rh71
No Lifer
- Aug 28, 2001
- 52,844
- 1,049
- 126
God you people with this repetitive poking need to give it a rest. Same goes for the "oh no it's a babe thread" people. The man who's slogan mentioned Change even said himself it will not get solved overnight. Besides, "change" wasn't just about the economy.
geno
Lifer
- Dec 26, 1999
- 25,074
- 4
- 0
Are you joking? The majority of Americans are NOT financially responsible. We are still cleaning up the mess from the droves of Americans who thought it was smart to take interest-only loans and 0% down loans when they couldn't even afford the monthly payment. If there were another lump-sum stimiulus, half of the people would be buying TV's and PS3s with it, and the other half would stuff it in a bank account, not exactly the kind of economic stimulation we need. If it's portioned out over time, the money is more likely to get spread around (spent on a larger variety of items) and less likely to get socked away in a bank account.
The whole stimulus bill is a bunch of #$%&#$@. They should call it what it really is: lots and lots of wasteful spending, corrupt paybacks to those who helped get candidates elected, a royal payday for every cronie/contributor/family member of those in congress and in the lobbying industry... and then 0.0001% actual economic stimulus. Of course we as the taxpayer get to pay for all of it. Change indeed.
ViviTheMage
Lifer
cKGunslinger
Lifer
- Nov 29, 1999
- 16,408
- 57
- 91
mcvickj
Diamond Member
- Dec 13, 2001
- 4,602
- 0
- 76
As someone who is starting to look into purchasing a house this is the only thing that really interested me in this new stimulus deal.
I knew about the old version of the home buyers credit but this version is even more appealing because if I'm buying a house it will be for a minimum of 5 years and according to this I wouldn't have to pay back the interest free loan.
I knew about the old version of the home buyers credit but this version is even more appealing because if I'm buying a house it will be for a minimum of 5 years and according to this I wouldn't have to pay back the interest free loan.
Queasy
Moderator<br>Console Gaming
- Aug 24, 2001
- 31,796
- 2
- 0
Don't like it? Call your Senator and express your opinion. This will breeze through the house but will have a hard time passing the Senate. Ted Kennedy won't be voting because of illness which means the Democrats are down to 60 votes from the 61 they got on the cloture vote. Only three Republican Senators (Specter, Snow, and Collins) crossed over to vote in favor during the cloture vote but even Specter seems like he's wavering now. If just one more vote is lost, this atrocity of a 'stimulus bill' won't pass.
Call the Senate Switchboard at (202) 224-3121 or Collins (202) 224-2523, Snowe (202) 224-5344, Specter (202) 224-4254. Full list of Senators and their phone numbers.
This porkulus bill will literally send us off the cliff
Call the Senate Switchboard at (202) 224-3121 or Collins (202) 224-2523, Snowe (202) 224-5344, Specter (202) 224-4254. Full list of Senators and their phone numbers.
This porkulus bill will literally send us off the cliff
This might actually help the housing market, except they cap it at $75k/$150k. In this area a rather small portion of the houses can be afforded by someone in that income bracket.
DannyLove
Lifer
- Oct 17, 2000
- 12,876
- 4
- 76
What really pisses me off about this new stimulus bill is that I'm screwed from the "first-time" homebuyer credit.
I bought my first house in December of 2008. This new credit, from my understanding, only refers to 2009 first time buyers. So the current or last years bill of $7500 will be replaced by this new one.
I'm planning to do my taxes this weekend, technically speaking, I can submit for the 7500 credit from last years bill as it is currently law right?
I bought my first house in December of 2008. This new credit, from my understanding, only refers to 2009 first time buyers. So the current or last years bill of $7500 will be replaced by this new one.
I'm planning to do my taxes this weekend, technically speaking, I can submit for the 7500 credit from last years bill as it is currently law right?
IHateMyJob2004
Lifer
- Sep 29, 2004
- 18,656
- 68
- 91
Giving money to people will not do a single god damned thing.
My money went into the stock market. So, how did I put people to work? Spending on infrastructure gives people jobs. Time and time again, trickle down economics has proven a failure (you listening Republicans?) and trickle up in fact does work as you will see in the next 6 months (typically the democratic stance)
RANT": God I hate republicans. When the economy is good and you should be eliminating debt, they run up the god damned debt. And at the same time give taxes to the wealthy while people like my brother loose their home. Did you know while bush was in office, the top execs in this country had their pay increase 7 fold! How is your wallet doing?
