Will this hurt or help?The U.S. economy is going to get a "shot in the arm" with your tax money weather it needs it or not.  Congress is working hard to pass legislation that will pay each single person $600 and each couple $1200.  Additionally, they are planning on paying each person $300 per child.  WHAT???

What will this accomplish?  A family vacation?  Maybe a big screen TV that the family really needs?Money  A couple of extra nights going to the movies?  Ok, maybe some will use the money for something more important.  Possibly some will use it to open a savings account or as a down payment for a home, start a college savings plan for their child, or other types of investments that benefit themselves or their families.  I just don't see this solving the record number of foreclosures or any other issue the United States faces. 

 The total cost to our country for this "stimulation" of our economy is not known.  Will it work?  I doubt it.  I hope so.  Checks will be mailed in June.  To me this sounds like a great way to buy votes in a presidential election year.  Since both parties seem to agree this is a good plan I guess they all will take credit for the check you get.  And for the record: YES, I will cash mine.  I have been looking at this 42" flat screen tv....

 
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7 Comments on Your $600 check is soon to be in the mail!

JAN
24
2008
416,483 Points 3 Featured Posts Outside Blog

hmmm  What a coinsidence.  IT is an election year.  I thought we were in debt!  I would though, rather see the money going to Americans, than to rebuild Iraq, only to have them blow it up again.  I hope the money is not sent to the illegal aliens here.  Just those of us that follow the rules

Don

10:47am • #1
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I heard it is only going to be $300 for a single filer.  Thus, it will do even less for the ecomony!
10:49am • #2

Don,  I agree that the money should only go to legal citizens.  I would take that one step further and to only give the "rebate" to those that actually paid taxes. 

Rick,  According to the latest on CNN it looks like they are going with the 600/1200 amounts.  Either way, I am not sure what it will do overall for our economy.

 Thanks for the comments.

10:54am • #3

Hey guys--didn't we have to give the money back last time they gave it to us (which was also an election year, wasn't it)? 

Wasn't it treated like a loan?  Or maybe it as taxable income...I'm almost positive here in NC the state taxed us on it.

And---does it even count for us self-employed types who do not get paychecks, but rather 1099s???

Can we refuse to accept it?

11:14am • #4
Terry,  I believe it was taxed last time.  From what I read it seems all, including self-employed would receive it.  There was some talk about the check only going to those that made under $85,000, filing single, or $120,000 for those filing joint returns.  Not sure if that provision is still in there or not.  As to refusing it, I guess you could just not cash it, but I bet they would still tax you for it! 
12:24pm • #5

"People who did not pay federal income taxes but who had earned income of more than $3,000 would get checks of $300 per individual or $600 per couple."  This is from CNN's latest report.  So, people that didn't even pay taxes are getting money back!  Now this is a topic for an entirely new blog.

1:36pm • #6
JAN
25
2008

As I was reading on my local news website.. they stated that the reason why people who did not pay taxes were getting money back is because they are more likely to go out and spend it right away, thus stimulating the economy. 

2:13pm • #7

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