How to Help the Economy Tip # 1

[Crbarber22695]

Remember that stimulus check you got last year? Well that was of course to help save the economy and rescue us from this recession, but many people are just going and saving that check...WELL DON'T!

That $700 Billion Stimulus Package signed last year was what paid for all the stimulus checks that were sent to EVERY tax payer in the country, the amount of money you recieved was about the same as the amount of money you paid in taxes that year (i.e. I paid $600 in taxes so my stimulus check was $600). That check was given to you so that you spend it in order to get the money flowing, for example: If everyone bought a dryer machine, dryer machine manufacturers would need to produce more machines, resulting in a need for more workers, in result, more jobs! If theres more jobs then theres more money and more people will be able to buy dryer machines! So instead of puting that stimulus check into your life savings, go out and splurge you buttox off! (Wisely)

 

[oagersnap]

Yes, but of course peoples' dilemma is that they can keep their money and thus be a little more secure if the crisis should worsen, although if everybody does this, the crisis will inevitably get worse.
On the other hand, people spending all their money will help the economy, but then they will be even worse off in the case of a depression.

 

[Mowque]

R

That $700 Billion Stimulus Package signed last year was what paid for all the stimulus checks that were sent to EVERY tax payer in the country, the amount of money you recieved was about the same as the amount of money you paid in taxes that year (i.e. I paid $600 in taxes so my stimulus check was $600). T

What? I'm a taxpayer and i didn't get jack, let alone all the money back. what planet are you living on?

 

[really]

the amount of money you recieved was about the same as the amount of money you paid in taxes that year (i.e. I paid $600 in taxes so my stimulus check was $600).

Everyone got all their taxes back? I paid nearly €5k in income tax in January, I wouldn't mind getting that back. ( it is normally only around €1,5k per month)

 

[Maimonides]

I paid $600 in taxes..

That's all??? You could help stimulate the economy by getting a job...

You are not qualified to give financial advise & you do not contribute enough to ask anyone else to contribute.

Ohhhh, the hypocrasy!

 

[Masquerouge]

That's all??? You could help stimulate the economy by getting a job...

But yeah, the idea behind a tax cut is that you will spend the money. That's hardly news.

 

[Crbarber22695]

That's all??? You could help stimulate the economy by getting a job...

You are not qualified to give financial advise & you do not contribute enough to ask anyone else to contribute.

Ohhhh, the hypocrasy!

that was an example dude.

 

[Crbarber22695]

Everyone got all their taxes back? I paid nearly €5k in income tax in January, I wouldn't mind getting that back. ( it is normally only around €1,5k per month)

im talking about the united states not u.k.

 

[Crbarber22695]

Yes, but of course peoples' dilemma is that they can keep their money and thus be a little more secure if the crisis should worsen, although if everybody does this, the crisis will inevitably get worse.
On the other hand, people spending all their money will help the economy, but then they will be even worse off in the case of a depression.

well if you spend your money it'll help the economy, and their wont be a depression, however i said "splurge...(wisely)" the key word is WISELY!
so no dont go spend everything you have, just spend some instead of saving every penny.

 

[Crbarber22695]

That's all??? You could help stimulate the economy by getting a job...

You are not qualified to give financial advise & you do not contribute enough to ask anyone else to contribute.

Ohhhh, the hypocrasy!

you dont know how much i contribute so who are you to say that im not fit to give advice? for all you know i could be the president.

 

[really]

im talking about the united states not u.k.

I'm in €uroland.

And I know correcting grammar isn't cool but I suggest you read this:
e.g. vs i.e.

 

[Stile]

The $700 billion was the bank bailout. The 2008 Stimulus Act cost substantially less at $170 billion. The tax rebate was only a part of that $170 billion.

 

[Maimonides]

you dont know how much i contribute so who are you to say that im not fit to give advice? for all you know i could be the president.

You said you only paid $600 in federal taxes last year. That means your income level is below the poverty line. That means you are not in a position to tell others what to do with their money.

President Obama knows how to read & write.

 

[Masquerouge]

im talking about the united states not u.k.

Ok, fine. I'm living in the US and I did definitely not get my taxes back.

 

[Maimonides]

Ok, fine. I'm living in the US and I did definitely not get my taxes back.

There was an "economic stimulus" check issued in January '08, but it was X amount per adult & Y amount per child. I don't remember exactly who was elligible for it, but my wife, son & I received it.

It was NOT a full refund of federal taxes. The OP clearly has no idea what he's talking about. Not to mention that this thread is about something that occurred 13 months ago... Sheesh!

 

[Integral]

Ok, fine. I'm living in the US and I did definitely not get my taxes back.

The check wasn't to rebate all taxes, just the first $600 or so. The exact numbers escape me, but it was in the $500 to $600 range.

The Obama proposal has another $500 rebate attached to it, this time tied to payroll (rather than income) taxes. However, it's refundable, so in practice the distinction makes no difference. I suggest you use the extra money to pay down debt.

 

[carmen510]

I believe it was $600 per couple or something, and $1,200 per family with children.

Or something to that extent. What does OP stand for BTW?

 

[Defiant47]

OP = Original Post / Original Poster

 

[Crbarber22695]

You said you only paid $600 in federal taxes last year. That means your income level is below the poverty line. That means you are not in a position to tell others what to do with their money.

President Obama knows how to read & write.

are you ******ed? i used it as an EXAMPLE, do you know what that means or do you want me to explain it to you?

and what does reading and writing have to do with this because last time i checked, i know how to read and write.

 

[Maimonides]

The check wasn't to rebate all taxes, just the first $600 or so. The exact numbers escape me, but it was in the $500 to $600 range.

I believe it was $600 per couple or something, and $1,200 per family with children.

That sounds about right. I think it was $300 per child.

It just really annoys me that the OP waited 13 months (when we can't even remember how much money we got) to tell us what he thinks we should do with it.

The Obama proposal has another $500 rebate attached to it, this time tied to payroll (rather than income) taxes. However, it's refundable, so in practice the distinction makes no difference.

Payroll taxes are paid by the employer, not the employee. The employee pays the income tax. Doesn't that mean that only employers will see the rebate if it happens? Based on what you said, it sounds like it's aimed toward businesses to slow down unemployment.

What does OP stand for BTW?

It means "opening post" or "opening poster" depending on the context.