How will you spend the Bush Check?

[weatherweenie]

If your AGI is >$75k after all deduction, then the $600 Bush is throwing is chump change compared to your salary.

The way it reads is you have to add back in your contributions to retirement funds and health savings accounts, right?
'Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.'

So, if you have an AGI of $60,000, but contribute $15,000 to tsp and $5,000 to a HSA your income would really be $80,000.

 

[FUTURESTRADER]

How the Rebate Works
By The Associated Press – 56 minutes ago
How Americans in different financial situations would fare under the rebate plan proposed by House leaders and the White House.
_An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate.
_A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate.
_A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate.
_A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate.
_A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by 5 percent for every $1,000 in income above the $150,000 threshold. An $1,800 rebate — $1,200 for the couple plus $300 per child — would go down by 50 percent for this family. A $900 rebate.
_A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate.
_An individual with adjusted gross income of $23,000 and no dependents would get a rebate of $600.
_A couple with adjusted gross income of $160,000 and two children would get a rebate of $1,300.
_A couple with adjusted gross income of $184,000 and two children would get a $100 rebate.

 

[charmed855]

I think I'll use my rebate to wipe my @ss. This way, I will actually contribute towards stifling the economy in that I won't have to buy toilet paper for some time (assuming I use $1 bills - no coinage please).

 

[fabijo]

Its another attempt at the government trying to spend its way out of a hole that they got in with spending to begin with.

AMEN! It's $150 billion dollars that we don't have. It's just borrowed money from China.


Thanks, China!

 

[GGal]

I don't think I'll be getting a check. But my children will!

My oldest daughter is going to buy a new mattress....she's had her mattress for 21 years and it's shot. Or, she may use it to help pay for her daughter's braces.

My youngest daughter is going to pay off some debt.

 

[Rod]

I could use a new laptop... thinking about a Dell.

 

[hessian]

Good thread - good question.

Mine's certain to all go into my gas tank (to get to and from work). I expect many folks will be doing the same. Stimulus? - bunk.

PS If they'd give me the option - I tell 'em to keep it (as long as if goes to paying our ballooning debt).
Really wish they'd give us the option! I'd "Just say NO"!

 

[EW_ret]

I'll buy my daughter a used van so she has the ability to buy things for her five children. To empower others to buy helps our ecomomy!

 

[fabijo]

Stimulus? - bunk.

PS If they'd give me the option - I tell 'em to keep it (as long as if goes to paying our ballooning debt).
Really wish they'd give us the option! I'd "Just say NO"!

Now, that's what I'm talking about! Is it possible to donate to the U.S. Government? I tried looking around online and could not find any info on it. Maybe I can spread the debt to another country by buying a foreign country's bonds.

 

[oreo]

Now, that's what I'm talking about! Is it possible to donate to the U.S. Government? I tried looking around online and could not find any info on it. Maybe I can spread the debt to another country by buying a foreign country's bonds.

I think if you don't cash the check for a certain time period, maybe a year, it reverts back to the treasury.

Personally, I think if you don't want the money, you're better off giving it to charity than letting it revert back to the Treasury because its not guaranteed that it will go to paying off the debt. At least this way, it will go back into the economy. By giving it back to the government, it will probably just be spent on something else.

JMHO

 

[Christopher]

I could use a new laptop... thinking about a Dell.

Hey Rod, just a suggestion - for informational purposes only: Google on "SLICKDEALS" for a website with forums posting sweet Dell hardware deals...

 

[Breyers]

I did more than my share of stimulating the economy last month.

I'll use the check to pay off my credit card bill--hope it comes soon! :worried:

 

[Christopher]

OOPS - to answer the question:

My family's hard earned TAX OVERPAYMENT REFUND CHECK (well, that's what it is) will be dropped on either a new(er) vehicle, a new(er) home or land, or next summer's vacation. It's a buyer's market for cars and homes, we're debt free (well, at least until our eldest heads for college in a couple of years... :laugh, and if it helps in the least bit to pull us out of this stinking sinking market, then it's a win for all our TSP accounts! C'MON, SHARE THE LOVE !!!

 

[marco59]

...probably use it to finish paying off some medical bills

 

[Oldcoin]

Lotto tickets and Jack Daniels, naw just kidding

I’ll dump it into the stock market, screening stocks is a hobby.

 

[Callme_CO]

stock up my shelter with ammo weapons food and water for when out economy collapse every man and woman for themselves. Or buy a couple shares of google.

 

[Fivetears]

Banking it.

 

[sdouglas3]

blondes and beer

 

[MaStA]

The savings account!

 

[Idaho Dave]

Stamps to mail in my TSP transfer requests.