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The amount you're entitled to receive is based on the 2007 tax year. The caps are based on your adjusted gross income and what you earn and/or your filing status for tax year 2008 is irrelevant.
Here's a link to the relevant section of the law: http://thomas.loc.gov/cgi-bin/query/...05TWDyA:e2351:
I'll be doing nothing with it, as I won't be getting one. And I doubt that this will do much to "stimulate the economy" as I don't think the last one did anything to help. In fact, I think they say the last rebate was responsible for large numbers of errors on people's income tax filing. This will likely do the same, but then maybe I'm just a cynic at heart.
If I were getting one, I'd likely pay down some debt. No fun there, but something I need to be doing and any and all help would be welcome.
I hope lots of fun biking stuff gets bought though, so I can live vicariously through hearing about it and seeing pictures. :)
(and yes, like others have said, I'm not really complaining as I'd rather have my salary and not be eligible and I do hope it helps out those that get it, but I'm not hopeful it will do much for the economy in general.)
Last time this happened, I gave my whole $300 over to my local community garden. I may do the same thing this time, but I may not. The divorce has left me a bit in debt, so I may pay some of that off.Quote:
Originally Posted by Thorn
Definitely paying off debt. While I agree with the others here about this being an ill-conceived notion, I'm not about to pass up free money. I'm in a tight spot and every little bit that will help pay off the CC faster is good in my book.
In all honesty, I don't have any hopes of this improving our economic situation for the long term. I agree that this is just a misguided attempt for a shot in the political popularity contest. I think most people who qualify for the rebate will do the responsible thing and put it towards some debt instead of filling their (too expensive) homes with more junk. What with all of the dire news about rising debt in a bear market, you'd think people would have it in their minds to look out for their finances...
I am fortunate that the only debt I have is from school loans with their ridiculously low interest rates (wahoo!). But then again, I don't really have any assets, either :rolleyes: I am hopefully going to be spending the rebate, in combination with my return and quarterly bonus, on a lovely new bike :D
You know the thing that irks me is that you could see this mess coming three years ago! But everyone just buried their heads in the sand and rode the train as long as they could.
If our great (and great great for that matter) grandparents could see the way we are living today they would be mortified. The spend spend spend and worry about it later mentality of todays society is out of control.
I'm sorry, but WHY people that make 40k a year think they can afford a 400k home with nothing down is beyond me?! I know that I'd never be in an 800k home.... sigh... Ok, I have a customer- rant over.
Two words:
SRAM Red :D
Ditto to pretty much everything I'm reading here - I really don't think it is going to help many people, and it is just going to drive the country deeper into debt. However, we will use ours :rolleyes:. We're planning on going to Alaska with my parents in the summer, to celebrate their 50th, so it will definitely help out. However, we were going anyway, so we're not changing anything.
Agreed, RM. Being in a service profession, federally-funded and not popular with any Republican administration, I am STILL making just over 40K a year.....but I am living in my cozy $150K home on the side of a mountain, with no mortgage and loving every minute of it. My soon-to-be-DH had his position eliminated on January 3 (happy new year) and is still looking for a job so our income has been slashed to mine....not a pretty sight even with no "bad" debt (is a 3-year loan on an Element "bad"? :rolleyes:) I will be getting a check and I plan to pay down debt.....and buy bike stuff......and pay for a wedding.....ok, maybe not all three! ;)Quote:
Originally Posted by Running Mommy
I would just be re-stating a lot of what folks have already stated.
So I'll refrain.
However...I couldn't help but notice that the one who started this discussion has not stated what HE would do. Oh, Mr. Silver??????;)
Yeah, popularity contest - and in an election year to boot. What a shocker. :rolleyes:
Quote:
Originally Posted by maillotpois
I'll take their money (excuse me, MY money) but it won't change the way I plan to vote......:mad:
To our current administration:
Yeah sure.....first take all our money, put lots of it in your fat pockets, squander the rest of it really badly and put us, our children, and our grandchildren into massive debt for decades to come. Then mail us a puny pittance of our own money back to us as though it's some grande gifte. Like we're supposed to jump up and down in gratitude? It won't do a damn thing to stop the coming major recession you have gifted us all with on your merry and prosperous way out the door. You make me sick.
Using it to take a really awesome trip to New Mexico for the Enchanted Circle Century. I don't get how this will help but I don't get much EITHER party does. :confused:
The home rant makes me laugh... We bought our house for a little under $140k, with payments we are quite comfortable with. The realtor was trying to encourage us to buy the $200k plus homes on the other side of our neighborhood. We could have qualified, of course we would be eating ramen for years to come until the property taxes forced us to move. :rolleyes: And people are shocked at the housing mess? I was 25 when we bought this house, many of my peers would have bought the biggest house the could and not thought about the mortgage. Okay back to the free money some of us are getting.
We're waiting....Quote:
Originally Posted by Regina