Economic Stimulus Plan Passes

Accord was reached and the economic stimulus plan has passed. Here’s a brass tacks breakdown:

  • Workers making at least $3000 but not paying federal income taxes: $300
  • Income tax paying individuals: $600
  • Working couples: $1200
  • People with children: extra $300 per child
  • Individuals making $87,000 and couples up to $174,000: partial rebates
  • Fannie Mae and Freddie Mac loan purchase limits increased to 725,000, a boost from the $362,000 and $417,000 caps, respectively.
  • Businesses can write off 50% of purchases of capital equipment
  • Small businesses can write off additional equipment purchases
  • Tax rebates deal announced [AP]
    (Photo: EricGjerde)

    Comments

    Edit Your Comment

    1. pegr says:

      Correction: “Workers making at least $3000 but not paying federal income taxes: “$300″

    2. Tux the Penguin says:

      Well, this’ll help pay down that last credit card. I just wished they would have done a flat $300 dollars back to every citizen regardless of income, then give those in the middle (that pay taxes but don’t earn more than the limits) more of a return. Otherwise, this still smacks of income redistribution.

    3. Starfury says:

      Woo Hoo! $1800 coming my way!

      Spending it? Mostly not. Going to go into the bank.

    4. ummm, was my comment deleted? where did it go?

    5. m4ximusprim3 says:

      I like how they slipped in the FM max mortgage values almost doubling. Thats where they expect the real stimulus to come from- people buying foreclosed and devalued houses with FM mortgages.

    6. anyways, when do we get the checks? gimme gimme gimme!

    7. qwickone says:

      The real question is, how did they fold their dollar like that??

    8. @Starfury: Ditto. People don’t realize that even putting it in the bank helps the economy. Good for you.

    9. Geekybiker says:

      @Tux the Penguin: Whats new? Government loves to play Robin hood.

    10. mtsihiker says:

      How and in what way did $87,000 become rich? How else am I to afford a Wii at my income?

    11. Tracy Ham and Eggs says:

      @m4ximusprim3: Thats a bit more then I wanted to see, and I actually had hoped that they would boost FHA limits too, but the Fannie/Freddie deal is great long term. Those are the wonderful 20% down loans that are a thing of the past (especially since the 2nd mortgage 20%s are really tightening up their requirements).

      Im not particularly thrilled with the way the rest worked out (redistribution of wealth anyone) but all in all I think it will stabalize the market, which has had its 10% correction.

    12. Geekybiker says:

      What I dont get is why breeders get more money. They’re already getting money off taxes for spawning.

    13. Blackcloud75 says:

      What happened to the 800 and 1600 that Bush was proposing?

    14. pegr says:

      @Geekybiker:
      And why do the blind get an extra exemption? Better lobbyists than the deaf or paralyzed?

    15. shadow735 says:

      Wait when they say capital do they mean equipment, I own a side business I am sole owner and don’t have any employees, so I can write off more next tax time for equipment I purchase. That is going to be great I have a few big items I need to get, this rebate I will be receiving will be spent on my business as well. I am pretty happy here. Not only will I have $ to buy the rest of the equipment I need but I will be helping the economy by doing so as well as making money as a result of the equipment I buy.

    16. Zgeg says:

      Ok everyone, here is the plan. If everyone in America pools our money together we can throw one HELL of a party.. We invite everybody in the world (except Cananda) and we all just get along and have a beer. Who’s with me??

    17. Zgeg says:

      Or we buy guns and march on the capitol…

    18. Tzepish says:

      @Geekybiker: Breeders get more money because they have extra humans to feed. Still sucks to be them.

    19. projoe1979 says:

      @Geekybiker: They like us because we make more people to tax later on.

      At what point do your kids need to have been born? I just had twins two weeks ago. If I miss out on another tax break cause they didn’t pop out by last December I’ll be greatly annoyed.

      I do love my kids though. They’re freakin cute!

    20. Ack says:

      I’m using mine to buy a Wii! But the rest goes to credit card bills.

    21. ethanrik says:

      Wow this is so bad….Americans just don’t get it! =(

    22. DanglinModifiers says:

      I’m thinking of converting my rebate to foreign currency and investing in… oh let’s say the Netherlands.

    23. xQuizx says:

      @Zgeg:
      Can we do both…get Beers and Guns?

    24. RandoX says:

      I don’t know if it’s really good for the economy or not, but I’m just glad to be getting some extra money.

