.

equipment costs aren''t killing many small businesses health care costs are.
most small businesses cant afford health care for themselves much less the employees.

 

[strmrdr]

Date: 1/26/2008 2:07:49 PM
Author: Beacon
I don''t think Surfgirl was being rude, more like just expressing the frustrations that we all have about how our government is handling certain things. This government action is a direct wealth handoff as we can see from the remarks on this board. Many of us will get nothing at all, but we all paid taxes. So other people are getting our money to spend/waste as they see fit and of course that is frustrating. Believe me, I would rather have my money back and spend it on something than hand it off to someone else to spend on something.

It almost feels like the government is trying to tell me ''hey you are stupid, you save your money and live within your means and work hard. Therefore, you get nothing and we will give this money to people in over their heads to take down to Walmart and buy stuff made in China.''

So perhaps we wish people would be self responsible and manage their things wisely, but often they don''t. We all try and do our best with our finances, I don''t think her comments were really trying to put down anyone in particular.

ah I see its aok too trash the economy and make things worse long term on everyone as long as you get your cut?
But since you dont cut its evil.

newsflash: lots of people are in bad positions that they could not help due to health issues and job loss.
That doesn''t make this a good idea... but too say they are just going too waste it sure is insulting.

 

[Mara]

Date: 1/26/2008 12:43:01 PM
Author: meresal

Date: 1/26/2008 12:32:09 PM
Author: Mara
boo hoo we won't get anything according to Greg. he also says we are paying for it as it comes out of taxpayers pockets? i never follow this stuff as i am too lazy and he is so into it i can just tap into him for the cliff notes version, but yeah during an election year...talk about an agenda.

The only reason it's coming out of tax payers pockets, is bc it's a forward towards your tax return next year.

This money could be used by the gov to buy things (whatever), but then ppl get mad bc they assume that the gov could give this money to ppl that need it. Then, this rebate comes around, and the gov acctually DOES try to give it to ppl that need it, and look, most ppl are arguing that the GOV is wasting money!!!

There's a reason that you and your SO are not getting a return. You probably have a very high income and have alot in savings. If you read the earlier posts, of myself and some of the others you will see why this comment has not been made in the last day. That came off rude, I apologize... but I just don't see the reasoning in getting upset that you're not getting a return when you probably don't need it.

You misunderstood. I actually am not upset that we won't benefit. We already get a significant tax return due to the interest we pay on our house. I was just saying that NOPE, we won't get anything and it YEP, it seems like we're paying for it in one way or another, but don't actually benefit. It is what it is. I don't bother getting upset about stuff like this.

Interestingly enough though ,acccording to the WSJ article this week, they feel as though it's too little too late and it won't really 'help' anyone in the long run. That is also why I question why it's happening RIGHT NOW, during the election year when the political atmosphere is so electrically charged.

 

[steph72276]

Date: 1/26/2008 2:07:49 PM
Author: Beacon

Date: 1/26/2008 12:11:30 PM

Author: steph72276

Date: 1/25/2008 2:03:48 PM

Author: surfgirl

When I read the first few posts on this thread I immediately thought ''and this is why Social Security cannot be abolished...because people will just spend and not think about saving for the future...'' Seriously, with all due respect to the initial few posters on this thread, if you have any outstanding expenses that need to be paid off (ie: credit card debt, school loans, bills, etc.), shouldn''t you be paying those off with this ''extra money'' rather than buying more jewelry? Now, if you have no outstanding debt then why not bank/save/invest that extra money and grow it for the future? Just a thought...I dont know if I''m getting any of this alleged rebate, and while I have no outstanding debt as of this moment, I''d probably take this money and put it away somewhere...Things are too unstable right now to not have every little bit ''just in case''...You cant pay a bill with an earring...

With all due respect to you surfgirl, I think it was a little rude and presumptuous of you to suggest that the first few posters (me included) who were thinking about buying jewelery with the rebate were being foolish. You have no knowledge of any of our financial situations. I certainly would put the money toward any outstanding debt if I had any. More than likely, I will put the money (if we do get any) toward savings or long-term investments, but there is nothing wrong with spending the money a different way if you are on your feet finacially. If you always followed your own advice, then I''m sure you would have a tiny diamond instead of your big, beautiful rock and used the difference to invest. Just a thought.

I don''t think Surfgirl was being rude, more like just expressing the frustrations that we all have about how our government is handling certain things. This government action is a direct wealth handoff as we can see from the remarks on this board. Many of us will get nothing at all, but we all paid taxes. So other people are getting our money to spend/waste as they see fit and of course that is frustrating. Believe me, I would rather have my money back and spend it on something than hand it off to someone else to spend on something.


It almost feels like the government is trying to tell me ''hey you are stupid, you save your money and live within your means and work hard. Therefore, you get nothing and we will give this money to people in over their heads to take down to Walmart and buy stuff made in China.''


So perhaps we wish people would be self responsible and manage their things wisely, but often they don''t. We all try and do our best with our finances, I don''t think her comments were really trying to put down anyone in particular.

Well, she mentioned specific people, the first few people who responded to this thread, so I felt like that was pretty direct. I happen to be very fiscally responsible, making sure even on one income that we contribute to savings, 401k, IRAs, stocks, etc. and rarely spend on luxury items. The times when I do contemplate spending on a luxury item is when I have unexpected money. So, if that makes me financially irresponsible than so be it! I just hate it when people make assumptions about others without knowing their situations at all and I did take it personally as she mentioned the first few posters and I was included in that group.