Tax Stimulus package looks like it's going to pass

[hotcouponmama]

Well, looks like this might be a done deal here soon.

$600 for individuals
$1200 for married couples
$300 for each kid

Checks would start rolling out in May. And if you didn't pay anything in, you might still get $300.

I don't personally believe it will stimulate the economy like they hope - I think it's going to be an expensive bandaid. But if GWB wants to send my house $2100 in May - who am I to argue?

[derketchup]

Last time they did this, didn't we have to pay it back the next year?

[Merczilla]

If they want to send me money, then cool. But unless fuel/heating costs drop, it's not going to help much economy-wise. Make "them" drop the fuel costs and everything else "should" drop back. However the greedmeisters would keep prices what they are now.

Alaska may also be sending out $500-$1000 per person (based on 2007 Perm. Fund recipients) from state surpluses. WOuld probably have to claim that on fed taxes for 2008, though. Hmmmm.

Is Bush's bandaid going to be taxfree for 2008 taxes?

[Macaela25]

Sad thing is, my $1500 isn't going to stimulate anything but my money market account. With the economy the way it is, we're sitting on ours as long as possible. I could throw it into my mortgage or student loan (the only debt we have) but here in FL house values depreciate by the day and my student loan interest is 100% deductible. I'm saving it up for a recession :). Anyone else? It would be interesting to have a poll to see what people plan to do with the $$.

[snippers3]

I will be using ours to pay off debt. Not much economic stimulus coming from here, but I will take it happily

[tastefullyjune]

I will be using ours to pay off debt. Not much economic stimulus coming from here, but I will take it happily

Same here-I have hospital bills that come first!!

[darkwing932]

I have to be honest, although the money will be nice to have, I'm really not thrilled with the fact that it will have to be claimed on my 2008 taxes as income. If we get the maximum rebate of $1200 + $300 per kid that would increase our income for 2008 by $2400. In theory that is enough to put you in a higher income bracket. I know that it wouldn't be enough of an increase to make us pay alot more in taxes, but with things like EIC and the child tax credit that little amount can end up costing some people big money.

[Jenna26]

But the $1200 for married couples is only if both husband and wife work, correct?

Under the agreement announced by the White House, Boehner and Pelosi, individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child.

Senate under pressure to approve stimulus deal - Stocks & economy - MSNBC.com

[billythekid]

Since I work, and claim myself as an individual, does that mean I get $600?

[jkelstaten]

But the $1200 for married couples is only if both husband and wife work, correct?



Senate under pressure to approve stimulus deal - Stocks & economy - MSNBC.com

From what I understood on the news last night, it's married couples filing jointly. Like we file together, but I have no income. Anyway, this is what I got out of the newscast, doesn't mean it's correct, but I am on his taxes, so we'll see.