second stimulus check??

**snaggeltooth** · 07-16-2008, 11:12 AM

It seems the idea of a second round of economic stimulus payments is gathering steam. Over the last couple weeks several writers have mentioned the possibility, citing rumblings from House Democrats. I wasn’t overly enthusiastic about the first economic stimulus package, and I believe a second one would be downright irresponsible. So what’s fueling these rumors of a second tax rebate?

First Check Failure
With their first economic stimulus check many Americans will elect to build emergency savings or pay down debt. Both of these actions are financially wise, but do not do much to stimulate the economy. The consensus seems to indicate that if a second round of economic stimulus payments goes out it will likely be spent since the first provided some debt relief and/or a savings cushion. This theory seems to make a lot of sense, and if generating more spending is the ultimate goal, a second payment would likely generate results

**Spaz** · 07-16-2008, 11:17 AM

i'd like one for $5,000.00... i'll stimulate the economy by getting a turbo for my TA...

**third_shift|studios** · 07-16-2008, 11:18 AM

Now i know why well-fare rats do everything they can to keep gettng that gubbament cheeze-it was kinda nice getting paid for nothing.

IF we knew were were getting another one, we would be more apt to spending $600 ahead of time, knowing we could repay it with the anticipated check.

what's wrong, is the gov so rich in oil profits they can't store the money anywhere?

**third_shift|studios** · 07-16-2008, 11:19 AM

Originally Posted by Spaz

i'd like one for $5,000.00... i'll stimulate the economy by getting a turbo for my TA...

might stimulate the neighbors to stay the eF out of your way too

**third_shift|studios** · 07-16-2008, 11:33 AM

this has more info...more speculation i should say, and i can't see credit in the source as it being valid for anything other than web-junk

http://www.reuters.com/article/idUSN0935011020080409

**Mr. Luos** · 07-16-2008, 11:44 AM

$5K for a turbo??

The set-up I am looking at is $7400 or so, PLUS all the shit I would need to upgrade to run it properly.

As for the stimulus checks...they can keep sending them, and I will keep paying bills/debt with them.

**FSANE** · 07-16-2008, 11:47 AM

star program check in the fall FTW

**shady milkman** · 07-16-2008, 11:48 AM

i find it dumb..one of the big reasons why the economy is the way it is..is because of the weakening of the dollar..so maybe instead of giving us back the money...they should pay some of that debt off and start making some positive gains on the debt and strengthen the dollar.

but hey thats just my opinion

**TransAm11973** · 07-16-2008, 11:49 AM

Originally Posted by Spaz

i'd like one for $5,000.00... i'll stimulate the economy by getting a turbo for my TA...

agreed

**Spaz** · 07-16-2008, 11:49 AM

Originally Posted by Mr. Luos

$5K for a turbo??

The set-up I am looking at is $7400 or so, PLUS all the shit I would need to upgrade to run it properly.

As for the stimulus checks...they can keep sending them, and I will keep paying bills/debt with them.

yeah... i'm not going to big guns right now with stock internals... 5k for the kit and i'd install it my self...

i'd just have to scrounge up the $300 for the dyno tune...

**third_shift|studios** · 07-16-2008, 11:59 AM

Originally Posted by shady milkman

i find it dumb..one of the big reasons why the economy is the way it is..is because of the weakening of the dollar..so maybe instead of giving us back the money...they should pay some of that debt off and start making some positive gains on the debt and strengthen the dollar.

but hey thats just my opinion

if you read teh one article i posted, it would be money alotted for community development, not consumer use.

**Tide** · 07-16-2008, 12:01 PM

Originally Posted by third_shift|studios

Now i know why well-fare rats do everything they can to keep gettng that gubbament cheeze-it was kinda nice getting paid for nothing.

Not exactly free. You're going to have to pay taxes on that stimulus check.

**snaggeltooth** · 07-16-2008, 12:02 PM

Originally Posted by third_shift|studios

if you read teh one article i posted, it would be money alotted for community development, not consumer use.

it just something I came across on another ste and googled .. but even another $300 would be cool.. and yeeep I cound find something to buy with it ...

**third_shift|studios** · 07-16-2008, 12:04 PM

Originally Posted by Wade M

Not exactly free. You're going to have to pay taxes on that stimulus check.

no we don't. it was expressed somewhere that it is tax free-which i'm sure will be outlined in teh 08 tax booklets

**shady milkman** · 07-16-2008, 12:22 PM

Originally Posted by third_shift|studios

if you read teh one article i posted, it would be money alotted for community development, not consumer use.

none the less..its cool that they will do all these community things..but it still costs money..and some people would get jobs..but the dollar bill would still weaken and that paycheck would be worth less and less....i think the weakening dollar should be the biggest subject for the pres. candidates...this is a serious problem and everyone should be activate trying to make headway on our debt

**FasstChevys** · 07-16-2008, 04:29 PM

Another STUPID idea! Twice as STUPID as the first one!

**Firehawk1120** · 07-16-2008, 05:20 PM

hey stimulus check plus my state property tax rebate of $1,600 in Aug. That's an extra $3,000 in my pocket and not theirs I'm happy. Now if they would only up some of the write off amounts I'd be sitting pretty

**gwballin** · 07-17-2008, 08:37 AM

Originally Posted by third_shift|studios

Now i know why well-fare rats do everything they can to keep gettng that gubbament cheeze-it was kinda nice getting paid for nothing.

It is all in how you look at it. As far as I am concerned it was a refund of taxes the government charged me in the past.

**gwballin** · 07-17-2008, 08:40 AM

Originally Posted by Wade M

Not exactly free. You're going to have to pay taxes on that stimulus check.

Nope

Originally Posted by gwballin

It is true that 2007 tax return information will be the factor to determine who qualifies for the rebate.

It is also (technically) true that it is an advance on any potential 2008 federal tax refund, but it is free money as the mechanics of the bill create a one time tax credit that would otherwise never exist.

For simplicity the following example assumes a single taxpayer:

If the relief package had not been passed you would figure your 2008 tax liability the same way you always do by filing you income tax return.

Suppose when you do that you had a tax liability of $5,000 and tax payments (withholdings, estimated tax payments, etc.) of $6,000. You would be due a refund $1,000 since you over paid throughout the year.

Given the same facts above, but now take into account the one time $600 credit. That credit reduces you tax liability from $5,000 to $4,400 meaning you have now overpaid $1,600.

In stead of waiting to pay you the entire amount in 2009 when you will file your 2008 tax return to refund the overpayment you will get $600 now and $1,000 later. So it is "free money" (a term that I don't particularly like) to the extent that the bill reduces your tax liability.

Also, federal tax refunds are never taxable income so you will not have to claim this payment as income to be taxed. It will be reported on the return to show that you have already received partial payment which is needed so that you do not receive benefit of the credit twice.