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P.L. 110-185, The Recovery Rebates and Economic Stimulus for the American People Act of 2008
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Visitor Comments
Roger
anything for those who didn't make enough to pay tax's, like seniors and homeless vets?
smith
Stop breaking the economy then trying to give the people hush money! This is ridiculous! The reasons for the economic downturn are still there. (The FED, the War, the unconstitutional spending.)
Suzanne
This is ridiculous. They are putting everyone in the same category when it comes to income! Don't they know that it costs more to live in some parts of the country than others? The ADJ Gross is too low!
Brad
How is this a savings? They aren't going to not spend money and instead just give it back to us. The government will still spend all the tax money. They'll just borrow more to give us the cash. To finace this they have to sell bonds to China, just so Americans can use the money to buy more stuff from China that we don't need. Great way to save the economy, run up the deficit and encourage americans to spend frivilously instead of saving.
Follow-up
Roger: The senate version, yes, house version, no.
Smith: Get a life and learn something about economics.
Suzanne: It is not a hard cap at 75,000/150,000, but a reduction by 5% for every part of a taxpayers AGI over 75,000/150,000 (making the cap effectively 87,000/174,000 (higher with children). Married individuals need not worry, 150,000+ is a lot of money no matter where you live in the US. They based the cap on who is likely to actually inject the money into the economy. History has shown them the appropriate place for the caps.
Brad: Get a life and learn something about economics.
Kathy
Follow-up: "higher with children." What is the cap for married couple with 3 children? I can't find this anywhere.
Follow-up
Kathy: the cap, if you are referring to the maximum you would be eligible to get in your rebate check, would be the base ($600/$1200) plus $300 for each child so $1500/$2100 (individual/married). According to the final version of the bill.
If you are referring to the maximum that you can make before you lose tha ability to take part in the rebate, it is the same (I mistyped my previous comment, it won't let me edit once posted).
Kathy
Follow-up Thanks so much.
Kathy
Follow Up: Just to clarify that 174,000 is hard cap and doesn't change even if you have children right?
Brent
This IS ridiculous. As I read the bill, it appears that this will just be a "loan" against your 2008 taxes, unless of course you don't pay taxes. Then it is just a gift. I wish they would have required that the names of each person who wont be getting the loan would be printed on the checks. "This check compliments of..." If I get one of these checks, I will send it right back because I would have to repay it in 2009 anyway.
Follow-up
Kathy: It all really depends on how you do your taxes. The 174,000 is based on your "net income tax liability" which in some cases could be significantly lower than your actual gross pay. It is based on tax law, which can be complicated. A tax professional could probably explain the full details, however your rgoss income is never lower (i think) than your "net income tax liability". (I hope that makes sense).
Brent: This is NOT a loan against your 2008 taxes, it is a rebate, you never pay it back. The idea behind it is for you to take some of the government's money and go on a shopping spree to boost the economy.
For those of you who complain "Why am I not getting a piece" or whatever, this is not a welfare check, cost of living offset, or any other method designed to improve your financial situation or help pay bills. This is a way the government has designed to hopefully boost the economy, nothing more.
Follow-up
My mistake, I meant "Adjusted Gross Income" rather than "net income tax liability"
For example, educator expenses, IRA deduction, student loan interest, and tuition and fees are all deductions that may help reduce your "Adjusted Gross Income".
Gary
like huckabee said were getting the
money from china. said this two
weeks ago
Janice
The American people are not as stupid as some people think. We are sick us Bush's plans to bankrupt our country in order to stuff the pockets of special interests and foreigners.
Jonathan
Follow-up: "The idea behind it is for you to take some of the government's money and go on a shopping spree to boost the economy."
Erm, hate to say this, but it's not the government's money, it's ours (assuming you're a tax payer). You might wish to review your response to Brad.
Pat
People that pay taxes should receive a check. WHY should they be penalized or give someone their rebate when that person never pay taxes. These people need that money just as much.
bonniebleau
Here we go again. I guess we'll be borrowing money from China to give stupid Amerikans a token of their income taxes back so they can go out and spend it on something made in china! Only our government could come up with such a brilliant plan. meanwhile, we have people complaining that they may not get their fair share. Give me a break. Our founding fathers must be rolling over in their graves.
J A Swidergal
Now if they really wanted to juice up the economy give us all a million dollar grant. That would be nice!
radredhead
The economy is in the dumper because Americans are hooked on spending. They buy houses they can't afford, drive cars that guzzle gas...and the government's answer is a little crack nugget to keep us hooked. Screw that, I'm putting my rebate in the bank where it will earn some money for me!
