I didn't read all the responses, so I'm sorry if this question was already answered.
Do we receive this money in our tax refund this year or is it coming at a separate time?
I was opposed to them doing this, actually, for larger economic reasons, although in my personal little economic world, the extra money will certainly be nice.
Im in the same boat! Im opposed to ths, but the money would come in handy. However, if needed a loan, I wold have applied for one. (Then again, I guess many people that need the loan will not qualify, so i guess it's a double edge sword)
I didn't realize the income limit, darn it I was looking forward to the $2100 I thought we'd be getting, I was going to put it in our "get ready to sell our house fund" so it'd go towards new carpet or paint. Oh well. I don't think it's a good fix, but it will certainly help the lower class that is desperately struggling right now!
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A woman is like a teabag. You never know how strong she is until she gets into hot water.-Eleanor Roosevelt
My husband is a tax accountant and says this: "It's NOT free money. It's an advance on your 2008 tax return. So if you normally get a refund, your refund in 2009 will be smaller. If you usually owe, expect to owe a lot more.
How is this helpful? It's a timing difference only. And my guess is that most people won't realize this, spend the money, and will find themselves in dire straights next spring. Where's the beef? they'll ask. And then, with the realization that the money they spent is no more, a real spending freeze will occur, and the potential for another recession will loom. What a fiasco."
Interesting, because even the accountants are confused! My best friends mom is an accountant and she said it's NOT anything to do with this years income and it won't hurt our taxes next year. She said it all depends on your 2007 earnings, nothing to do with 2008.
Its interesting this is first I have heard of it and yes for my family it will be nice. But I agree I am not going to dream big. This can go toward debt and the less of it we have the better. Still I know that not everyone is responsable. I can see people using it as a Down payment for a car and then be in a worse condition with trying to make a car payment. Or buying expensive toys that they want and not things that they need. Mmm Flat screen TV sales may just go up in May.
Yes it will stimulate the market but at the same it won't help families that spend it when they should be saving.
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Kimberly Proud Mommy to Bethany Rose April 2006 &
Organizer of the Coupon Clippers of Tacoma
I donno. I dont think its really the best idea but i will be happy to cash it lol. I would like to use it to pay down debt but that kind of makes me feel bad. As in , the purpose is to stimulate the economy so it should be spent on stuff we dont need? But, if we pay down debt we will have more money to spend each month so that would stimulate the economy. Does anyone feel guilty about saving it or using it for debt?
Also, I have read two different things, have the checks been mailed already or are they coming in May?
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