Stimulus Check

[MiamiE]

Who knows how much (More than Bush's $600) and when?

[kgoings]

Hopefully none! The Govt needs to stop spending my kids taxes.

[dunng]

http://www.2009stimuluscheck.info/

[MiamiE]

Wow they have a website on this.

[dunng]

Originally Posted by MiamiE

Wow they have a website on this.

It seems to be unofficial...

Some more news to report on the 2009 stimulus check…

The recent stimulus package passed by congress (American Recovery and Reinvestment Act of 2009) has now had the finer details examined and it can now be confirmed that the only mention in the act that relates to a 2009 stimulus check is by way of a section describing a tax credit which will be the lower of $500 or 6.2% of the yearly income of a taxpayer.

So any taxpayer who earns $3100 or more per year will receive a credit of $500. If the taxpayer earns less than $3100 per year then the 2009 stimulus check will be 6.2% of the yearly income. For joint filers the maximum figure is $1000.

If you qualify for a check then in order to receive it you need to file your taxes. For this I recommend TaxAct who provide a free service along with their paid services and can get your refund in as little as 9 days. For more information click here.

For those interested in studying the actual wording of the Act, they will find this in section 1001 of the American Recovery and Investment Act of 2009. This section is titled “Making Work Pay Credit”. There is no actual mention of a 2009 stimulus check.

One other hoped for stimulus was conspicuous by its absence from the stimulus package. This was the possibility for penalty free access to retirement funds, be that a 401(k) or an IRA fund. It was hoped by many that in the case of hardship a withdrawal would have been possible without incurring a penalty. This approach was favored over the 2009 stimulus check proposal by many experts as this would have resulted in a stimulus to the economy without it being at the expense of the taxpayer.

[MiamiE]

The majority are going to take that money and throw it in to pay off debt. Where does that lead to? Not much stimulating of the economy I think.

[Rock Star]

From what i understood is that it will be double what Bush did and you only get it if you have kids living with you..So single and married couples with no kids living at home anymore get nothing..

I would rather have a tax CUT.

[rizzle]

Originally Posted by Tombstone

I would rather have a tax CUT.

This.

[acarr]

Mine will go to paying estimated taxes

[AAlmeter]

Originally Posted by MiamiE

The majority are going to take that money and throw it in to pay off debt. Where does that lead to? Not much stimulating of the economy I think.

Yeppers. But it gives those receiving the checks the warm and tinglies, and that's what this "recovery act" is all about...always a nice feeling to get a small portion of the money you made back after someone else takes it.


Large-scale across the board tax cuts (because a recession is not the time for class envy squabbles) and capital gain cuts will provide both the stimulus for short term and the long term foundation for economic growth. BUT, its tough to get reelected on that platform.

My big fear, besides my current unemployed status, is the inflation that is likely to hit before the next presidential election, when much of the spending is slated to take place....especially now that China is no longer buying our paper.

[Nick]

Stimulus didn't work last time, what makes him think it will work this time. People need jobs not $600 checks.

[fatboy05]

Originally Posted by Nick

Stimulus didn't work last time, what makes him think it will work this time. People need jobs not $600 checks.

BINGO!!

[tunes]

I to would rather have a tax CUT! I just received a 1K bonus check for passing a security test and almost $400 bucks went to the gov.

Originally Posted by acarr

Mine will go to paying estimated taxes

Same here.
Last year it went to an airline company for a trip to Philly.

Financial institutions have outstanding debts equaling almost twice the amount of money in the world right now. What we need is wealth creation. Not much positive that any government can do except get out of the way. Tax cuts would allow you to create more wealth. Government spending takes wealth away or just moves it around. The problem was allowed to get too big. "Too big to fail." Or too big to safely fail. A lot of that debt is going to have to become null and written down because the hard assets never existed in the first place. It looks like it will take a long time to unwind the mess.
Do what you can but don't look to the government for help. They are busy ignoring the law of holes.

[smitdavi]

Mine would def go to paying off a credit card

[MajorCaptSilly]

I just checked my stimulus and it's still there! Waka Waka!

MCS

[RevSmoke]

Stimulate the economy - shut down the government for 12 months.

AND, check the back taxes on all the senators serving in congress, what will be made there can probably pay off a small portion of the national debt.

[dunng]

Originally Posted by RevSmoke

Stimulate the economy - shut down the government for 12 months.

AND, check the back taxes on all the senators serving in congress, what will be made there can probably pay off a small portion of the national debt.

I like it!