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Old 01-24-2008, 11:34 PM   #51
Mustang
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Quote:
Originally Posted by Galaxy View Post
This is my problem. Basically, your rewarding bad behavior by taking money away from those who make good decisions.

Maybe you just used the quote and your point had nothing to do with the quote, but are you saying that individuals that make less than $75K or Families making less than $150K make bad decisions?
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Old 01-25-2008, 01:03 AM   #52
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Originally Posted by ISiddiqui View Post
Um... you realize this refund isn't just supposed to be a gift, right? Its supposed to be a economic stimulus. It is well known that people with lower incomes have a higher marginal propensity to consume than those with higher incomes. So they are much, much more likely to spend the refund than those who have, say, over $75,000, who are more likely to save.

If you are doing a rebate program to increase consumer spending, to stave off a recession (personally I think its a horrible idea), it makes perfect sense to give more money to those on the lower end of the economic scale. They'll actually spend more of it.

I'm just opposed to the concept of rebating anything to those that didn't pay in the first place. That being said, I should make bank off of this rebate, as I'm sure I'll sell dozens and dozens of HDTV's when the checks get cut.
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Old 01-25-2008, 04:11 AM   #53
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I read that they will be mailing rebates starting in May and going on through August. I wonder what kind of order they will be issuing the rebates in? Alphabetic, Numeric, or by the order date that your Income Tax is filed?

Generally I wait until the last minute before sending my Check to the IRS; I wonder if this will cause my Rebate to be one of the August ones?
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Old 01-25-2008, 07:08 AM   #54
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Originally Posted by stevew View Post
I'm just opposed to the concept of rebating anything to those that didn't pay in the first place. That being said, I should make bank off of this rebate, as I'm sure I'll sell dozens and dozens of HDTV's when the checks get cut.

But as I said, they do pay, even if you don't want to count the payroll taxes "paying taxes". Because the payroll taxes run a surplus the extra money goes into the general fund. Some portion of their payroll taxes are a de facto income tax.
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Old 01-25-2008, 07:10 AM   #55
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But as I said, they do pay, even if you don't want to count the payroll taxes "paying taxes". Because the payroll taxes run a surplus the extra money goes into the general fund. Some portion of their payroll taxes are a de facto income tax.

Absolutely true. Most people, though, don't see the payroll tax because its all taken out before it hits their check/bank account.
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Old 01-25-2008, 07:13 AM   #56
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Originally Posted by 14ers View Post
I read that they will be mailing rebates starting in May and going on through August. I wonder what kind of order they will be issuing the rebates in? Alphabetic, Numeric, or by the order date that your Income Tax is filed?

My guess is: completely random.

Quote:
Originally Posted by JPhillips View Post
But as I said, they do pay, even if you don't want to count the payroll taxes "paying taxes". Because the payroll taxes run a surplus the extra money goes into the general fund. Some portion of their payroll taxes are a de facto income tax.

Yep, thus the difference between gross income and net income.
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Old 01-25-2008, 07:15 AM   #57
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Originally Posted by ISiddiqui View Post
Absolutely true. Most people, though, don't see the payroll tax because its all taken out before it hits their check/bank account.

On a related note - this is also the best way to save: have it taken out of your paycheck before you even see it. If possible, you can accomplish this through splitting your direct deposit. The majority of your net goes to your "regular" bank account, while a certain percentage goes directly to a "savings" account.
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Old 01-25-2008, 08:37 AM   #58
Mustang
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Quote:
Originally Posted by 14ers View Post
I read that they will be mailing rebates starting in May and going on through August. I wonder what kind of order they will be issuing the rebates in? Alphabetic, Numeric, or by the order date that your Income Tax is filed?

Generally I wait until the last minute before sending my Check to the IRS; I wonder if this will cause my Rebate to be one of the August ones?

Last time I thought it was the last digit of your social security #
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Old 01-25-2008, 08:43 AM   #59
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The thing that I think is interesting is that most of us have been saying for the better part of a year plus that the economy is in decline, and despite what the fed says that consumable inflation seems to be much higher than it is reported.

