Uncle Sam Sets us FREEE!

[LongBeachCoupe]

EVEN if you make over $75k you still get a rebate.. and i dont know who posted it as an advance, but that is not true to my understanding... And i dont buy that at all it doesnt make sense... this is money being printed essentially, to stimulate the economy... meaning they are anticipating people spending it... not saving it... genaric i hope you arent paying big $$ for those tactical flashlights, theres much cheaper ways of getting them from what i know...

[brizanden]

^ no its a tax refund advance from next year read that article someone linked

[BlackNWhite]

^I posted that and from the more articles that I've been reading... it TECHNICALLY is an advance for your return for next year... but then again it is also 'free' money.

The senate created a NEW tax credit to reduce your taxes for next year. So this 600 dollars is what you would be getting next year when you file your taxes... but the senate wants you to have it now. So while TECHNICALLY an advance... this NEW tax credit wouldn't have been created if not that the govt wants you to have this money now.

So I'm spending it.

On another note... someone explain this to me. When articles say... "Did you pay taxes for the year 2007?"... Ok. That means that you got taxed on your income correct? Although I'm getting a refund I still TECHNICALLY paid taxes right? The refund is simply that my employer withheld too much of my money to pay those taxes so that's why I'm getting my refund. Because on that calculator that I found off theconsumerist... it asks that questions. When I put in my amount of money I made and answer YES to the question... I'm getting 600. When I put in the amount of money I made and answer NO to that question... I'm getting 300.

[LongBeachCoupe]

I SAY NAY! CHECK THE SPECS... READ THE WSJ article... its not an advance on next yrs....http://consumerist.com/355931/...ebate

[LinkNuc]

No not at all, I made too much to get the rebate, here's what sucks, I am not rich by any means, but I WOULD put that money back into the economy almost instantly, 100k ain't what it used to be.

[LongBeachCoupe]

IDK... the cost of living here in ny compared to OH is huge.. im sure you are doing well... unless you have a gamb|ing/drinking/drug/mod problem lol

[brizanden]

^ or lives in a rich suburb with nice schools our taxes vary alot in ohio

[D-Roll]

Woohoo! Im gettin my exhaust with that $$

[LongBeachCoupe]

So "geneva on the lake" isnt a basement apartment in Akron? hehehe... ive never been to Ohio... i didnt know they had high taxes... here on long island, i feel like Gotti is leaning on me!

[brizanden]

^ not all cities r we just have a wide demographic lol

[LinkNuc]

No OH is pretty inexpensive, (Geveva on the lake is a SHiathole, it was a tourist attraction in the 50's I'll be moving) However, If I moved back to dirty jersey or DC I'd be scraping pennies to live without a roomate and still have fun..you are right, I am cofortable and worked hard to get where I am which comes with quite a bit of debt in itself as you recent grads can attest... I'm just sayin I think they should extend the cap to some more of the upper-middle class that will in-fact put it back in the economy, time are a little harder for us all, but I do count my blessings as well...

[R1Wolf]

EVEN if you make over $75k you still get a rebate...

As you make more then $75K, the refund progressively gets smaller, I wasn't anywhere near $75K... Odds are I get nothing But if I do great, just not making any plans on it.

[LongBeachCoupe]

Hate to tell ya man.. but theres people on welfare and medicaid etc... im sure you see how much they take out of your paycheck... im a banker.. but more importantly, i think its the people at the lower-end who should see more, not the upper end... just my .02.... anyways NJ stinks (i went to HS there) stay in OH... i think fireworks are legal there!

[LinkNuc]

Here's how it works over 75K AGI (Adjusted Goss Income); Multiply the dollar amount over 75K by .05 then subtract from 600...so you will get a partial rebate up to 87K AGI...

