The Economic Stimulus Rebate

[Mr. Bloom]

The President has signed the Economic Stimulus Package and checks will be coming out in the next few months.

So what are you going to do with the money?

PS: Whisper your vote. Silver doesn't watch the news, so don't tell her about it, OK?

(poll results are not public and multiple choices are allowed)

[Kalidurga]

I would have loved to check that top box, but considering that I've spent the equivalent of a custom all-carbon bike on veterinarian bills over the last few months, I'll be paying off debt.

I still don't quite understand how these rebates help when we've got such a gi-normous deficit, so I'm not sure whether to be grateful for it or not.

[Meg McKilty]

The President has signed the Economic Stimulus Package and checks will be coming out in the next few months.

So what are you going to do with the money?

PS: Whisper your vote. Silver doesn't watch the news, so don't tell her about it, OK?

(poll results are not public and multiple choices are allowed)

So we're really getting the $600 or $1200 as talked about? I thought the government might BS us around for a while before distributing $5 to each of the masses.

Oh yeah, what I am going to do with it- save it to buy a new bike.

[uforgot]

The last time we got all excited about a rebate, it turns out it was just an ADVANCE on our next year's taxes. So, Mr. Silver, since I'm sure you understand economics much better than I do, is this going to be the same thing or something different? I am also curious how this will help with our enormous debt, also.

[Thorn]

e) Donate it to charity

To avoid this getting bumped to Way Off Topic, I'll skip my political tirade about why these checks are just wrong, wrong, wrong.

Instead, try the lemonade approach and state, when given money I neither expected nor feel is appropriate, I pick out a worthy charity and give it away.

[Crankin]

We are not getting any... we make too much money. Last time, however, we spent the $ on a snow blower.
Personally, I think this is a band aid and a poor excuse for not really attempting to fix the problems we have. I don't need the extra cash, but it is frustrating to see how the pres. thinks this will help. I mean, he has no grasp on what things really cost, anyway.

Last week I asked my sons what they would do with the money. One is going to save it and the other is either going to use it help pay off a credit card bill for car repairs or use it for a vacation.

[NJBikeGal]

A combination of Buying Cycling Stuff and Paying off Debt. Because...I just picked up my new baby from the bike shop yesterday! Now, of course, I have to finish paying him off! Ain't he handsome!?!?

[SheFly]

Like Robyn, we won't get any, which is fine with me. I read an article yesterday that said the last time they did this, only some small percentage of people actually spent the $, which is the point... Seems more like a popularity issue than really trying to stimulate the economy.

SheFly

[indysteel]

The good news is that I make enough income that I'm not eligible. I'll take my salary over a $300 rebate. The bad news is that I, too, think the package is ill-advised. But, oddly enough, neither Congress nor the President asked me what I thought.

[Tuckervill]

I'm in the same boat as Indy and Robyn....not getting any. I am curious, for my sons sake's, whether it is an advance like last time or not. I haven't heard anything about that, either.

If we were getting one, I'd use it to offset the cost of putting new plaster in the upstairs bath ($2400!!!! ). It would probably mean I would buy the $150 pedestal sink and not the $109 one. lol.

eta: I just checked at IRS.gov.

Stimulus payments will be subject to offset against outstanding tax and non-tax liabilities in the same fashion as regular tax refunds.

What that means, I have no idea.

Karen

[Blueberry]

We'll be getting some small portion (I think) or none because of our income. Haven't done the calculation yet. We're down to the point where we have no "bad" debt, so I would either use it to pay off come of my remaining student loans or save it.

However, as I understand it, it's for 2008. So, if you make more money in 2008 and got the refund anyway, it's forgiven. If you should have gotten more, you get the rest when you file your 2008 taxes.

CA

[GLC1968]

We'll be getting some small portion (I think) or none because of our income. Haven't done the calculation yet. We're down to the point where we have no "bad" debt, so I would either use it to pay off come of my remaining student loans or save it.

Ditto - word for word. But, now that I see it's based on 2008 salary, we probably won't get anything or...we'll have to pay it back?!

How does that work? If you get $ based on your 2007 salary level, but you make more than the 'cut off' in 2008, will you have to give it back? And if so, I want to know this now so that we don't spend it!

[Blueberry]

The article I read said that you would not have to give it back if you made too much in 2008.

By the way - how are the move preparations going?? Are you guys going to have any free time before you move?? Farewell dinner??

CA

[Brandi]

What is the cap? How much do you have to make to get one? Is 150k per couple or 75k per person. It seems that is what I heard. Is that gross income?
All I know is if we get any it is going straight into next years tax. When we get any refunds they always get applied to next years. It just makes sence you know. It bother's me that they send this out and we still have to pay tax on it. Give it to us with no strings attached. Now that would be a refund!

[bmccasland]

If you read the fine print, it is an advance on your 2008 tax return. So I'll either pay off a debt or stick it in the bank, 'cause I don't trust them to not want it back in April 2009.

And I don't understand the economics as to how this will stimulate the economy either. Especially since they use some funny accounting in Washington - there's the US budget and the "war" budget, both sucking out of my pocket, but somehow never appearing together on any spreadsheet. Oy vey. Wish I could get away with deficit spending, can't I just print some money to buy things I NEED??? Like bike stuff.