      I’ll be paying it directly onto a cc bill, though. That should still help the economy in some manner, right?

    25. amejr999 says:

      it didn’t pass. the two sides agreed to it. very different.

    26. @pegr: Well, they tell the blind they’re getting $600 dollars, but it’s really just 6 singles.

    27. quagmire0 says:

      @ethanrik – I think most people are being sarcastic. But anyways, I think it’s a good thing overall. Will it help everyone? No. But really it’s just the government giving us back some of our money that we paid them. So it’s not a bad thing at all.

    28. qwickone says:

      @Blackcloud75: they ended up including millions of additional people, so they had to cut the amount per person

    29. HRHKingFriday says:

      I think it would be funny if everyone went to cash it and stuffed it under their bed, depression era style! a nice big F-U to the gov’t.

    30. sleze69 says:

      Is there a difference between “working couple” and “married couple”?

    31. stackie says:

      I thought this was a tax rebate??? Why would people who pay nothing in taxes still get a tax rebate? I can’t go into a store and expect to cash in on a rebate without making the required purchase!!!

    32. qwickone says:

      @shadow735: capital expenditures is anything you depreciate (so your fixed assets on your balance sheet)

    33. LiC says:

      Working couple would be both members of the couple who work?

      Darn, none of it helps me.

    34. Morgan says:

      @xQuizx: A winning combination!

    35. diesel1 says:

      how does a rebate check sent out in May constitute an emergency jumpstart to the economy. Are people planning on spending 600 bucks on credit because they know they will get 600 bucks in 5 months?

    36. wfpearson says:

      This isn’t stimulus, this is welfare. Its Marxist wealth redistribution disguised as a “tax break for working families. I’m so tired of the populist mentality of so called conservatives. My $1800 check will be absolutely worthless with the collapse of the dollar. For real economic solutions try this plan. [www.ronpaul2008.com]

    37. Morgan says:

      @sleze69: While I can’t say with certainty, I’d guess a working couple in this case is any couple that files taxes together.

    38. Alexander says:

      @HRHKingFriday: I’ve been thinking about it…is it a good idea to have cash on hand? My wife and I have a nice bit of savings…and I always wonder if I should cash some of it and just have it in a safe or something. The rational/college educated side of me says I’m being stupid for thinking that…but everything else tells me I should.

    39. samurailynn says:

      @wfpearson: Don’t worry, they’re not actually taking it from taxes we’ve paid, they’ll just print more money!

      Oh wait… I guess that doesn’t help either.

    40. warf0x0r says:

      To quote David Cross:

      “Everyone is gonna get a check for 400 dollahs?”

      “Alright, I’ma buy me a hammock!!!”

    41. HRHKingFriday says:

      @diesel1: even if people are using it for debt, that’s 600 bucks in payments to banks and credit card companies that would otherwise not payments that high. Or at least maybe slow down delinquencies. Which makes gives them more capital to lend back to the same consumer, thereby increasing the debt load.

      Not that any of that happened back in 2001….

    42. MonkeyMonk says:

      What are the cut-off dates for these income caps. My wife and I made about 140K in 2006 but made 190K in 2007. Since we haven’t filed taxes yet for 2007 then the last figure the government has for us is our 2006 return.

      Maybe we should file an extension until they hand out the checks just to play it safe.

    43. Gopherit says:

      Bread and Circuses are getting more expensive.

    44. loganmo says:

      Anyone know yet if it will be based on tax year 2006 or 2007???

    45. johnperkins21 says:

      @Geekybiker: Agreed. I’m tired of people getting breaks for having kids. Shouldn’t I get extra for not creating the little bastards? I’m helping to control the population and put less stress on our dwindling resources and the environment.

      Kids are a burden that my taxes pay for, and we’re rewarding people for having more of them? Ridiculous.

    46. HRHKingFriday says:

      @alexander: Yeah, but I tend to listen to my depression-era grandparents financial advice, ie, always clip coupons, always keep a good amount of cash on hand in case the banks freeze. I used to think it was kind of nuts, especially in this age of putting everything through on debit, but lets say there is a meltdown. One of the first things they’ll do is freeze banks so everyone can’t run their money out of banks.

    47. Gopherit says:

      @wfpearson: Hey, spend you $1200 on Euros or gold and spread your Paultard garbage elsewhere.

