Approved! yay

What will everyone be doing with their money?

I'm lame and will just save it http://ayonae.ro/images/smilies/frown.gif Hopefully a lot of retailers promote sales when the checks go out this summer. That might urge me to spend some of it http://ayonae.ro/images/smilies/poker/diamond.gif

http://www.msnbc.msn.com/id/23052292 - btw could they have picked a worse picture to go with the article? Everyone in the picture has a goofy expression on their face.

The House and Senate both pass the fiscal stimulus package (H.R. 5140). Highlights:

* Up to $600 rebate for individuals and up to $1,200 rebate check for joint filers. Phase-outs begin at $75,000 AGI for individuals and $150,000 for joint filers. Also, a $300 bonus for each dependent child. Checks will be mailed out in the summer.

* 50% bonus depreciation for assets acquired and placed into service in 2008. Property eligible for bonus depreciation will be the same as those included in previous depreciation packages: (1) tangible property with a recovery period not exceeding 20 years; (2) purchased computer software; (3) water utility property; and (4) qualified leasehold improvement property.

* Maximum Section 179 expense for 2008 increased from $128,000 to $250,000, and phase-out threshold increased from $510,000 to $800,000.

At first I said to the wife, hell we can use that to pay on bills. She said like hell, we are going out and spending it.

What am I going to purchase? Probably something off this list:

1) Laptop
2) Wake Board
3) Fishing poles
4) Water ski's.

Just purchased a new boat, need things to go with it. Either way, its getting put back into the economy...whether I agree with the stimulus package or not.

You can compare the stimulus compromise with what was recommended (http://www.cbo.gov/ftpdocs/89xx/doc8916/01-15-Econ_Stimulus.pdf) by the Congressional Budget Office. The gist of it is that you want to put money into the hands of those most likely to spend it: generally lower income persons.
I'm lame and will just save it Lame AND you hate America!

I love the government's answer to the economy right now. Give the masses more money to spend! Hell, why not cut out the middle man and just send million dollar checks to businesses based on their taxes.

Cause I'll be spending mine on credit card debt LOL!

Cause I'll be spending mine on credit card debt LOL!
Reminds me of some case of "personnal backrupcy" I watched on TV.

Some couple bought a house, via a credit, and bought alot of stuff for it, via multiple credits.
But they both lost their jobs. So they decided to sell the house.

And do you think they used the money to "dry" their different credits?
No way, they bought more stuff to "comfort" themselves or some stupid reason.

People... :rolleyes:

Yay, let's cause more inflation...

I'm sure our $1500 check will be added to the downpayment for my wife's new vehicle fund.

Mine will go right into the savings account maybe even an IRA or something. In any case I will pretend like I never had the money in the first place just like I do with every windfall I get :)

'maybe even an IRA or something'

- TERRORIST!!

Mine will go right into the savings account maybe even an IRA or something. In any case I will pretend like I never had the money in the first place just like I do with every windfall I get :)

Maybe set it up in a savings account for the grandkids, who are going to need it to pay off this grand gesture.

Thank you China for another $170 Billion.

Byl, why do you hate America so much?!?
Shorty it's a pretty sad fact but i think consumer spending acounts for somewhere around 67% of the american economy right now. 65% of that using credit =(

Where'd you get that made up statistic?

Byl, why do you hate America so much?!?


Phhttt!

It is the Americans who are so willing to pass their bills onto their grandchildren to pay that I dislike so much. This goddamm cowboy in the White House has almost bankrupted the country, both morally and fiscally, with his wars in the middle east. His solution to the national malaise? Let's give folks some free money that our grandkids can repay, so they can go out and buy some stuff and feel good about themselves for a day or two.

Fucking fraud!


Edit: had to change hate to dislike, cus' hate is just too strong a word.

i am going to replace the infamous Xbox

I don't get any...:(

I don't get any...:(

Well for $600 I'm sure you could...

Well for $600 I'm sure you could...


HAHAHAHA...:D

I think you guys are missing the point of the money. No matter what you do with this particular check, you're probably going to eventually spend the money. That's the only reason they're giving it to us.

The point is to provide a rapid influx of cash into the economy, not an "eventual" or gradual flow of cash.

I'm gonna buy some magic beans.

majority of people wont save it. It will buy extra groveries, pay off behind car payment, credit cards, but electronics. Every tax season people come to ATT and pay $750 deposits, i suspect we will get a lot of iphone purchases, higher end phone purchases, and people paying large deposits.

I don't think its ment to be saved. Spend it, and spend it fast....to save the ECONOMY@@@!!!! Surrre.

The point is to provide a rapid influx of cash into the economy, not an "eventual" or gradual flow of cash.
Of course.

What I'm saying is that even if you save it, you'll just be more likely to spend the next $600 you get normally, because you've got this "savings" in the bank. If people had any ability to save and live within their means these days, we probably wouldn't be in this mess.

Never mind the fact that the very influx that gave you the "savings" will have worked to further wreck the value of not only that money, but the other money you have on hand or saved.

So there's a lot of talk about inflation here, but isn't this money just money back from our taxes? Or are they printing an extra $600 per citizen?

You can't flood the system with money and not cause inflation.

Though, it is probably marginal in comparison to these huge interest rate cuts, which create a lot more money out of thin air.

Be sure you include the rebate on next year's taxes as income too, to avoid the suits knocking on the door.

"I don't get any...http://ayonae.ro/images/smilies/frown.gif"

Nor do I....

Make too much money then!

I don't get any stimuli either! Why can't a brutha get stimulated every now and then!

or I could have went with, My wife is the only person allowed to stimulate my package!

Basically this is like before if you are used to getting a refund at the end of the year your refund will be about 600 shorter or whatever the amount you receive. The criteria for this refund sucks imho. I do not think my brother who is a piece of shit and not working should receive a check, but he will because he had a small income that he reported last year. If they wanted to give the working class of America a tax relief then give it to them in the form of taking less out of every pay check but not giving everyone in the US that falls under a certain salary cap money. I see this as a way for the Republican party to go into the election looking good (btw I tend to vote Republican, I voted for Kinky Freedman because he wanted to legalize gambling in Texas and well that would save me a lot of gas money so I do not boost the Louisiana economy 3 times a year) the masses will say hey Bush gave us Free Money and will lean to the republican candidate. I am not sure who I am going to vote for this election. I guess it will be for the candidate that is the lesser of the 2 evils. I say give me a tax cut and relieve me of my tax burden do not give me a check half way thru the year and say we will collect for the rest in january.

There is no free lunch folks~1