Now they are seem like they are panicking and we are supposed to believe that all of this is sudden and needs immediate attention, when most of us still see a steady decline.

Furthermore now we are supposed to believe that 120 million is going to stimulate a 10 trillion dollar economy? The numbers don't add up.

Are they then going to pat themselves on the back when the economy makes it normal turnaround, which could happen by the end of the year?

And then we re-elect them all?

I feel wool.
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Old 01-25-2008, 11:06 AM   #60
Arles
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Originally Posted by ISiddiqui View Post
Um... you realize this refund isn't just supposed to be a gift, right? Its supposed to be a economic stimulus. It is well known that people with lower incomes have a higher marginal propensity to consume than those with higher incomes. So they are much, much more likely to spend the refund than those who have, say, over $75,000, who are more likely to save.
If by "save", you mean invest in the stock market, then I would agree. So, it comes down to whether you think paying off credit card debt is better than investing in the stock market. Also, if the small business owners were included (ie, over 75K), they would certainly be more likely to spend that money than a family of 3 at a lower income that will probably pay off CC debt.

Quote:
If you are doing a rebate program to increase consumer spending, to stave off a recession (personally I think its a horrible idea), it makes perfect sense to give more money to those on the lower end of the economic scale. They'll actually spend more of it.
That makes no sense at all. They did numerous studies on the 2001 rebate and found that most of the "middle income" people (25-60K) used that money to pay down debt. The people that would spend it in the most positive manner are people in the 100-300K range as I'm guessing they would either blow it or roll it into other investments.
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Old 01-25-2008, 11:08 AM   #61
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dola, I also think it's a terrible idea. But, if the logic is to spur on the economy, I would think that putting it in the hands of investors and consumers is better than just middle-income consumers.
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Old 01-25-2008, 11:15 AM   #62
ISiddiqui
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Originally Posted by Arles View Post
If by "save", you mean invest in the stock market, then I would agree. So, it comes down to whether you think paying off credit card debt is better than investing in the stock market. Also, if the small business owners were included (ie, over 75K), they would certainly be more likely to spend that money than a family of 3 at a lower income that will probably pay off CC debt.

Savings = Investment, in economic terms anyway.

And I'm not convinced that most of that money will necessarily go down to paying off CC debt. Poor people like to blow the cash on stuff.... that's also why they sometimes tend to be in such debt .

Quote:
They did numerous studies on the 2001 rebate and found that most of the "middle income" people (25-60K) used that money to pay down debt. The people that would spend it in the most positive manner are people in the 100-300K range as I'm guessing they would either blow it or roll it into other investments.

The stimulus is designed to increase consumer spending, not investments, necessarily. Sure, some of that would go to debt payoff, but I think they'd also use a good portion of it on a treat (one of the reasons that lesser income folks have a higher MPC than those higher up on the scale... they'd be less likely to invest it and more likely to actually spend it).
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Old 01-25-2008, 11:27 AM   #63
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Originally Posted by Mustang View Post
Maybe you just used the quote and your point had nothing to do with the quote, but are you saying that individuals that make less than $75K or Families making less than $150K make bad decisions?

No. I should of worded it better. My point is, who is going to pay for this? Plus, those who make above those income levels are more likely to be investors, as where middle-class to lower-class income earners are more likely to be spenders. I think you need a balance. Running up more debt just makes the long-term problems worse.

Last edited by Galaxy : 01-25-2008 at 11:28 AM.
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Old 01-25-2008, 11:41 AM   #64
Arles
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Quote:
Originally Posted by ISiddiqui View Post
The stimulus is designed to increase consumer spending, not investments, necessarily. Sure, some of that would go to debt payoff, but I think they'd also use a good portion of it on a treat (one of the reasons that lesser income folks have a higher MPC than those higher up on the scale... they'd be less likely to invest it and more likely to actually spend it).
That may be. BTW, I feel like we are debating which Ted Nugent song is the best fit to use in a BET awards show. The reality is this is a bad idea whether you give the rebate to the poor, rich or the crowd of "Deal or No Deal".
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Old 01-25-2008, 12:38 PM   #65
ISiddiqui
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That may be. BTW, I feel like we are debating which Ted Nugent song is the best fit to use in a BET awards show. The reality is this is a bad idea whether you give the rebate to the poor, rich or the crowd of "Deal or No Deal".

