How will you spend the Bush Check?

[camper65]

Charmed855-Question, Is that based on 06 or 07 earnings?

 

[charmed855]

The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.

$75k? What a crock of sh#t. I wonder how gradual the fade out will be.

 

[Weather_n_Leather]

From CNN.com

Stimulus proponents need to navigate Senate

Democrats have said they might try to push for the addition of provisions on unemployment benefits, food stamps, road repair and summer jobs for youths. Some of those ideas were dropped after from previous versions of the deal.

Aren't some of these provisions exactly what was negotiated out of the House plan to get it to pass? My big question is "What would more unemployment benefits add to the economy?"

If the Senate adds the unemployment benefits back in, that will only increase the number of days before it becomes official. The House will have to renegotiate their bill and the Republicans already said they did not want anything extra in the plan.

 

[Asylum]

We have heard the plan includes $1200 for working couples and an additional $300 per child. Does anyone know what the maximum number of children that someone can get the extra $300 for?

We have two young children....so we are assuming we would see a check for $1800 (if the senate agrees).

No cap on number of kids at this point that I can see:

ECONOMIC STIMULUS DETAILS
The rebates would go to about 116 million families. - They would include $28 billion in cheques to 35 million working families not addressed by U.S. President George W. Bush's original proposal. - The bulk of the rebates -- more than 70 per cent -- would go to individuals who pay taxes. - Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. - Workers who make at least $3,000 but don't pay taxes would get $300 rebates. - The rebates would phase out gradually for individuals whose income exceeds $75,000 and couples with incomes above $150,000, aides said. - Individuals with incomes up to $87,000 and couples up to $174,000 would get partial rebates. The caps are higher for those with children. - The first rebate payments could begin going out in May, and most people could have them by July. - The rebates were expected to cost about $100 billion, and the package also includes close to $50 billion in business tax cuts

 

[Weather_n_Leather]

We are going to spend the money on a few important things:

1. A new keyboard for the computer. The space bar does not work all of the time and it is driving us crazy. LOL

2. Pay off some of the debt on one of our credit cards. The card will them likely be used to buy something we want...so there will be little decrease in our debt.

3. Vacation - Looking to go on a cruise.

4. Buy a few shares of our current favorite stock (FPL Group).

5. Last but not least...More chrome for the bike.

We do have a question about the tax incentive package.

We have heard the plan includes $1200 for working couples and an additional $300 per child. Does anyone know what the maximum number of children that someone can get the extra $300 for?

We have two young children....so we are assuming we would see a check for $1800 (if the senate agrees).

 

[Asylum]

Although I was only a kid in the mid 70's when Pres. Ford stimulated the economy with taxpayer rebate checks, I do recall they started the end of the recession that had the collapse of the US steel industries, 9-10% unemployment, double-digit inflation and a stagnant economy.

It was something like $15B which wound up being $125 or per taxpayer.

Hopefully in this case, it will head off, or at least, dampen the current recession specter.

 

[Bullitt]

On the other hand, whatre the odds that the Best Buy and WalMarts will start showcasing their on sale hdtvs conveniently priced at $1200 right beside a sign saying they cash refund checks. Any takers?

Hahaha. You're absolutely right. Why pay down that credit card debt from Christmas or start a Roth IRA when you can buy a new TV? I'm guessing Wally World will have TV's for $1100, no interest for 5 months and if you buy it now you get a trial Direct TV subscription that will go up $100 in 90 days unless you cancel. Meanwhile, spend the money from the tax rebate on a vacation to get away from all the worries of the real world! Talk about making a bad situation worse!

 

[Silverbird]

Get my car fixed, the alignment is messed up due to trying to drive on the last snow day and hitting a snow bank. Probably broke an axle. I guess that counts as helping the U.S. economy. Long term, I think this is just an attempt by Bush to appear to be caring about the economy, since the debt increase is going to come to roost after he's gone. ;P

 

[Asylum]

Hookers & blow!












:nuts:

 

[Sunnyskies]

Diesel for the motorhome! :laugh: Our plan is to see the southern states this summer.

Retired and loving it!

 

[nnuut]

Just bought one at Circuit City, I can pay it off!!

 

[Idaho Dave]

On the other hand, whatre the odds that the Best Buy and WalMarts will start showcasing their on sale hdtvs conveniently priced at $1200 right beside a sign saying they cash refund checks. Any takers?

Refund check for self . . .$600
Refund check for wife . . .$600
Buying a HDTV made in Taiwan to stimulate the American Economy . . .Priceless

 

[weatherweenie]

The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.


So, the question becomes- what do you plan to do with the check?

Will you buy something?

Will you pay off credit card debt?

Will you "stimulate" the economy?


What will YOU do with your "Bush Check"?

I'd assume, especially if you have to add back in TSP and other contributions back into your income, that there will be a fair number of people here that won't get a rebate.

 

[Tempest]

Gets me closer to another share of BRKB.

 

[ChemEng]

Its looking like a good time to buy a piece of the market for the long term. Doubt we will get prices this low again in a very long time (if ever).

On the other hand, whatre the odds that the Best Buy and WalMarts will start showcasing their on sale hdtvs conveniently priced at $1200 right beside a sign saying they cash refund checks. Any takers?

 

[James48843]

P.S. -

I plan to take my entire "Bush Break" check, and give it to Mr. Obama.

 

[James48843]

The President is proposing an economic stimulus check (of budget deficit funds), to spur the economy.

Today, Nancy Pelosi and the House agreed to a plan that would be as follows:

Individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child under the agreement. In a key concession to Democrats, 35 million families who make at least $3,000 but don't pay taxes would get $300 rebates.

The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.

The Senate has not yet approved- but will probably come along with something along those lines-


So, the question becomes- what do you plan to do with the check?

Will you buy something?

Will you pay off credit card debt?

Will you "stimulate" the economy?


What will YOU do with your "Bush Check"?