Jump to content

Stimulus package


Recommended Posts

Guy is my office just showed me the news on stimulus package. He makes $145,000 and his wife doesn't work. He's tickled pink that he's going to get check for $1,200.

Anyone know if the "couple" limit will require the wife to also have earned income.

JanetM CPA, MBA

Link to comment
Share on other sites

http://www.cnn.com/2008/POLITICS/01/24/eco...ulus/index.html

This article at CNN just says "per couple who paid income tax and who filed jointly".

But people on the borderline shouldn't jump for joy too fast, as no telling if they'll use 2006 AGI or what to calculate who gets a check. So your coworker might double check what other income he had in 2006 as it might have pushed him over the limit.

And of course all bets are off until the ink dries.

EDIT: here's another good article which speaks to how quickly we might (not) expect to see these rebate checks coming. http://www.kansas.com/news/story/290530.html

Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra

Link to comment
Share on other sites

Here's another titillating tidbit to tease your coworkers with.... this article on Yahoo says:

"The rebates would phase out gradually for individuals whose income exceeds $75,000 and couples with incomes above $150,000, aides said. Individuals with incomes up to $87,000 and couples up to $174,000 would get partial rebates. The caps are higher for those with children."

So a few more people might sneak in for partial rebates (only fair versus a hard cut off at $150K).

Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra

Link to comment
Share on other sites

Perfect?

More proof that the folks in DC have never balanced a checkbook, or a budget.

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

Link to comment
Share on other sites

Treasury release on package

See above for information on proposed package.

I bet it changes before it becomes final.

and here is the House version. $1200 for Joint Filers. No mention of two wage earners that I can see. Just approved in the House.

Here HR 5140.

JEVD

Making the complex understandable.

Link to comment
Share on other sites

Note: I edited my last post to have a direct link (finally found how to get there directly, not exactly straight forward).

Question: anyone else noticed that the $300 per child is based on the child tax credit and therefore the kid has to be under 17? (People in the office were talking and asked me if I knew anything about it; thanks to jevd for the link to the actual bill).

Also, reading the bill, the check you get will be based on your 2007 status but the actual credit will be calculated based on your 2008 tax return. (Anyone read it differently?)

Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra

Link to comment
Share on other sites

Wow, in just a couple days the ideas they have come up with on the Hill. Lets not extend unemployment - lets just require some kind of training to get benefits. Health care workers are in demand, lets retrain folks to do those jobs.

As far as the increase for food stamps - sure that just give the high school drop listening to her Ipod or chatting on her cell phone, while her kids run rampant, more to spend on DVDs.

Okay, I am a bit cranky today.

JanetM CPA, MBA

Link to comment
Share on other sites

  • 2 weeks later...

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...