    48. passinthru says:

      Since we are already indebted to China, etc in the trillions, isn’t this just like a big huge cash advance? It don’t really think it is the govt giving us back our money. I think it is the Bushies just trying to buy our friendship (aka approval ratings).

    49. Starfury says:

      @GitEmSteveDave: I’m not saying it will all go in the bank; we’re doing a kitchen remodel so the less I borrow to do it the better off I am. Since I’m not selling my house I’m doing it right…not a quick “make it pretty” job.

    50. timechaser says:

      Can I have mine as 300 euros please?
      It’s just so sweet of them to give us our own money back.
      Funny how this happens on an election year. Jee Wiz, them nice Republicans done gave me money….

    51. Alexander says:

      @HRHKingFriday: So how much cash would be considered sufficient?

    52. dudetaz2003 says:

      I have a question.
      I am a college student so I am claimed as a dependent.
      Can I get any free cash from this or will my parents get it? I do have a job and make WAY less than 75k

    53. sleze69 says:

      @Morgan: How can you file taxes together if you aren’t married? Am I THAT out of it?

    54. matt1978 says:

      @loganmo: Read the article, and think really hard.

    55. esqdork says:

      The Fannie Mae/Freddie Mac increase is supposed to only apply to “high-priced” areas. I don’t know how they are going to define a high-priced area, but essentially, it allows people to borrow more money to purchase expensive homes at a lower rate of interest.

    56. balthisar says:

      @sleze69: Presumably a married couple in which both work.

      Great, all I need is this burden of $1200 bucks to help fix the US economy. I’d been planning on a trip to Oaxaca, but now I’d just feel unpatriotic if I blew any of my money there. Plane ride is free (miles!), so I can’t prop up an airline. My prime, traditional mortgage is on time, and the rates don’t justify refinancing, so I can’t prop up that industry. I’ve already got American cars, so I can’t help them. Savings are fine. Don’t need any material goods. Charities would just blow it on stupid, non-fun stuff like food and vaccinations. What is a fellow to do??

    57. ancientsociety says:

      @pegr: Agreed! There should at least be a cap for credits per child (like 2 or 3). People who have like 6+ children are just irresponsible.

      It also is unfair for those of us who can’t naturally have children.

    58. SurplusJ says:

      So when do these checks drop? Every day my credit cards are racking up interest. I need this stuff now.

    59. brendanm14 says:

      @projoe1979:

      Great question….my daughter was born last Monday so do I now get an extra $300? How will they figure this out? I am thinking they will go off of 2007 income.

    60. balthisar says:

      Good God! I hope it’s not based on 2006 taxes, which were artificially high due to foreign tax equalization for working out of the country in 2005! Course, that would solve the problem I posted above.

    61. HRHKingFriday says:

      @alexander: Depends on where you live, what your living situation is, etc. I keep enough for a month’s worth of groceries, medicine, and gasoline. For me, that’s not much, about 500, but I’m sure you’d want more if you have a large family on the east coast. I also live in an area that evacuates for hurricanes, and cash is good to have in that circumstance as well.

      As for where I keep my cash? Hanging in my closet, where I can see it ;-)

      Does anyone else do this, if so, how much is your target?

    62. TheGoodReverend says:

      Jumping the gun a little bit on saying it passed. I think you should emphasize that this is a tentative agreement and isn’t law yet.

    63. ekthesy says:

      @ancientsociety:

      Don’t forget about same-sex couples, who are doubly screwed…not only can they not file as a married couple, they’ll never get to write down a kid as a dependent.

      I am fed up with society encouraging overpopulation and overbreeding. It’s analogous to offering tax credits for giant-SUV buyers.

    64. bwohlgemuth says:

      It also is unfair for those of us who can’t naturally have children.

      Umm, ever hear of adoption?

      (Proud parent of five kids, four adopted out of the state foster care system).

    65. Alexander says:

      @HRHKingFriday: Thanks for your input. It’s only my wife and I and we live in Pasadena, CA. I’ll definitely discuss this with my wife…

    66. PicketFence says:

      Here is another situation: Married, unemployed for about a year, and a job offer coming my way. I could sure use the economic stimulus, but I may be left out depending on what tax year this will be based on.

    67. sleze69 says:

      @ekthesy: Society doesn’t really encourage it. Our genes do. It’s that whole survival of the fittest thing (more successful reproduction = more fit)…

    68. ancientsociety says:

      @bwohlgemuth: “who can’t naturally have children.”

      Re-read that again. Adoption is a social function, not biological.

