Economic Stimulus / Tax Rebate checks coming early

[Fritzo]

Originally posted by: Xavier434

Originally posted by: spidey07

Originally posted by: buck

Originally posted by: senseamp
I don't qualify. Enjoy my money, folks.

Those who pay the lions share of taxes, something like 90% of all taxes, will get nothing.

This is nothing more than robbing from the rich to feed the poor, and by rich I mean middle class.

That is not it's intention. You know what the real purpose is intended to be whether you predict that it will be successful or not. By the way, how are your investments and retirement plans doing? I for one would like to see mine doing better. I imagine that the rich would like to see their stocks start to climb as well.

Also, not sure where he got his stats from, but most of the middle class is getting a refund.

 

[ballmode]

Going in my IRA

 

[Casawi]

I will use it for tuition. My company reimbursed my tuition but I was taxed heavy ... real heavy. In Jan they taxes me $1800 then again in March

 

[buck]

Originally posted by: Jnetty99

Originally posted by: Jnetty99
Mine is going to lower credit card debt or to get new shocks/struts in my car because I don't think my car is going to pass the NY state inspection. So I guess it would stimulate the economy if I used it on my car.

Anyone know in what order are they going to distribute the money? by SS numbers or whoever file first etc?
Doing some math, if the government does 7.4 million people a week, it would take 17.5 weeks to pay all 130 million people that file for taxes.

WHEN YOU'LL GET YOUR REBATE
The order in which the IRS sends out payments will be based on Social Security numbers. If your return is processed by April 15, here's what you can expect.
Direct deposit payment
If last 2 digits of your SS# are: Your rebate should be sent by:
00-20 May 2
21-75 May 9
76-99 May 16
Paper check
If last 2 digits of your SS# are: Your rebate should be sent by:
00-09 May 16
10-18 May 23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
Source:IRS

4th of July for me, doesn't really matter since I won't be using it until late fall.

 

[randay]

I think I'll use it to buy [epic announcer voice]ONE GALLON OF GAS[/epic]!

 

[Modelworks]

Looks like about 80% are not going to put the cash back into merchandise.
I think the whole idea is going to be an epic fail.

 

[LS21]

BEER BREWING KIT!

 

[Xavier434]

Originally posted by: Modelworks
Looks like about 80% are not going to put the cash back into merchandise.
I think the whole idea is going to be an epic fail.

What is the difference between paying bills and buying merchandise/services? They are both taxed.

 

[Modelworks]

Originally posted by: Xavier434

Originally posted by: Modelworks
Looks like about 80% are not going to put the cash back into merchandise.
I think the whole idea is going to be an epic fail.

What is the difference between paying bills and buying merchandise/services? They are both taxed.

If your paying for stuff on a credit card, that money has already been paid out to the store.
So paying the bill does nothing for the retailer/manufacturer economy.

 

[Xavier434]

Originally posted by: Modelworks

Originally posted by: Xavier434

Originally posted by: Modelworks
Looks like about 80% are not going to put the cash back into merchandise.
I think the whole idea is going to be an epic fail.

What is the difference between paying bills and buying merchandise/services? They are both taxed.

If your paying for stuff on a credit card, that money has already been paid out to the store.
So paying the bill does nothing for the retailer/manufacturer economy.

Yes, that is true. Those details weren't specified in the poll though so there is probably a large margin of error.

 

[AmpedSilence]

i don't know, my original plan was to put it into my IRA, but then i used my entire tax refund towards the IRA, which was ear-marked for a Canon 40D. So, I might still dump it in to the IRA or i'll put it towards the 40D; not completely sure.

 

[Queasy]

Originally posted by: Modelworks

Originally posted by: Xavier434

Originally posted by: Modelworks
Looks like about 80% are not going to put the cash back into merchandise.
I think the whole idea is going to be an epic fail.

What is the difference between paying bills and buying merchandise/services? They are both taxed.

If your paying for stuff on a credit card, that money has already been paid out to the store.
So paying the bill does nothing for the retailer/manufacturer economy.

Well, it does do something. That frees up money the consumer would normally have spent on the credit card to do something else. Granted, it is not as great an impact as if the consumer spent their entire refund amount at a store but it is something.

I'd still have rather seen the tax cuts been made permanent.

 

[Capt Caveman]

Originally posted by: Xavier434

Originally posted by: Capt Caveman

Originally posted by: senseamp
I don't qualify. Enjoy my money, folks.

Same here. Argh!!!

Most of us paid more than $600 in taxes this past year. We are only getting a percentage of our own money back. We are not getting any of yours.

And I paid more in taxes than anyone getting a tax rebate, where's mine?

 

[Xavier434]

Originally posted by: Capt Caveman

Originally posted by: Xavier434

Originally posted by: Capt Caveman

Originally posted by: senseamp
I don't qualify. Enjoy my money, folks.

Same here. Argh!!!

Most of us paid more than $600 in taxes this past year. We are only getting a percentage of our own money back. We are not getting any of yours.

