Government Checks!

:woohoo: Have you all been following the proposal that is set to go before the senate that would mean all tax paying adults would get recession checks from the governement? Unless I’m reading the reports wrong the hubby and I will get a check for $1200 in June. Of course, it is the government so who knows how much we’ll pay in taxes for that … even if we only end up with $10 that’s still yarn money : )

You can get up to 1200 dollars. Now, that is fine if they want to send me a check for a few hundred dollars in July, but I don’t know how that is supposed to fix the economy.

I’m worried it’s going to be handled like the last one a few years ago, where we’ll have to pay it back when we do our taxes next year!

Yeah, I believe it’s $600 for an individual and $1200 for a couple and from what I last read, an additional $300 per child.

It just kills me, they plan on sending out these checks thinking we’re all going to go buy new cars or tv’s, or some other indulgent thing/s, but, everyone I know plans on trying to pay down bills! That whopping $1200+ ain’t even gonna make a dent in my debt! Ugh, don’t even get me started…lol

Here in Canada we get 100$ per month per child indefinitely. It is taxed as income, but as a stay at home mom of two, we call it my paycheck. We also get approx 74$ per child tax free so life is good here.
Maternity/Paternity benefits here are for 1 year.

I think the gov. wants us all to multiply!

The idea is that if they send you the money you will go out and spend it which will infuse some more money into the economy. The problem IS that if you look at the polls most people plan to spend it on their bills or save it.

Those one-time fix it payments never work.

Well, to be fair, there are other things included in the plan beyond just the checks, but in general I don’t really think the checks will work. The plan may work, hard to say, but none of it is a magic pill.

Too little, too late is the general concensus among economists. I think they are just trying to prop up the economy until november.

As a US citizen living in Canada, I wonder if I’ll get it as well. I still have to pay US taxes on anything I make here…so…

Guess I should ask my tax person.

The way economy works is weird. I feel we are encouraged to buy as much useless stuff as possible instead of paying bills, saving money, buying only what we can afford and what we need. In what kind of world do we live in? :shrug: It can’t go on like this indefinitely!

If only they would come sooner than June! But, I’ll be glad to get that check no matter when it comes…:out:

I will gladly take a check for $2100! :woohoo::woot::happydance:

(married-$1200+3 kids at $300 a piece)

This bill still has not passed the Senate…and they are right now proposing to add on to the bill to include Senior citizens on Social Security…this will reduce the rebates to probably $500 rather than $600.

If Bush gets stubborn, he will veto it when it goes back to him…

I’m assuming this is income limited? like if you make over a certain amount you won’t qualify for the check? it wouldn’t make sense for people in the top income brackets to get the rebates. where did you read this? my father lives overseas as well. but as to pay taxes so i wonder if it affects him. americans overseas and taxation is so confusing.

As it stands now, I believe the upper income cut-off is $75,000 per person (double for married)

In my house it will go into the general fund to pay bills
the good point is that if I pay my back due bills, the people I pay will have more money, and less debt, to spend
Once their Debt is down, they can spend more, and offer more credit to people who need services, thus inflating the economy a bit.
Anything to get people to spend more money
Less savings, means more money in the economy, unfortunatly this promotes the widening of the class differences. the people it makes the most difference to, will make the biggest changes in their spending. The Wealthy will not see a large change

Just understand, this is my limited opinion of the situation as I see it. I interact with people at both extreames of the Class scale. The people I know on the lower end of the Incoming cash graph, are thrilled to offset some of their debt and to spend some, but not much. I know a few people who are VERY wealthy, and they are almost Blasse about this, its an offset to their taxes, not get them a refund per se

Just my input


This may sound incredibly dumb and naive (I’ve never been much with economics), but it seems that most people I’ve talked to are going to use this proposed “refund” to pay for the essentials - lights, heat, groceries, credit card debt…and while that is good for them, I don’t see it being a huge stimulus to the economy. The way the heating bills are running here right now, they can easily hit $300/month - so yes, you are paying the gas and electric companies, but if the money has to go to that, it really isn’t helping keep people in department stores, restaurants, etc. in a job. That will only work if people are able to use it for “luxuries”…and our economy has been sucking eggs for so long now I don’t think that’s going to happen much.
Am I just too cynical??

no you are mostly right. ECB is correct in her assessment as to what it will do for businesses, but as far as the rest of us… Their hope is that we will use it to splurge on a new DVD player or something… basically putting “new” money into the system. Savings is the worst thing we can do, as far as they are concerned with this, paying bills is the second worst. The best scenario is that people will use it the way they tend to use their IRS refunds… spend it on something splurge-y that they wouldn’t normally buy on their day to day budgets.

(btw… the ideal tax refund is no more than about $100… no matter how much you like that deposit in your account, you have just given the government a interest free loan.)

The last thing I saw was the income cut off was $85,000. It may have changed since I last saw, though.

And yeah, just to reinforce what was said above, the LAST thing the government wants us to do is pay off our debt! GASP They want us to use that money to splurge, splurge, splurge! HA! Yeah, right, like a whoppin’ $1800 (what my family [I]should[/I] get) is going to do anything but pay my heating bill and try to pay down my credit card debt.

What irritates me so much about this whole thing is it NEVER would have gotten this bad if things had been kept in check in the first place! This is nothing but a crappy band-aid, a temporary “fix” that, in the long run, really isn’t going to make much of a difference. Oh yeah, I forgot I wasn’t going to get started…hahaha