My money went into the stock market. So, how did I put people to work? Spending on infrastructure gives people jobs. Time and time again, trickle down economics has proven a failure (you listening Republicans?) and trickle up in fact does work as you will see in the next 6 months (typically the democratic stance)
RANT": God I hate republicans. When the economy is good and you should be eliminating debt, they run up the god damned debt. And at the same time give taxes to the wealthy while people like my brother loose their home. Did you know while bush was in office, the top execs in this country had their pay increase 7 fold! How is your wallet doing?
You heard those numbers that encompassed all of the bailouts not just this one.
but yeah it is true. I think I heard that if they would have just rolled all of the bailout stuff starting in 07 you would have enough money to pay off 90% of the entire mortgages in america.
Bailout Scorecard
^^^^does not include the last stimulus (800 billion) or the 2 trillion bank bailout so add that to the already allocated 10 trillion.
Oh yeah they are working on another mortgage bailout as we speak.
Queasy
Moderator<br>Console Gaming
- Aug 24, 2001
- 31,796
- 2
- 0
Nice sentiments but let's look at reality here instead of going off on a partisan rant. Economists agree that the stimulus won't stimulate. In fact, the only thing the stimulus is stimulating is politicians power and their politically connected friends. The Congressional Budget Office has already put out a report showing that we would be better off without the stimulus.
The stimulus contains almost no tax cuts, almost no business incentives, very little in the way of actual infrastructure improvement, expands government power, and is overflowing with pork projects.
Adul
Elite Member
http://uk.reuters.com/article/.../idUKN1335422320090213
FOR WORKERS, CONSUMERS AND RETIREES
* Creates a "making work pay" refundable tax credit championed by President Barack Obama of up to $400 per individual and $800 for a couple in 2009 and 2010. It is calculated at a rate of 6.2 percent of earned income and is phased out for individuals with adjusted incomes over $75,000 and couples with incomes over $150,000.
* Provides a one-time payment of $250 to Social Security beneficiaries, railroad retirees and veterans receiving benefits from the Veterans Affairs department. State government retirees not eligible for Social Security would also get the $250 payment.
* Increases the earned income tax credit for low-income workers with three or more children.
* Expands eligibility for the refundable child tax credit to more low-income workers. The bill reduces the income floor to $3,000 in 2009 and 2010 from the current floor of $8,500.
* Provides a new $2,500 tax credit for college education expenses. The credit phases out for individuals earning more than $80,000 and couples with incomes over $160,000.
* Provides an $8,000 tax credit for first-time home buyers for homes purchased between Jan. 1 and Dec. 1, 2009. The tax credit phases out for individuals earning more than $75,000 and couples earning more than $150,000.
* Provides temporary relief from the alternative minimum tax for millions of middle-class taxpayers who otherwise would be ensnared by the tax originally meant for the very wealthy.
FOR BUSINESSES
* Allows small businesses with gross receipts of up to $15 million to write off 2008 losses against five previous tax years. Current laws allows a two-year carryback of losses.
Businesses will also be allowed to immediately write off more of their investments in computers and other equipment.
* Businesses that repurchase debt at a lower amount than when it was issued will be able to defer taxes on it. Usually reduced or canceled debt is treated as income and taxed. The break applies to debt repurchased adjusted after Dec. 31, 2008, and before Jan. 1, 2011.
* Gives a tax break on capital gains from the sale of stock held in a small business for more than five years.
* The bill raises about $7 billion in revenues by repealing a Treasury Department decision last year to liberalize rules that were intended to prevent companies in a merger from taking huge tax breaks on losses of firms they were acquiring.
FOR STATE AND LOCAL GOVERNMENTS
* Creates a new category of tax-preferred bonds for investment in economic recovery zones for job training, education and economic development.
* Creates a new category of tax-preferred bonds for the construction, and repair of public schools and the purchase of land for schools.
* Creates a federal subsidy for state and local governments offering bonds that give investors credits against their federal taxes in place of interest payments.
FOR RENEWABLE ENERGY
* Extends tax breaks for wind facilities and other renewable energy facilities and provides other tax incentives to encourage development of renewable energy facilities.
* Authorizes an additional $1.6 billion of new clean renewable energy bonds as well as $2.4 billion of energy conservation bonds to finance state and local government projects to reduce greenhouse gas emissions.
* Extends tax credits for energy-efficient improvements to existing homes.
* Provides a tax credit for purchase of "plug-in" electric vehicles of at least $2,500. The credit is increased depending on the battery capacity of the car purchased.
* Provides a new 30 percent investment tax credit for facilities engaged in producing renewable energy technology and conservation. (Editing by Peter Cooney and David Storey)
FOR WORKERS, CONSUMERS AND RETIREES
* Creates a "making work pay" refundable tax credit championed by President Barack Obama of up to $400 per individual and $800 for a couple in 2009 and 2010. It is calculated at a rate of 6.2 percent of earned income and is phased out for individuals with adjusted incomes over $75,000 and couples with incomes over $150,000.