    69. m4ximusprim3 says:

      @balthisar: You could always fill a bathtub with singles and take a picture of your wife naked in it. You know, just to do it.

      Other than that, can’t help you. Maybe buy a couple electric scooters for your elderly family members?

    70. Negative says:

      I’m taking mine out to Nevada and spending it at a brothel. Just doing my bit to help the economy!

    71. ekthesy says:

      @bwohlgemuth:

      That’s a pretty flip answer to a legitimate issue. Adoption is not for everyone. As I’m sure you know, adopted kids, especially ones that have been through the wringer of state foster systems, have a very special set of needs and circumstances that not everyone is up to meeting.

      The same applies for same-sex couples; just because the option of adoption is out there doesn’t mean it’s a binary issue–have children naturally or adopt.

      I didn’t mean to threadjack this, and your choice to adopt kids from such circumstances is laudable…but there’s far more to this subject.

    72. Alexander says:

      Three words: MAKE IT RAIN!

    73. @Starfury: Still, your investing in your home also, which with it done right, could help if you decide to borrow against it.

    74. m4ximusprim3 says:

      @ancientsociety: Right, but his point is that tax laws don’t distinguish between natural and adoped, so it IS fair from a rebate perspective.

      We’re sorry your junk is broken, but don’t yell at him about it.

    75. selectman says:

      @wfpearson: Dear RonPaulTroll: Good luck convincing the month to month half of our population that the rebate should only go to rich fatcats who paid more taxes than they did.

      I’m not making an argument on the morality of either choice, but this is a democracy and there are more month-to-month’ers than fatcats.

    76. Zerkaboid says:

      Why do they have to say “$1200 per couple” when it’s $600 per person?

    77. snoop-blog says:

      i take my tax return to vegas every year.

    78. bkaid says:

      snap, I can now get a $600 higher refund anticipation loan that I hear is such a good deal!

    79. ronfreeman42 says:

      What year’s tax returns are they basing this off of? Is this based on what I earned in ’06 or ’07?

    80. bwohlgemuth says:

      @ekthesy:

      Not trying to be flippant. You are right that same sex couples should be able to take the deduction.

      Anyhow, me and the five kids will put the money to good use…paying for the vacation we’re taking in July.

    81. Pop Socket says:

      @ekthesy: One of them does. It’s the other that can’t.

      Once again the marriage tax raises it’s ugly head. If one half of a couple makes $125k and the other half makes $50k, they both get screwed out of the rebate.

      Don’t get me started about the rules for student loan deductions.

    82. snoop-blog says:

      @bwohlgemuth: how do they not get the same amount? $600 + $600….does that not equal $1200? i was sure that it did.

    83. McSpam says:

      TheGoodReverend and AMEJR999 got it right–the economic stimulus plan has not passed yet. The rumored target date for it to hopefully pass the House and Senate and be sent to the President is Feb 15th.

      I’m hoping the final version includes free Wii’s for all DC residents!

      (If folks really want to weigh in and change the bill, you can reach your reps at 202 224-3121)

    84. matt1978 says:

      Cash, sweet, sweet cash.

    85. Osi says:

      Wow, its funny hearing from greedy people who have no kids, and call kids burdens. You really need to learn how to live and enjoy life, else, you wouldn’t be so naive.

      To the one who cannot have kids. Having the same attitude gets you nowhere except put in your place. Blaming everybody else except for yourself is really smart …. lol

    86. wallspray says:

      Which income do they use to determine if you qualify or not? Do they use your 2007 income or your current income?

    87. rokstomp says:

      Gee…I’m glad this money I wasn’t anticipating didn’t have some other purpose, like, you know, funding a better health care system or sustainable energy research or something.

    88. Pete Gaines says:

      Jesus, you fuckers don’t have much of a sense of humor over here, do you?

      As for me, I shall make it rain the fuck down on them hos. I shall also squander a good portion of my guvmint cheese on alcohol. Drinks are on Uncle Sam tonight, bitches!

    89. sarabadara says:

      @qwickone: My thoughts exactly about the dollar folding.

      Does anyone know how to fold a dollar like that? I’m gonna fold ALL of mine!

    90. Smackdown says:

      @neophiliack: They probably just cut one check.

      And yeah, doesn’t really matter for the same sex couples, does it? Since they both get $600?

    91. GothamGal says:

      Individuals making $87,000 and couples up to $174,000: partial rebates

      At this point, I would be happy with a WIC coupon or some food stamps.

