looks like some of us will be getting these terrible ideas of an economic stimulus check earlier than planned

http://money.cnn.com/2008/04/24/pf/taxes/Stimulus_checks/index.htm?eref=rss_topstories

Quote :

"Tax rebates to start arriving Monday Treasury Department says it will deposit the first 800,000 rebates - five days earlier than expected - in effort to boost economy. By Catherine Clifford, CNNMoney.com staff writer Last Updated: April 25, 2008: 8:27 AM EDT NEW YORK (CNNMoney.com) -- The federal government, eager to boost the flagging economy, will start distributing special tax rebates on Monday - five days earlier than expected, the Treasury Department said Thursday. The department had said last month that it would begin giving rebates on May 2. Instead, 800,000 tax filers daily will get rebates on Monday, Tuesday and Wednesday. No rebates will be distributed on Thursday, and 5 million payments will be made on Friday. The payments will go out ahead of schedule because of a new computer program that updates records daily - faster than an older program that updates weekly, according to Andrew DeSouza, a Treasury spokesman. Overall, the Treasury will distribute more than $110 billion to 130 million taxpayers by July and hopes to get the first $50 billion out by the end of May, DeSouza said. The checks are the centerpiece of an economic stimulus program signed into law by President Bush in February. The aim is to boost consumer spending and help mitigate problems caused by the slowing economy. Checks are being distributed to people who file 2007 tax returns. Those who opt for direct deposit with the Internal Revenue Service will start getting rebates before those who use the mail. The program calls for rebates of up to $600 for single filers making less than $75,000. Couples making less than $150,000 would receive rebates of up to $1,200. In addition, parents would receive $300 rebates per child. Tax filers who do not owe income taxes but have at least $3,000 in income would get a $300 rebate. Rebates to taxpayers slated to get paper checks will start to go out on May 9 - one week earlier than originally planned. The order in which tax filers will receive their rebates will be based on the last two digits of their Social Security numbers."

4/25/2008 9:19:58 AM

yay!

last 2 of ssn? hmm

4/25/2008 9:30:25 AM

Quote :

"The payments will go out ahead of schedule because of a new computer program that updates records daily - faster than an older program that updates weekly, according to Andrew DeSouza, a Treasury spokesman."

thats fucking sad.

4/25/2008 9:39:12 AM

Terrible Idea I agree. Smart people should realize this will give us a boost, but in a few months, we will be in the exact same situation.....only this time, half of the country will have a new flat screen tv to watch it on

4/25/2008 9:40:42 AM

Quote :

"Terrible Idea I agree. Smart people should realize this will give us a boost, but in a few months, we will be in the exact same situation.....only this time, half of the country will have a new flat screen tv to watch it on"

or a new AR-15 that I can't afford to put ammo in.

4/25/2008 9:53:20 AM

I'll hopefully have almost 0 credit card debt

4/25/2008 10:26:24 AM

Quote :

"The program calls for rebates of up to $600 for single filers making less than $75,000. Couples making less than $150,000 would receive rebates of up to $1,200. In addition, parents would receive $300 rebates per child. Tax filers who do not owe income taxes but have at least $3,000 in income would get a $300 rebate. "

So, I'm confused. If you're a married couple making less than $150,000, you get up to $1,200. What if you didn't owe taxes? Do you get the $1,200 or do you get $300 each? Same with single people...if you make less than $75,000, do you get the $600 if you didn't owe taxes or do you just get the $300?

I just found a website with a calculator on it and apparently if you don't owe taxes, then you get the lower $300/per person.
http://www.fivecentnickel.com/2008/01/28/qualifying-for-an-economic-stimulus-tax-rebate-check/

[Edited on April 25, 2008 at 10:53 AM. Reason : .]

4/25/2008 10:46:44 AM

I'm not sure how one would get out of owing income taxes? That is to say, if you earn a sufficient income, you will owe tax. However, your withholdings throughout the year cover that, hopefully. So I don't think it necessarily means whether or not you were owed a refund or had to pay extra, just that you made enough to trigger income taxes.