So if you made 80K AGI, 5K x .05 = 250...600-250 = 350 rebate

Oh yeah i agree with giving the lower-middle class and middle class the most breaks as thats how I grew up hence the HUGE college loan (lucky to get since neighbor was banker so go sub and un sub staffords) anyway but theis is an ECONIMIC STIMULUS PLAN...which may kinda work because of the 2009 switch to DTv although it wontaffect most people (ONLY THOSE WHO STILL USE ANTENNAS FOR TV, of which most con't afford cable let alone a new TV anyway)...it may get the lower-middle and middle class to splurge a little...hey thats the idea....IMHO, it probalby won't work it'll just leave is owing China another 150 Billion, but again that is also a good stratagey considering China has tons o US bonds....wait is this a car forum?

[LongBeachCoupe]

Forget about US bonds... MUNI's baby... triple tax exempt, and im paying for the new shea stadium!

[LinkNuc]

Yup, just like Pittsburgh's lcal sales tax is 7% for PNC/Heinz fields...but wait the new PENS arena...casinos and no more property taxes because PA has Casinos now right Ed rendell right?

Oh wait I live in Ohio now, ok all in all minus the snow (which has been very minimal this year) not bad....well except for the idiots who let Kucinich stay in office...wait is this a car forum?

[rwuarch2007]

I am which comes with quite a bit of debt in itself as you recent grads can attest...

Quite a bit of debt, eh?? I could afford a mortgage on my monthly school loan payments. Sometimes I feel as though I would have been better off getting a job without the college education. After all, a good work ethic will get you a lot farther than a stupid degree...although a combination of the two will probably take you the farthest and open the most doors.

"How Much Is The Rebate Worth?The rebate is initially worth $300, but rises to match the tax you owe up to $600. Couples filing jointly get twice as much, up to $1,200. The rebate's value decreases by $50 for every $1,000 earned above $75,000."^That answers someone's previous questions about whether or not "you pay taxes on your income", as long as you understand the basics of taxes.

I'm technically "self-employed" so the gov't demands 35% of my paycheck, although I do qualify for more tax deductions than you simple employee folks

[rwuarch2007]

it'll just leave is owing China another 150 Billion

That's right, two posts in a row! Consumer debt is around $13 Trillion compared to the national debt of $9 Trillion. So if people would stop spending money they didn't have, we'd be a little bit stronger economically. And if you read some of the numbers on this page, we're in better shape than countries such as France and Japan.

http://money.howstuffworks.com/debt4.htm

And this is a car forum, but if we didn't understand how money worked we wouldn't be able to afford sweet cars like Altimas!!

[quick_shift]

its a lot harder now a days to get a job without a degree then it was 10 - 15 years ago. the thing is though after you get your first job the degree doesn't matter as much when your looking for another job, its all about the experience you have and the people you know.

[LongBeachCoupe]

A kid i hired as a retail stockbroker a few years back called me 2 days ago.. (he doesnt have a college degree)... but is a licensed broker... out of work.. no idea what to do...

College is a waste for some, essential for others...The best way to look at it is average salary... unless you are a google creator, or an artist of some degree..

i cant remember the last figures i saw and googling didnt turn up much (i saw it in a money mag print copy)...

But college grads avg in the 40s to startgraduate degree in the 70s doctorate in the 90s

Think of it like this though... A teacher (lets say 4th grade) with a graduate degree, and 60 more credits (2 fulltime summers after the grad degree) gets the highest pay scale... its attainable to do by the time you are 26! and you should clear 80k your first year, and only work 2/3 of the year!

Its all numbers... adding, subtracting, hiding, or taking... it all adds up somewhere..

[rwuarch2007]

I had a temporary mental lapse and forgot that my profession requires a degree for licensure. And having your license boosts your hourly wage from $30-$50 an hour to $150-$200 an hour. So I guess college is worth it after all. Although my older brother holds no degree and makes well into a 6 figure salary.

[cuzzbubba420]

I agree! I beat out two people with bachelor degrees for my accounting job and I don't have a lick of college to my name! I think it's necessary for certain jobs but I make more than three of my friends who all have a degree of some sort.. just MO though!

[AltimaJoe]

I've gotten some pretty sweet offers based on military experience and security clearance alone. No degree. Too bad everything is in thd DC area. Stupid DC.