    92. forever_knight says:

      @Pop Socket: please, get started about the student loan deductions! only down side is that i’m all pittied out, especially for couples that are making $175,000 a year… let me say it since you don’t get it: you make more than enough, that’s why you don’t need the deduction.

    93. Amelie says:

      @Geekybiker: Breeders aren’t getting more money – inidviduals are. Last I checked, a child was a person, and a person who will be funding your for your social security.

    94. forever_knight says:

      The Consumerist: Featuring…

      breeders vs. the gays

    95. theblackdog says:

      So I guess this means $300 for me since I’m getting a refund this year.

    96. Die_Fledermaus says:

      Happy Day! Inflation! Let’s kill the dollar by printing off another 10 billion!! Great idea!!

      why should anyone even bother saving? It’s a great time to get into debt. Think I’ll go take out a loan. thanks to this, the inflation rate will soon be higher than my loan’s interest rate and I’ll make money. Yipee!!

    97. siskamariesophie says:

      How does this affect joint-filing couples where only 1 person works?

    98. trollkiller says:

      @Geekybiker: Because Breeders make new voters and new tax payers. ta-da

    99. GothamGal says:

      @zouxou:

      So you are for child labor? I am too. The little bastards have had a free ride for too long.

    100. trollkiller says:

      @wfpearson: Send me your worthless $1800 check.

    101. ancientsociety says:

      @Shannara: Really!? I’m not “enjoying life” and am too “naive”.

      Please. Put me in my place.

      I never said children were a burden, nor did I say that people with kids shouldn’t get anything, just that there should be a limit. It’s unfortunate that me saying I don’t want to pay for other people’s irresponsible breeding is rude. I think it’s even more rude and more of a burden (on social programs and the environment) to pop out crotch spawn left and right. But, wtf do I know? I’m “naive”.

    102. Hrm. An economic stimulus plan that involves people buying a bunch of stuff made in foreign countries is going to fix the economy? Yes, it’s nice to be collecting a $1200 freebie, and it’s nice to have more incentive to enter a crippling mortgage that will land me in negative equity (and most people, for that matter), but this isn’t economic stimulus for anyone who isn’t stuck with an overvalued house or working in retail. A better monetary policy, and improved infrastructure would do that.

      Further: Where is the money for this give back coming from, exactly? I thought conservatives were supposed to conserve things. This is like taking a cash advance on a high interest credit card. It’s bad fiscal policy and bad monetary policy. If you are complaining about the weak dollar, how is this fixing that? If you are concerned about the economy’s dependence on oil from unstable regions (and the market volatility this creates), how does a tax rebate work towards that. If, instead of the crop of leaders we have, we had instead some people with vision, perhaps we’d take this money, and do something worthwhile with it, like retire some debt or get serious about alternative energies, both of which would be better for the economy, over the long haul, than running up the credit card.

      The government economist is speaking: This is not an economic stimulus plan. It’s a feel good giveaway. Someone’s going to have to pay for it, eventually, and it’s liable to be all of us.

      That said, they’re not getting my refund back. Not until there are some visionaries instead of rich idiots in charge.

    103. Smackdown says:

      Wait a second, if we get a refund we don’t qualify? Because we’re a couple making around $150k and we pay a metric asston in taxes but we get a refund because of mortgage interest deductions.

      I wants my long-term interest-free loan to myself!

    104. GothamGal says:

      BY SHANNARA AT 04:47 PM

      Wow, its funny hearing from greedy people who have no kids, and call kids burdens. You really need to learn how to live and enjoy life, else, you wouldn’t be so naive. …

      I can’t think of anything more greedy and selfish than thinking that the world needs miniature versions of you. Anyone can spit out a kid, it doesn’t make you special. Expecting childless people to pay for your children is absurd. I would like you to start paying for my spa treatments.

    105. cmdr.sass says:

      @johnperkins21: It’s really the elderly layabouts who are sucking us dry, not the kids. We reward people who have kids because they’re more suckers for the Great Social Security Ponzi Scheme.

    106. Half Beast says:

      I think I’m gonna go stimulate the Biloxi-area economy with this…

    107. iamlost26 says:

      Does it come in the form of a Tricky Dick Fun Bill?

      Otherwise, I don’t want it!

    108. vliam says:

      @forever_knight: Crap. I’m neither. Which line do I get in?