Follow-up
For Kathy and anyone else confused about the "caps", here is a link to an article explaining this bill who is eligible as well as what the caps are.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/02/12/BUOAV0BJP.D...
micky
Let's see, the country is deep in debt, the dollar is losing value daily, so now GW is going to go deeper in dept (further devaluing the dollar) to help the economy. God help us! Our rulers are morons!
Bill
$174,000 is not a lot of money if you live in NYC, have doctorate level loans and recent mortgage and have 5 kids. Im a democrat that just turned Republican on this.
jacob messer
I don't agree with this at all... but what can we do?
I'm just sending it to Ron Paul's campaign fund. You want someone to fix the economy and open your eyes people because there is no one as qualified and I dont think anyone's punked Bernake as much as Dr. Paul does.
Gary
jacob looks like paul
is out of the pic.. they don't show him he's not a front runner
this is bushs' way of covering his butt, we need a democrate in office
bonniebleau
Jacob, what a fantastic way to spend this money. I believe I may just do the same thing OR now I have several people (in the Ron Paul fashion), that have also decided to run for office. It might help them get started! Thanks for the idea!
bonniebleau
Gary
McCain is a fascist
Hillary is a socialist
Obama is a communist
don't believe me check out his churches website and the History of Disporia and Hillary, OMG, all the scandels and dead bodies from the Clinton Administration are piled high. McCain is just a fascist neocon who hopefully is on his meds!
Smith
Follow-Up: Learn something about history. The FED is the reason the Great Depression occurred, and it is the reason it will occur again. Bills such as this will not "boost the economy." Most people will save this money or spend it paying bills. Thge reason the economy is going down the drain is because Congress delegated the Constitutional authority to regulate the value of money to a private bank. This is a very foolish thing to do, and it is illegal under the Constitution of our country. This bill does not treat the problems, just the symptoms of the economy. The way to fix this is to return to the standards dictated by the Constitution.
Smith
McCain is a fascist?
Hillary is a socialist?
Obama is a communist?
Finally, someone else that understands!
Molotov
They could have saved the rebate checks, kept the re-fi stipulations and business deductions, and called it good enough for now. But, since it is my money anyway, I will be using it for items built in the USA. In addition, IT'S AN ELECTION YEAR PEOPLE, they have to buy your votes.
Just wait for the Dems to take the Presidency. This country will be in even worse shape with all the social plans of the Democrat "SAVIORS". Raise your taxes, raise business taxes, business is "EVIL", jobs cut further, etc etc etc.
Kathy2
Maybe they should consider fixing incomes and education and the ridicules cost of health insurance and health care instead of costing the public more money to "give back" money.
Brian-NJ
Reverse psychology works. The money which everyone assumes is to stimulate the economy will go in the bank by everyone behind in bills and everyone looking to spite. There is no money for lenders to lend, they are getting some from sovereign funds but what better place to get it then get it back from where yo lent it.
C. J. Lingo
It is amazing that our elected representatives are able to find One Hundred Sixty Eight Billion dollars of "Vote Buying" money but are completely unable to find the Twenty Billion dollars or so that we should be spending annually to restore our United States Air Force aircraft. Almost all of our military aircraft have greatly exceeded their design life.
Spending the money on what we need would also stimulate the economy as well as insure that we will be around long enough to enjoy the benefits.
rsw
Anyone know how someone truly homeless without an address can get the stimulus check?
llm
Wow, I can't wait to get my $600 dollars - I can buy gas to get to work for one week!!! or maybe pay my electric bill - how much fun!!!
TAMMY
WHAT IF I WENT TO H R BLOCK AND HAD MY TAXES DONE HOW LONG WILL IT TAKE ME TO GET MY REBATE CHECK TO ME BECAUSE I FILL THEM REALLY EARLY LIKE THE 2 WEEK WHEN IT CAME OUT
Avon Barksdale
How am I stimulating the economy when the IRS applied my $600 to back taxes that I am not delinquent on? I was audited from 2002 to 2006. I was notified by the IRS via letter in 2006 of this audit and set up a payment plan. I have been paying for over 2yrs now. I do not owe any Federal student loans, and I don't have any kids, so child support is not due either. Today, 07/16/2008 the IRS was incapable of explaining to me why I am not getting my stimulus. They did give me the public law code, and that's it. I would like to know the exact explanation within the bill that states the money sent to me to stimulate the economy is in fact subject to stimulate the IRS instead. Also, an explanation of where this money is coming from would be appreciated. Last I checked the US is in 9-trillion-something dollars in debt to itself???