* Provides a one-time payment of $250 to Social Security beneficiaries, railroad retirees and veterans receiving benefits from the Veterans Affairs department. State government retirees not eligible for Social Security would also get the $250 payment.
* Increases the earned income tax credit for low-income workers with three or more children.
* Expands eligibility for the refundable child tax credit to more low-income workers. The bill reduces the income floor to $3,000 in 2009 and 2010 from the current floor of $8,500.
* Provides a new $2,500 tax credit for college education expenses. The credit phases out for individuals earning more than $80,000 and couples with incomes over $160,000.
* Provides an $8,000 tax credit for first-time home buyers for homes purchased between Jan. 1 and Dec. 1, 2009. The tax credit phases out for individuals earning more than $75,000 and couples earning more than $150,000.
* Provides temporary relief from the alternative minimum tax for millions of middle-class taxpayers who otherwise would be ensnared by the tax originally meant for the very wealthy.
FOR BUSINESSES
* Allows small businesses with gross receipts of up to $15 million to write off 2008 losses against five previous tax years. Current laws allows a two-year carryback of losses.
Businesses will also be allowed to immediately write off more of their investments in computers and other equipment.
* Businesses that repurchase debt at a lower amount than when it was issued will be able to defer taxes on it. Usually reduced or canceled debt is treated as income and taxed. The break applies to debt repurchased adjusted after Dec. 31, 2008, and before Jan. 1, 2011.
* Gives a tax break on capital gains from the sale of stock held in a small business for more than five years.
* The bill raises about $7 billion in revenues by repealing a Treasury Department decision last year to liberalize rules that were intended to prevent companies in a merger from taking huge tax breaks on losses of firms they were acquiring.
FOR STATE AND LOCAL GOVERNMENTS
* Creates a new category of tax-preferred bonds for investment in economic recovery zones for job training, education and economic development.
* Creates a new category of tax-preferred bonds for the construction, and repair of public schools and the purchase of land for schools.
* Creates a federal subsidy for state and local governments offering bonds that give investors credits against their federal taxes in place of interest payments.
FOR RENEWABLE ENERGY
* Extends tax breaks for wind facilities and other renewable energy facilities and provides other tax incentives to encourage development of renewable energy facilities.
* Authorizes an additional $1.6 billion of new clean renewable energy bonds as well as $2.4 billion of energy conservation bonds to finance state and local government projects to reduce greenhouse gas emissions.
* Extends tax credits for energy-efficient improvements to existing homes.
* Provides a tax credit for purchase of "plug-in" electric vehicles of at least $2,500. The credit is increased depending on the battery capacity of the car purchased.
* Provides a new 30 percent investment tax credit for facilities engaged in producing renewable energy technology and conservation. (Editing by Peter Cooney and David Storey)
I was reading the bit about the paying for education section:
# Pell grants: will increase to a maximum of $5,350 per student in 2009-2010 year thanks to two provisions in the stimulus.
# Tax credits: Individuals making less than $80,000 or families making less than $160,000 can get up to $2,500 in tax credits for college tuition. 40 percent ($1,000) of the credit is refundable. Cost: $13.9 billion over 10 years.
Can I get the tax credit even though I'm about to graduate? I'm very curious if any of this education money is coming to me...
# Pell grants: will increase to a maximum of $5,350 per student in 2009-2010 year thanks to two provisions in the stimulus.
# Tax credits: Individuals making less than $80,000 or families making less than $160,000 can get up to $2,500 in tax credits for college tuition. 40 percent ($1,000) of the credit is refundable. Cost: $13.9 billion over 10 years.
Can I get the tax credit even though I'm about to graduate? I'm very curious if any of this education money is coming to me...
Originally posted by: KentState
Nice, I'm not eligible for any of the individual credits that I've seen listed. Enjoy my income USA
Yep, 75K means you're rich. NO stimulus for you! Nothing you evil rich person!
KentState
Diamond Member
- Oct 19, 2001
- 8,397
- 393
- 126
Originally posted by: spidey07
Originally posted by: KentState
Nice, I'm not eligible for any of the individual credits that I've seen listed. Enjoy my income USA
Yep, 75K means you're rich. NO stimulus for you! Nothing you evil rich person!
What I find funny is that if I were to marry my gf, we would be just under the cap for a couple and we would both get the credits. Doubt that $400 is worth getting married over
Damn, don't even get the car tax break credit. Guess there isn't an incentive for me to buy a car either.
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