The damned Duggars are getting almost 7k in this rebate. Crazy

[Edited on April 25, 2008 at 11:43 AM. Reason : ]

4/25/2008 11:42:14 AM

^ Mostly that applies to us losers. I made less than the $8,750 minimum last year, so I didn't actually owe any tax, I get all my federal witholding back.

4/25/2008 12:49:35 PM

i'll probably use mine to pay for the property taxes on my car...

4/25/2008 1:04:30 PM

Quote :

" The order in which tax filers will receive their rebates will be based on the last two digits of their Social Security numbers"

well i'm fucked.

4/25/2008 1:05:46 PM

Me too

4/25/2008 1:08:07 PM

i'll probably use mine to pay for the property taxes on my car...

4/25/2008 1:18:22 PM

If you did direct deposit you get to skip all the check people...

4/25/2008 1:20:55 PM

oh for real? does that mean all the direct deposit money will go in on monday??

4/25/2008 1:23:18 PM

maybe

if youre in that batch of first 80,000

4/25/2008 1:30:23 PM

Ugh, high-number SSN combined with no direct deposit means I won't get mine until late June.

4/25/2008 3:47:52 PM

are they gonna at least send a fucking letter saying they made the deposit?

they put my refund in there without telling me, i thought i typed in a number wrong on an online bill

4/25/2008 9:13:40 PM

im putting my check toward my student loan pay that shit off program i'm on

it helps but only shortens my plan by 1 month

4/25/2008 10:49:27 PM

I'll probably pay my car insurance with it. Of course, I'm in the last possible batch of recipients so I'll probably get mine some time in 2009...

4/26/2008 12:51:18 AM

what really sucks is making like 400 dollars less than the amount you had to make to get the rebate....AND having to pay money

4/26/2008 12:54:44 AM

i didnt do direct deposit but the last 2 digits of my ssn create a single digit number under 5.. guess i'll get it pretty soon?

4/26/2008 1:10:31 AM

can't wait to get that 27 bucks (what I got based on my income level)

4/26/2008 2:15:02 AM

new tires

mail order so no sales tax

4/26/2008 12:28:27 PM

if i was claimed as a dependent by my parents but i made over the $3000 should i still get a check?

4/26/2008 12:41:02 PM

Quote :

"can't wait to get that 27 bucks (what I got based on my income level) "

Why would you only get 27 bucks? I thought the minimum was like $300?

4/26/2008 12:49:41 PM

Lets all hope that people don't use this as a down payment for another loan.

4/26/2008 1:57:06 PM

Quote :

"Terrible Idea I agree. Smart people should realize this will give us a boost, but in a few months, we will be in the exact same situation.....only this time, half of the country will have a new flat screen tv to watch it on"

I just finished reading a report on Dolby that said they were counting on the tax rebates helping out business later in the year...

Quote :

"SNPMarketScopeResearchNotes2008-04-25 16:16:00.000DLBDOLBY LABORATORIES'A'J.Peters-CFAS&P REITERATES BUY RECOMMENDATION ON SHARES OF DOLBY LABORATORIESIn light of recent data indicating slower consumer spending, we are reducing our Mar-Q and FY 08 (Sep.) EPS estimates by $0.04 and $0.05, respectively, to $0.47 and $1.59. While we think spending on electronics will moderate in first half of calendar '08, we still see tax rebate checks stimulating growth in second half. Along similar lines, we note a recent CEA survey indicates one in five consumers are likely to spend part of their rebate on consumer electronics, while changes in depreciation allowances should boost business spending on computers, both should benefit DLB.|US;DLB|21263|90655 "

4/26/2008 2:32:03 PM

Quote :

"if i was claimed as a dependent by my parents but i made over the $3000 should i still get a check?"

nope, from what I understand your parents will get an extra $300 for claiming you.

[Edited on April 26, 2008 at 3:08 PM. Reason : extra]

4/26/2008 3:07:34 PM