And I paid more in taxes than anyone getting a tax rebate, where's mine?

Those who paid that much in taxes are assumed to make enough income to the point where they really don't worry much about spending money in comparison to those who do qualify. These same people are also considered to be more likely to place the extra money into savings. Therefore, giving them extra really won't help stimulate the economy. I don't know for sure whether or not that is actually true, but I do know that is a large part of the theory behind it.

That plus $600 shouldn't mean nearly as much to the people who make enough money to not qualify. They should be realizing that the potential positive effects the stimulus will have on their investments will bring them a much higher return. On average, those who qualify for the stimulus do not have nearly as many investments as those who do not qualify. If the stimulus works, we will all win in the end.

I realize you are looking at it as being unfair, but you need to think several steps ahead here.

 

[Fern]

I'll be using mine to inject some liquidity into the US banking system.

I.e., paying down CC debt

Fern

 

[crystal]

It might be part of the van payment I am looking to buy.

 

[buck]

Originally posted by: Capt Caveman

Originally posted by: Xavier434

Originally posted by: Capt Caveman

Originally posted by: senseamp
I don't qualify. Enjoy my money, folks.

Same here. Argh!!!

Most of us paid more than $600 in taxes this past year. We are only getting a percentage of our own money back. We are not getting any of yours.

And I paid more in taxes than anyone getting a tax rebate, where's mine?

How much do you make a year?

 

[Capt Caveman]

Originally posted by: buck

Originally posted by: Capt Caveman

Originally posted by: Xavier434

Originally posted by: Capt Caveman

Originally posted by: senseamp
I don't qualify. Enjoy my money, folks.

Same here. Argh!!!

Most of us paid more than $600 in taxes this past year. We are only getting a percentage of our own money back. We are not getting any of yours.

And I paid more in taxes than anyone getting a tax rebate, where's mine?

How much do you make a year?

Too much to get a rebate and contribute to a Roth IRA

 

[Raduque]

Originally posted by: Jnetty99

WHEN YOU'LL GET YOUR REBATE
The order in which the IRS sends out payments will be based on Social Security numbers. If your return is processed by April 15, here's what you can expect.
Direct deposit payment
If last 2 digits of your SS# are: Your rebate should be sent by:
00-20 May 2
21-75 May 9
76-99 May 16
Paper check
If last 2 digits of your SS# are: Your rebate should be sent by:
00-09 May 16
10-18 May 23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
Source:IRS

Is this the revised schedule, or the original one?

 

[buck]

Originally posted by: Capt Caveman

Originally posted by: buck

Originally posted by: Capt Caveman

Originally posted by: Xavier434

Originally posted by: Capt Caveman

Originally posted by: senseamp
I don't qualify. Enjoy my money, folks.

Same here. Argh!!!

Most of us paid more than $600 in taxes this past year. We are only getting a percentage of our own money back. We are not getting any of yours.

And I paid more in taxes than anyone getting a tax rebate, where's mine?

How much do you make a year?

Too much to get a rebate and contribute to a Roth IRA

...but not enough to shut up about how you aren't getting $600?

 

[Capt Caveman]

Originally posted by: buck

Originally posted by: Capt Caveman

Originally posted by: buck

Originally posted by: Capt Caveman

Originally posted by: Xavier434

Originally posted by: Capt Caveman

Originally posted by: senseamp
I don't qualify. Enjoy my money, folks.

Same here. Argh!!!

Most of us paid more than $600 in taxes this past year. We are only getting a percentage of our own money back. We are not getting any of yours.

And I paid more in taxes than anyone getting a tax rebate, where's mine?

How much do you make a year?

Too much to get a rebate and contribute to a Roth IRA

...but not enough to shut up about how you aren't getting $600?

$600 is $600.

 

[spidey07]

Originally posted by: buck
...but not enough to shut up about how you aren't getting $600?

An AGI of 75K is not a lot of money. HCEs get continually screwed, this is just another example.

 

[Xavier434]

Originally posted by: Capt Caveman

Originally posted by: buck

Originally posted by: Capt Caveman

Originally posted by: buck

How much do you make a year?

Too much to get a rebate and contribute to a Roth IRA

...but not enough to shut up about how you aren't getting $600?

$600 is $600.

If you make that much and have not invested it to the point where a boost in the economy will return much more than $600 then you have not been spending it wisely.

 

[Capt Caveman]

Originally posted by: Xavier434

Originally posted by: Capt Caveman

Originally posted by: buck

Originally posted by: Capt Caveman

Originally posted by: buck

How much do you make a year?

Too much to get a rebate and contribute to a Roth IRA

...but not enough to shut up about how you aren't getting $600?

$600 is $600.

If you make that much and have not invested it to the point where a boost in the economy will return much more than $600 then you have not been spending it wisely.

 

[Xavier434]

Originally posted by: Capt Caveman

Originally posted by: Xavier434

If you make that much and have not invested it to the point where a boost in the economy will return much more than $600 then you have not been spending it wisely.

How is that confusing?