      I’ll go stand in the “I’m probably getting screwed on this deal but nobody cares about my opinion” line.

    109. CumaeanSibyl says:

      Um, aren’t we just going to have to pay more taxes next year to compensate for this “rebate”? I wasn’t under the impression that this was free money.

    110. Stinky Panda says:

      I’ll be redistributing my newfound wealth in the form of lap dances.

    111. Osi says:

      Please read posts before responding to them, it really helps with conversations! I’ll respond when that happens.

    112. jakasam says:

      To be honest, I am thankful that the President is trying to help out Americans during such a difficult financial time. I have never in my life have read so many selfish comments written by so many unthankful Americans. No body has any right to call us breeders just because we have children. I love all 3 of my children that God gave to me. I pray daily for those families who have difficulties having children of their own. My husband and I work hard every day to bring the best of everything to our children. I am thankful that we are getting this extra money from the government. The whole country needs a little help right now. Those people who make $150,000 a year… GOOD FOR YOU! We are not that blessed. You should be thankful that you have such a good job that is able to meet all of your needs and supply you with just about anything you want and need.

      As for the Seniors that earn Social Security, they have worked their time. How dare anybody call them “layabouts”. I am ashamed to even hear that anyone thinks of Senior Citizens in this manner. I cannot even believe that anyone could be so selfish to think of others in such a demeaning way.

      I think we should all count our blessings and use the rebates in the best way we see fit. Be thankful of what you are about to receive. Remember, they do not have to give us any of it!

    113. Hans_Auff says:

      Yeah, I listened to stupid shit’s big plan for about two minutes, then decided I didn’t have enough bread crumbs to find my way home.

    114. Geekybiker says:

      @zouxou: LOL funding my social security? Good one! Like there will be any social security by the time I get there.

      As for kids- Supposedly this rebate is only going to people who filed a tax return and made at least $3000. So that would exclude kids getting a refund on their own. IE this is a refund for tax payers, not individuals. Seeing as people with children already pay less taxes than people without kids, why would they be getting a huge amount MORE in refund than those without kids. (not to mention they use alot more public resources)

      AKA I already paid for your damn kids once. Why do I have to do it again with the rebate?

    115. Osi says:

      Wait a minute, people with kids pay less taxes? I know married people who files togather pays less taxes. I know when I was single, I paid close to the same amount of taxes that I do now, that I’m married with children.

      The only difference is, that child credit that applies (seemingly on and off) throughout the years. But I still pay roughly the same amount of taxes as I did when I was single.

    116. Tzepish says:

      I agree that the world is too overpopulated to justify having children, but I don’t disagree with tax breaks for having children. Those children need to eat, regardless of how dumb their parents may have been.

    117. Akamaru says:

      @Geekybiker:
      Here’s a secret about the tax system. It isn’t designed to be fair. We live in a country that likes to privatize gains and socialize losses. Unfortunately.

      This mortgage and credit meltdown we’re in is a prime example.

      The other is the fact that people with children inevitably get subsidized by everyone else for their life decision.

      Don’t get me wrong. I have no problem paying for common goods such as education for children and health care. It’s better that our youth are educated and healthy than have a future society full of people who can’t compete in the new global job market.

      I do have a problem with people who have a false sense of entitlement because they decided to have kids. Whether it be at work, in public with their stroller battering rams, or tax-wise.

      Fun fact: Did you know, Cock roaches and fungi can reproduce too?

    118. thefncrow says:

      @theblackdog: Unless you’re getting a refund for the full amount, no, it’s $600.

      $300 is for the people who pay income taxes during the year but get a full refund once tax time rolls around. $600 is for people who actually pay something. If you paid in $500.01 in taxes, and got a refund of $500, you’d get the $600 figure because you paid $0.01 in taxes.

    119. jessverona says:

      How much money do you have to make to pay income taxes? I was in college for the first half of 2007, so my salary will come out to only about $15,000.

    120. Geekybiker says:

      @Akamaru: Oh I know its not fair. Its designed to punish success and reward those with no drive, ambition, or talent. *sigh*

      I’m alot more upset about the social security situation than this tax wise though. I pay loads into, I know it will only get worse as the boomers retire, and I can expect to see nothing out of it.

      Its just frustrating to see so much come out of my paycheck in know that I get so little benefit personally out of it.

      Hell, even the roads I use around here are toll even though they were paid off decades ago. So I get to pay double tax on one of the few services I DO use.

