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Old 04-25-08, 09:00 AM   #1
Jerseysbest
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Can someone explain the stimulus checks?

I haven't payed close enough attention to these things except that I should be getting one, cause I made over 3k but not over 75k. But whether I get one or not isn't the issue I'm concerned about.

From what I gather from online, the check we'll be receiving is a 'tax cut'. So if there weren't any checks, and we did our 2008 taxes in 2009, the 'tax cut' would reduce what I owe if I owed, or give me more back if I was getting a refund (if I owed $1000, I'd owe $400, or if I was getting $400 back, I'd get $1000). But, instead, the gov't is giving us an advance on that tax cut in the form of a check, this May? Am I correct?

So, if it is an advance, that means the gov't is probably borrowing money to finance this, there by reducing the 'tax cut'?

I've heard a lot of different scenarios and I'm too lazy to search around for this.
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Old 04-25-08, 09:42 AM   #2
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Its a bribe for you to like W.

Remember, he did that shortly after he was elected.
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Old 04-25-08, 09:49 AM   #3
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http://www.irs.gov/newsroom/article/...179211,00.html

It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.

Last edited by 1fluffhead; 04-25-08 at 09:55 AM.
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Old 04-25-08, 09:53 AM   #4
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The money somewhere in the amount of 150 billion dollars will have to be borrowed. Quite a bit of it will probably be borrowed from China. It's just more money that my kids and grandchildren will have to pay back in the form of higher taxes. It's totally foolish but it's an election year so why should I be surprised.
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Old 04-25-08, 09:54 AM   #5
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Free money!!! W00t!!!!1111111!11!!!!!!!!


I'm not going to rip up the check when it shows up in my direct deposit or anything, but this ploy by the federal government is only going to help the dollar sink farther into its current depths of crapulance.

I expect to buy 6 gallons of 87 octane fuel with my free money.

Did I mention it's FREE MONEY!!!!!!! Take that, CHINA!!!




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Old 04-25-08, 10:02 AM   #6
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Free money!!! W00t!!!!1111111!11!!!!!!!!
Hell yeah! Think of how much blow you can buy with $600! It won't help the so-called "economy", but it'll help prop up the international drug trade. And really, which one do you have more faith in?
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Old 04-25-08, 10:04 AM   #7
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Its a bribe for you to like W.

Remember, he did that shortly after he was elected.
A Bribe from W??? Hmmm, that's funny becuase this economic stimulus measure was passed by the democratically controlled Congress.

Not that I'm for W (or any other politician for that matter) but you need to get your facts straight about how things actually happen in our government before making statements like that.
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Old 04-25-08, 10:04 AM   #8
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Finally, I can prop up the Chinese economy by buying cheap consumer goods.
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Old 04-25-08, 10:14 AM   #9
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so, the message is that when we get into trouble with too much borrowing.... the government will be there to give us a few hundred bucks to keep buying.

this is no different then giving a crack addict more crack when they run out.

we need real fiscal responsibility. i don't see either party providing that in the near term.
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Old 04-25-08, 10:17 AM   #10
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Finally, I can prop up the Chinese economy by buying cheap consumer goods.

I wonder if I should do that by buying my 6 yr old the huge bionicle set he's been nagging me for, and then remind him of it when he complains about the national debt when he starts paying his own damn taxes.
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Old 04-25-08, 10:28 AM   #11
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My age group (19 college freshmen) fell though the loop on this one which sucks. Because I am still claimed as a depended on my parents taxes I am not eligible for the check, but because I am over 18 neither can my parents (and I wouldn't even mind if my parents got it and kept it, they do help me out a lot). Lame.
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Old 04-25-08, 11:21 AM   #12
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Thanks for all the answers but please respect foo and it[EDIT: s ] political neutrality.

Last edited by Jerseysbest; 04-25-08 at 01:01 PM.
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Old 04-25-08, 12:04 PM   #13
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Originally Posted by lns55 View Post
The money somewhere in the amount of 150 billion dollars will have to be borrowed. Quite a bit of it will probably be borrowed from China. It's just more money that my kids and grandchildren will have to pay back in the form of higher taxes. It's totally foolish but it's an election year so why should I be surprised.

yep. Money taken from me and given to you. Spend it wisely.
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Old 04-25-08, 12:24 PM   #14
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Think of Robin Hood. Steal from the rich and give to the poor.

It's a tax credit for the 2008 tax year that you get early. If you didn't qualify for it early, like me, you may still qualify when you do your taxes at the end of this tax year. I am politically against it, but like democrats not giving extra money to the IRS when they think they aren't taxed enough, I take advantage of every loophole I can slip into.
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Old 04-25-08, 12:26 PM   #15
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it political neutrality
Should this be its or its' or it's ??????? This is one I always get wrong.
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Old 04-25-08, 12:30 PM   #16
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When I was younger and played organized sports, I had to go to the doc and he made me turn my head and cough. If I'm not mistaken, that is a stimulus check.
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Old 04-25-08, 12:50 PM   #17
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Should this be its or its' or it's ??????? This is one I always get wrong.

No apostrophe on the possessive.
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Old 04-25-08, 12:51 PM   #18
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yep. Money taken from me and given to you. Spend it wisely.
So what do you think about the bionicles?
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Old 04-25-08, 01:02 PM   #19
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When I was younger and played organized sports, I had to go to the doc and he made me turn my head and cough. If I'm not mistaken, that is a stimulus check.
Best answer so far!
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Old 04-25-08, 01:55 PM   #20
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The stimulus check is a nice weapon of mass distraction. The Fed bails out Bear Stearns with billions in tax dollars over irresponsible practices and you get $600.. that they're paying you with your own money.
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Old 04-25-08, 02:03 PM   #21
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When I was younger and played organized sports, I had to go to the doc and he made me turn my head and cough. If I'm not mistaken, that is a stimulus check.
No, that was the grope, the stimulus check was when he hit you in the knee with the triangular rubber mallet.
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Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 04-25-08, 02:14 PM   #22
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We found out we do not need to be stimulated.
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Old 04-25-08, 04:52 PM   #23
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Should this be its or its' or it's ??????? This is one I always get wrong.
For the possessive, use "its". For the contraction of "it is", use "it's".
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Old 04-25-08, 04:58 PM   #24
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Think of Robin Hood. Steal from the rich and give to the poor.

It's a tax credit for the 2008 tax year that you get early. If you didn't qualify for it early, like me, you may still qualify when you do your taxes at the end of this tax year. I am politically against it, but like democrats not giving extra money to the IRS when they think they aren't taxed enough, I take advantage of every loophole I can slip into.
That's not the way I understand it. The way I read it, it's just a gift...not-taxable, and with no impact on your taxes to be paid or any refund you might be getting. The problem is that the government has to borrow the money in order to give it to us, and that'll increase the national debt. And, of course, the national debt is really owed by all of us...

By the way, the Democrats think the Republicans aren't taxed enough, either, and see no reason why they should pay more than they have to, and give the Republicans a free ride.
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Old 04-25-08, 05:27 PM   #25
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we're not taxed based on our party affiliation.
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