big tax return:)

[manvan]

well i just found out that im getting $450 back from taxes( I owed last year) and im planning to buy stuff for the car with it, plus hopefully we all get that extra $800 from the gov for that new thing bush wants to do, but any ways, is anyone else buying stuff for there car with their returns? im going for an exhaust.

[frankoV]

Will he send me the extra money too? If he does, I'll even spend it in the US (which is where I'm eventually going to have to go to pick up my sills anyway).

[manvan]

Will he send me the extra money too? If he does, I'll even spend it in the US (which is where I'm eventually going to have to go to pick up my sills anyway).

i think its for anyone who pays taxes

[frankoV]

i think its for anyone who pays taxes

I doubt very much whether we are included. But I'm game -- I pay more than enough taxes here.

[manvan]

yeah but you guys have that free health insurance and medication, it equals out

[Ever Victorious]

yeah but you guys have that free health insurance and medication, it equals out

Ooh, don't say that... they'll rip you apart... Their health insurance is NOT free, it's paid for by their tax dollars. We could get "free" health care just like them, but we already feel we're being taxed enough, you'd have a hard time selling people on a big ol tax hike to take care of it.

There is no such thing as a free lunch. Just like the "Economic Stimulus Package" that Bush wants to send us. Guess what it is? An advance on your 2008 taxes.

You got $450 back this year? Good. The stimulus package is sending out $600, not $800, to each person. What does that mean?

You will OWE $150 next year.

Just like with the 2001 stimulus package, you have to pay back that money in your taxes next year.

That is why I am dropping our check into a CD to gain some interest. Next year's taxes are already earmarked to go towards a new roof. If I can earn a little extra interest before then, so much the better. But if I go out and buy anything with that, it defeats the purpose of what I am saving for.

And yes, my money will go to stimulate the economy. Some roofer will end up with all that money. Just not in the timeframe the government had in mind.

[arco]

There is no such thing as a free lunch. Just like the "Economic Stimulus Package" that Bush wants to send us. Guess what it is? An advance on your 2008 taxes.

You got $450 back this year? Good. The stimulus package is sending out $600, not $800, to each person. What does that mean?

You will OWE $150 next year.

Just like with the 2001 stimulus package, you have to pay back that money in your taxes next year.

Nope.

The stimulus payment is merely an advance on a tax credit for 2008. Your tax liability is reduced for 2008, so when you do your taxes early next year, you will essentially get the same refund as you would have otherwise.

Look at it this way... Say you usually get a $2,000 refund each year. Because of the tax credit, next tax season you would be eligible for a refund of *$2,600*. But keep in mind $600 of that will be given to you in advance this year... so that refund next year will be your usual $2,000 (assuming your income and everything else are the same). And yeah... It's awfully close to a free lunch. Accept it and be happy. (Or feel free to make a generous donation back to the IRS to pay down the debt. They accept personal checks.)

[blindsnyper]

[Deke40]

Will he send me the extra money too? If he does, I'll even spend it in the US (which is where I'm eventually going to have to go to pick up my sills anyway).

You might have a chance because it looks like they have the minimum requirement being if your are breathing you will get a rebate.

[biggie]

Only car stuff from taxes will be for my coupe and saving about 1/2 of my taxes (buying a house asap).

[frankoV]

yeah but you guys have that free health insurance and medication, it equals out

Ooh, don't say that... they'll rip you apart... Their health insurance is NOT free, it's paid for by their tax dollars.

Beat me to it, EV.

Here's how our "free health care" (not insurance -- that's something else indeed and it is certainly not free) works.

We pay federal income tax: 15% on the first $36,000 you earn (less a $9,000 deductible); 22% on the next $36,000, 26% on the next $46,000, and 29% on anything more than $118,000 (not that I'd know what it's like to even be in the second tier).

We pay provincial income tax: 6% on the first $35,000, 9% on the next $34,000, and 11% on everything over $69,000.

[you realize, of course, that these are simplified numbers]

THEN we in Ontario pay a health care premium of up to $900./year (based on income).

[then there are other assorted taxes thrown in as well, but I'm beginning to tear up).

THEN we get to sit for hours on end in an emergency room waiting for care, because there aren't enough doctors, because they are heading to the US where they can make a decent living and not be taxed to death!

Oh . . . and then I pay for health insurance: prescription drugs and dental care -- a relatively poor plan, really, compared to others, but cheap compared to others as well: about $400./month. Just got word that it's going up 8% this year, to add to the 15% it went up last year.

[srellim234]

Stimulus package=

Gov't sends us $800, spending and additional $800 to get it to us instead of letting us just keep it by lowering lower and middle class taxes in the first place. Gov't sells the debt in the form of bonds to China, forcing gov't to tax us even more to cover the stimulus + overhead + interest in the coming years. People who don't spend money paying toward delinquent mortgage wind up buying stuff at Wal-Mart made in China because it is cheaper than stuff made in the USA. End result? We stimulate the Chinese economy, the rich corporate CEOs get richer at Wal-Mart, we pay higher taxes in the long run and our economy is still in the dumpster, only a month or two later than if they just let the recession run its course.

Cynical enough for you?

[Ever Victorious]

*edit* cutting out my whole response. this whole thing makes me too angry. Let's just say it's the wrong way to go about the whole thing.

[frankoV]

Politics . . . taxes . . . *sniff sniff* . . . so far no hint of religion in the air. And as Martha Stewart would say . . .

Now . . . back to the car thing.

[kcourtad]

im gettin a 1,000 back and with that gov check... it will all be going towards... BILLS

[manvan]

i appolagize for starting this topic(i didnt know it would get this angry) and i also am sorry for all those that live in friendly canada, never the less, i hope every one spends it on something that they want or need.

[frankoV]

Actually, we're sorry for all of you who live in the States!