    121. daniinpa says:

      It says working couples. What about a married couple where one person works, and the other receives social security. They file jointly with both incomes being declared, but as far as I know, the SSDI isn’t taxed. Do they get $600 or $1200?

      I am not asking for myself (unmarried), just curious. I won’t get anything, even though I do pay taxes (sales taxes, taxes on my phone bill, gas tax, etc.). I don’t pay income taxes and I don’t work. I get social security and use that to pay all of those taxes that don’t count.

    122. jimconsumer says:

      @selectman: “I’m not making an argument on the morality of either choice, but this is a democracy”

      Actually, it’s a Republic. “The People’s Republic of the United States of America.” This country has never been a Democracy.

    123. SisterHavana says:

      @CumaeanSibyl: I thought so too. That’s how it worked with the 2001 rebate checks – they weren’t a rebate on taxes paid the previous year. They were an advance on whatever refund you were going to get the next year. I remember you had to state how much of the rebate you got and that amount was deducted from your refund (or if the rebate was larger than whatever refund you were supposed to get, you had to pay the difference)

    124. Osi says:

      People just have to remember that it is NOT morally wrong to have kids, and it is NOT unjustifiable to have kids … that’s just the facts, folks ;) Enjoy life :)

    125. foxbat2500 says:

      This is not a rebate…the government has already spent our 2007 tax money. This is more US Debt added onto the 9 trillion that all of our kids and grand kids will need to pay off.

      We are borrowing ourselves into the abyss.

    126. UNDERSTAR says:

      So where exactly do I apply for this tax rebate??

    127. ExtraCelestial says:

      @Shannara:
      I think perhaps you should look into getting yourself a new accountant.

      @jimconsumer:
      Thanks for pointing that out. A LOT of people have no idea what a democracy would actually entail, a massive vote every few seconds no doubt! We democratically elect leaders who then make our decisions for us… republic.
      —-

      That said, most of the first 50 comments on this thread were hi-larious! Congrats on the new babies.

    128. gniterobot says:

      Pay down debt…like probably 75%+ of all US americans will/should do…

      Exciting isn’t it?

    129. RagingBoehner says:

      @esqdork: The limit will be be defined at 125% of the median sales price in that region (I think that’s based on MSAs) up to the cap.

    130. timmus says:

      I want a real article about this… this Yahoo article has too much ambiguous handwaving going on.

    131. burgundyyears says:

      @wfpearson: Then you can send those worthless dollars my way. I’ll be glad to take that burden off your hands! :)

    132. gingerdog says:

      Wish I could get my share of the cost of the war back – that’d be about $1600.

    133. Grrrrrrr, now with two buns made of bacon. says:

      Come on, you guys missed the obvious poll choice: Gasoline. Duh. It won’t take many fill-ups to use up $600.

      I’ll certainly take the money, but honestly, is this really going to help anything?

    134. Frank Grimes says:

      I hope everyone that’s bitching about us breeders getting more realizes that us “breeders” are creating the future workers of this world of ours that will be burdened with paying for the enormous entitlements that will be due when all of your slacker asses are hitting retirement age. Oh yeah…that $300 will cover exactly 1 ½ weeks of day care for our kid so its not like we’re going to Vegas for the weekend with our funds.

    135. Trai_Dep says:

      Well, the nice thing about kids is that when President Jenna Bush declares war on the remaining Muslim countries we don’t have permanent bases in, we’ll have plenty of fresh meat to feed into the grinder.

    136. tk427 says:

      Last time I got a $300 rebate – just in time to pay a $240 speeding ticket.

    137. Amsterdaam says:

      @DanglinModifiers: Funny you say that, because I’ll be spending mine on a trip to the Netherlands in November. But, the tickets are being purchased here, so I think i’m still stimulating that economy

    138. @Republikers: The country is actually a representative democracy. People who vote choose people to vote for them. Therefore, not a democracy as the obtuse would have it, but a democracy, none the less. Further, look up Republic in a dictionary. There is no point at which a democracy doesn’t fit into the definition of a republic. Nice try to build a strawman, but said man of straw is easily lit on fire.

      @People with Kids: I already, happily, pay more than my share taxes so you can have free school. Head Start. Medicaid. And all the other infrastructure stuff that supports your children growing up to be as dumb as anyone else. I said I happily pay this because it’s likely to keep them employed, rather than turn into street criminals. And considering the child credit, which is more on than off, I’m already paying more than you, income and circumstances being equal.

