Stimulus Plan Vows $600-$1,200 Tax Rebates

[BNaylor]

Maybe coming your way sometime in May.

opcorn:

Stimulus Plan Vows $600-$1,200 Tax Rebates
Congress, White House Announce Deal On Tax Refunds, Business Breaks To Boost Economy

(CBS/AP) Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.

House Speaker Nancy Pelosi said Congress would act on the agreement - hammered out in a week of intense negotiations and uncustomary bipartisanship - "at the earliest date, so that those rebate checks can be in the mail."

But even if Congress does act quickly, the IRS will be bogged down in April handling tax returns and probably couldn't begin to process the rebates until early May, reports CBS News correspondent Anthony Mason. Then comes the mailing, which takes eight to 10 weeks, so most people could have the checks by July.

President Bush praised the agreement at the White House, saying it "has the right set of policies and is the right size."

The rebates, which would go to about 116 million families, had appeal for both Democrats and Republicans. Pelosi's staff noted that they would include $28 billion in checks to 35 million working families who wouldn't have been helped by Mr. Bush's original proposal. Republicans, for their part, were pleased that the bulk of the rebates - more than 70 percent, according to an analysis by Congress' Joint Tax Committee - would go to individuals who pay taxes.

Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.

The rebates were expected to cost about $100 billion, and the package also includes close to $50 billion in business tax cuts.


http://www.cbsnews.com/stories/2008/...r=HOME_3747508

['97ventureowner]

I wonder how much of these "rebates" will actually do any good for the economy? Most people I know and many people that were interviewed on various news programs about what they plan to do with their rebates, planned on paying off bills like credit cards. I think the original idea behind these rebates was for people to go out and buy things with the money,( thus helping the economy of China .) I don't know if I like the idea of "borrowing" from next year's income tax rebate to fund this year's rebate. That might leave some taxpayers further in the hole next year.

Bob, I guess you beat me to posting a thread on this topic. I was considering posting a poll when the announcement was made last week of a rebate, but at that time they were talking about an $800 per person rebate. I was thinking of posting a poll asking members what they plan to do with a rebate from the government just to see where the money would go.

[BNaylor]

Originally Posted by '97ventureowner

Bob, I guess you beat me to posting a thread on this topic. I was considering posting a poll when the announcement was made last week of a rebate, but at that time they were talking about an $800 per person rebate. I was thinking of posting a poll asking members what they plan to do with a rebate from the government just to see where the money would go.

Hard to say Tom. I'm not a financial or economic wiz.

But it would be interesting to see what members plan on doing with their rebate and they can post it right here in this thread.

Supposedly the last rebate program helped pulled the US out of a recession back in 2001 so it may have some effect. The way prices have gone up I don't believe many will save the rebate.

Since this is an automotive forum I would say towards car service, maintenance and/or repair for one.

['97ventureowner]

Originally Posted by BNaylor

The way prices have gone up I don't believe many will save the rebate.

You got that right brother Not only has gas prices increased since 2001, just over the past few months I have been shocked at the price of food. I do most of the grocery shopping for the house and just in the past few weeks I've noticed many items have gone up , a lot. For instance I was buying an 18 pack of eggs for .99 cents at this time last year. Last week the price on them was $2.99 Many other "staple" foods have gone up .25 to .75 cents+, and when you add it up over your total purchase, it really shows the increase.
It seems like January 1st was a good reason for many suppliers and retailers to use as an excuse to raise their prices. I know other factors come into play such as labor, insurances, transportation costs, etc. But wow, I haven't seen prices go up that fast since the '70s and early '80s.

I will probably pay off some debt with our rebate, second option might be to continue remodeling my house where I left off last year when my income tax rebate was exhausted for buying materials.

[new2mitsu]

I'm not sure how this works. I'm obviously a tax payer, but i'm still claimed by my parents. I'm over 18. So will i get the rebate? i paid over a thousand in taxes this year, and mabe over 15k, but since i don't claim myself, will i be eligible to get this refund?

[flyguy123]

My wife and I will be spending our rebate on heating oil for the next winter. If it wasnt for our tax return paying off our credit card dept then we would have used it for that. I would say most people will be paying down dept. I would say that the oil refineries and banks will be the ones to mostly benefit.

[03cavPA]

When I first heard of this, I jokingly remarked, "thanks for the loan. We'll just be paying it all back, and then some, next year."

You know what they say, BOHICA.

[ericn1300]

Originally Posted by 03cavPA

When I first heard of this, I jokingly remarked, "thanks for the loan. We'll just be paying it all back, and then some, next year."

You know what they say, BOHICA.

And even worse the feds don't have the cash, guess they'll borrow it from the Chinese so we can spend it on Chinese crap. Win win for the Chinese, but not good news for taxpayers who will have to pay it back eventualy.

[Oz]

Too little, too late.

[YogsVR4]

I'm all for taxpayers keeping their own money. In fact, I wish it were a complete refund of all paid taxes regadless of amount.

I'm opposed to 'rebates' being sent to people who didn't pay anything.

[BNaylor]

Originally Posted by antiguru

Give money away! why didnt anyone else think of that!


durrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

It is money being returned to it's rightful owners since we are taxed to death in the U.S.

Whats up with that Car Seat Covers in your signature?

[BNaylor]

Well, it looks like a done deal. Both the House and Senate approved the plan and it is on it's way to the Prez.

AP
updated 6:48 p.m. MT, Thurs., Feb. 7, 2008

WASHINGTON - Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush indicated he would sign the measure.

House passage by a 380-34 vote came a few hours after Senate leaders ended a drawn-out stalemate over the bill. The plan, which adds $168 billion to the deficit over two years, is intended to provide cash for people to spend and tax relief for businesses to make new investments — boosts for an economy battered by a housing downturn and credit crunch.

The Senate’s 81-16 vote capped more than a week of political maneuvering. The stalemate ended when majority Democrats dropped their demand that rescue proposal offer jobless benefits, heating aid for the poor and tax breaks for the home building and energy industries.


http://www.msnbc.msn.com/id/23052292

[72chevelleOhio]

Originally Posted by ericn1300

.. they'll borrow it from the Chinese so we can spend it on Chinese crap. Win win for the Chinese..

None of the strippers at the club I go to are Chinese.....I mean washing machine, I'm buying a washing machine with my money...

[G.A.S.]

Illl never see it.
I have a oblagation intersept for my taxes so they should take that too.
My ex went on wellfare 20 years ago in another state.
eight years ago WI. informed me that I had to pay back that money because there were children involved. So I payed her child support all those years plus and now this.

[BNaylor]

Originally Posted by 72chevelleOhio

None of the strippers at the club I go to are Chinese.....

Speaking of which I don't recall ever seeing a Chinese stripper but for some guys (including me...) I'm quite the rebate will be spent at a topless or nudey joint. At least part of it.