Fact is, where you are is where you are, and if you like it you like it. I'm sure that there are good reasons for living in the US, just as there are for us staying up here.

[edit: I guess I should feel bad for you, having to put up with the way the Wirtz family ran/runs the Black Hawks!]

[Ever Victorious]

[edit: I guess I should feel bad for you, having to put up with the way the Wirtz family ran/runs the Black Hawks!]

It must be nice to have NHL hockey as an option. Closest US team to me is what, Colorado? Anaheim? Vancouver doesn't count because crossing the border is becoming a bigger PITA every day here. :P

(at least I've got a good WHL team in my city... and sometimes the kids play harder than the big boys. )

[srellim234]

Actually, we're sorry for all of you who live in the States!

Enjoy it while it lasts. Wait until global warming really sets in and 300 million of us stampede north to get to cooler weather.

[frankoV]

Enjoy it while it lasts. Wait until global warming really sets in and 300 million of us stampede north to get to cooler weather.

So that's why Congress wants to put up the border fence -- not to keep us out but to keep you in!

[frankoV]

(at least I've got a good WHL team in my city... and sometimes the kids play harder than the big boys. )

Got a buddy who scouts the WHL -- says it's the best hockey you can get! Has tickets to the Canucks and to the Giants -- and he'll watch the Giants first if he has a choice.

We have Killer and the 67s, and they are often more interesting than the Sens and whoever else may come into town -- the young guys play with a lot more passion and enthusiasm.

[Eikon]

You Versa folks have some interesting conversations..

Enjoy it while it lasts. Wait until global warming really sets in and 300 million of us stampede north to get to cooler weather.

Global warming can't come soon enough! I'm off to get some CFC aerosol cans.

As for tax rebates - $3500 rebate from the Fed, $1500 from the state, and $1500 in economic stimulus (sometime this summer I guess). Should be enough to pay all my credit cards to zero and give me a little buffer in my savings account in case the mortgage crisis continues on through this summer.

As for the stimulus package's merit's... Does anyone have any knowledge of what the effects were to the economy in '01? I really don't remember that long ago.. I'd be interested in reading an article or two to see what people today say about that move back then. Then will today's actions create the same effect as then or is the economy different today?

Hockey is awesome! We've got some great semi-pro and college teams in the area, but Chicago is the nearest NHL team... and frankly, I don't care for the NHL so much anymore. Same with NBA... love the sport, love the high school and college players... hate the pros!!!

Interesting read on the health care system in Canadia. Unless you've experienced it, you never really know what to believe.

[Ever Victorious]

As for the stimulus package's merit's... Does anyone have any knowledge of what the effects were to the economy in '01? I really don't remember that long ago.. I'd be interested in reading an article or two to see what people today say about that move back then. Then will today's actions create the same effect as then or is the economy different today?

Barely a blip on the radar. The economy by that point had already been so screwed by 9-11 that really nothing but natural recovery would have been useful.

It's hard for me to know what will happen this time around. You've got some mixed indicators in the economy. It COULD help the economy, but any actual stimulus will be much smaller than the government is hoping, since most people surveyed (that qualify for the checks) will either pay off existing debts (money already spent in the economy) or save it for later. It's not likely to stave off a recession. Only time and results will tell, really.

And Eikon - come visit Seattle. It's going to be an absolutely balmy 60 later this week... hehehe

[srellim234]

Great column in the opinion section of the Wall Street Journal this morning. Explains quite well why the stimulus package is exactly the WRONG thing to do and why it will have the exact opposite effect intended.

[arco]

As for tax rebates - $3500 rebate from the Fed, $1500 from the state, and $1500 in economic stimulus (sometime this summer I guess). Should be enough to pay all my credit cards to zero and give me a little buffer in my savings account in case the mortgage crisis continues on through this summer.

Oh, I think you can pretty much count on it lasting through the summer.

As for the stimulus package's merit's... Does anyone have any knowledge of what the effects were to the economy in '01? I really don't remember that long ago.. I'd be interested in reading an article or two to see what people today say about that move back then. Then will today's actions create the same effect as then or is the economy different today?

Depends on who you ask, really. Even those who were opposed to the cut recognize that it had some impact. It would have to... that was a lot of folks getting $300. As with 2001, the government is praying that the poorest Americans will take their money and spend it on something frivolous. And they will.

I think the big difference with this one is that it isn't coming with real cuts in tax rates, like 2001's did. People spend more when they know they will be taxed less in the long run. (If you remember, back in 2001, most people's take-home pay increased a bit too. Lower tax rates meant less money was withheld from your paycheck. That's not happening now.)

[Kokanee]

I'm Canadian, but this whole thread just reminded me I should really get to the bank tomorrow and have them move all my RRSP (retirement savings) out of American funds....

Better luck w/ McCain
Modified by Kokanee at 7:11 PM 2/13/2008

[Ever Victorious]

I'm Canadian, but this whole thread just reminded me I should really get to the bank tomorrow and have them move all my RRSP (retirement savings) out of American funds....

Hey, I just bought some Canadian stocks the other day, too... hehe

[frankoV]

I'm Canadian, but this whole thread just reminded me I should really get to the bank tomorrow and have them move all my RRSP (retirement savings) out of American funds....

I'm taking the opposite tack: becasue I'm in for the long haul (I'll become more conservative in 7-10 years) I'm keeping it in (18? 28? %) and building on it. I'll buy yours and let them grow.

Heck, it's only money!

[manvan]

well its time again for taxes so does anyone plan on getting new stuff with there returns?

[frankoV]

the thread returns . . . but the money doesn't.

whatever happened to that economic stimulus, anyway?

[and what ever happened to my rosy outlook on mutual funds . . . and to my funds???] [once again . . . sniff]