      But really, if you have kids, you should send your rebate back. Since we, as a nation, are currently running a deficit, the money for this “rebate” is coming from debt, most of which will be owned by China and other foreign powers. That debt will eventually have to be paid. Do you know who will pay it, when those 20 and 30 year long bonds come due? Not you, as you will be retired and possibly collecting social security. Your kids will have to pay it. And what will that look like? Well, if you think your taxes are unbearable now (they’re not compared to Europe or even the US, circa 1980, 1970, 1960, and so on), imagine what 300-600 for every taxpayer, ammortized at 4% for 30 years is going to look like. Here’s a hint:

      If you pay 4% interest like government bonds do, and make annual payments on $600 borrowed today, you make almost $1050 in total payments. That is, well, over 166% of the initial payment.

      Your kids are going to thank you. The way they do for your genes that require multiple years of braces. Enjoy.

    139. Benstein says:

      My understanding is that this still has to go through the Senate and they have plans on mucking around with it.

    140. The Great Aussie Evil says:

      High School Students: JACK SQUAT

    141. AwesomeJerkface says:

      @timechaser:

      Actually, the last time a tax rebate was distributed, there wasn’t a presidential election in the works. Nice try at American politics though. . .

    142. vagueabond says:

      this is an advance on your 2008 tax refund, from what it sounds like. abc news answered some questions from viewers and here is the answer (re “free” money vs. an “advance”):

      McPherson: Linda, The tax rebate as proposed actually amounts to a tax cut on your 2008 income even though it is based on 2007 figures. The proposal calls for cutting the federal income tax rate on the first $6,000 in income for individuals and the first $12,000 for couples from the current 10-percent rate to zero percent.

      The rebate proposal assumes you are having federal income taxes withheld from your paycheck now based on the current 10-percent rate. Think of the tax rebate actually as an advance on next year’s tax refund.

      All the details remain to be worked out, but I think it’s safe to assume any tax rebates received this year will come into play when completing your 2008 return in early 2009.

      here is the link:
      [abcnews.go.com]

      so this isn’t the greatest deal at all. you’re just getting the money now that you have received in May of 2009.

    143. dudespeed says:

      @forever_knight: its not like couples above 175k, get handed their income, generally they have higher education, skill, experience, and work in jobs that carry more responsibility than you. So if DC is going to distribute Inflation Stimulation checks, why should they be excluded?

    144. Osi says:

      @ POTKETTLEBLACK

      Sorry, but not all parents are poor to make use, and/or qualify for those benefits. No madicade here, all schooling, including headstart is paid by the parents here ….

      Come to think of it, 100% of the costs my kids have since they were in the womb was paid by their parents … hmm, you’re not paying for anything. lol!

    145. ucdcsteve says:

      Can I get my refund check put onto a debit card with maintenance, withdrawal, and balance inquiry fees for my convenience? ;)

    146. brosnan6 says:

      So how does this work if I would normally owe taxes but I’m getting a full refund because of education credits? I should owe something in the neighborhood of $1200 but I’m getting it all back through the lifetime learning credit….does that mean I will get $300 or $600?

    147. Wormfather says:

      Everyone can kiss the last bit of credibility in the american dollar good bye. The pound, euro and canadadian doallar are all likcing their chops.

    148. Optimus says:

      @GothamGal: That’s just wrong, dude. But I hear what ya mean.

    149. Optimus says:

      @HRHKingFriday: Up until now, we’ve always kept gift money out of the bank as cash so that we wouldn’t be tempted to spend it on necessities (unless necessary), but now that you mention it, that does sound like a pretty good idea. One should never trust a human institution 100%… especially not an institution whose sole business process depends on keeping the money of its customers.

    150. Optimus says:

      @vagueabond: On one hand that’s a lot more fiscally responsible than I was expecting from a Republicrat Congress. On the other hand, it’s gonna totally rake over the coals the people who try to break even on their taxes. They’ll end up paying $600 to $1200 in taxes, with those paying the latter probably taking a penalty as well.

    151. BetrayedByChase says:

      Gee, could it possibly be an election year? Boldfaced vote buying. And putting our children’s children another $1.68 billion in debt.

    152. laughingoutloud says:

      I think it’s funny (and not in a good way) that not many people have stoped and questioned where this money is actually coming from. Do people care anymore or we that selfish and full of greed that we only care about ourselves?