Well, yes. We agree on the end result (bad, bad policy), we are just arguing over nits, really.
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Old 01-25-2008, 12:45 PM   #66
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The most proven way to get the money spent is more food stamps and extended unemployment benefits, but those measures don't get votes.
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Old 01-26-2008, 09:13 AM   #67
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I'm going to buy a bunch of tree saplings and plant them, so my decendants can have jobs in the lumber industry.

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Old 01-26-2008, 04:42 PM   #68
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I'm firmly of the belief that there's basically nothing the government (or the Fed) can do to stimulate the economy in the short term. I think the main benefit of "stimulus packages" are psychological in nature ("Oh good, the government is doing something. No I don't feel so bad. Maybe we'll buy that TV anyway.")

In my opinion, if you want to give the economy a kick that will strengthen it in the 2-5 year range, you start giving out grants/tax incentives for innovation (technology, biotech, pharma, etc...). Give our most innovative companies more capital to do what this country still does best - innovate. When they're successful, they'll give more back to their investors, give more back to their employees, and that will spur and strengthen the country in general.

Ironically, it's exactly this kind of investment that's been systematically cut over the past 8 years (unless you've been in oil, that is).

Over the long-term, it's all about creating a modern, strong economy, which is something the government has been ignoring since, probably, Eisenhower.
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Old 01-26-2008, 05:14 PM   #69
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I wish they would put money back into the NIH for non-warfare, biotoxin, etc, studies.
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Old 01-26-2008, 06:08 PM   #70
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Seriously people...can't we get back to the issue at hand here?


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Old 03-18-2008, 09:37 AM   #71
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Social Security numbers determine when economic stimulus checks go out

By GENE MEYER
The Kansas City Star


The Internal Revenue Service outlined Monday how your Social Security number will determine when you probably will get your economic stimulus check this spring or summer.


The IRS said it plans to deliver 130 million checks between May 2 and July 11 based on the last two digits of the recipient’s Social Security number.


According to the IRS, direct deposit payments will be made May 2 to recipients whose Social Security numbers end in 00-20.


Direct deposit payments will be made a week later, May 9, to people whose numbers end in 21-75. The final round of direct deposit payments will be made May 16 to people whose numbers end in 76-99.


Those who will receive paper checks are on a longer schedule.


Checks will be mailed May 16 to those whose numbers end in 00-09. A second round of checks will be mailed May 23 to those whose numbers end in 10-18. A May 30 mailing will be made to people whose numbers end in 19-25.


Subsequent mailings will be made June 6 to those whose numbers end in 26-38, June 13 to numbers 39-51, June 20 to numbers 52-63, June 27 to numbers 64-75, July 4 to numbers 76-87, and July 11 to those whose numbers end in 88-99.


The payments of $300 each to certain low-income recipients and $600 or $1,200 to single or married taxpayers, plus additional money for families with qualifying children, will be calculated from tax returns filed by April 15. Filers also can indicate on those returns whether they want money directly deposited in a bank account or mailed to them.


Late filers and anyone who owes back taxes or other debt that normally would interfere with getting a tax refund also may get either a later stimulus payment or a smaller one, the IRS said.
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Old 03-18-2008, 10:21 AM   #72
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http://www.irs.gov/app/espc/

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Old 03-18-2008, 10:24 AM   #73
Kodos
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Let's see. Last two digits are... 99.
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Old 04-25-2008, 01:30 PM   #74
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hxxp://www.savvysugar.com/1576586

Looks like it may be as early as monday for some people, instead of next friday.
direct deposit

Last 2 Digits of SSN Date Check Will Be Sent
00-20 April 28
21-75 May 5
76-99 May 12



Paper check



Last 2 Digits of SSN Date Check Will Be Sent
00-09 May 9
10-18 May 16
19-25 May 23
26-38 May 30
39-51 June 6
52-63 June 13
64-75 June 20
76-87 June 27
88-99 July 4
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Old 04-25-2008, 01:46 PM   #75
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Score!
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