Tax cut or credit?

Discussion in 'Current Events' started by wily_old_vet, Feb 27, 2009.

  1. wily_old_vet

    wily_old_vet New Member

    The extra $13 dollars we will be getting in our paychecks starting April 1st IS NOT a tax cut. It is a credit. The tax rates are remaining the same and so next year this money will be counted as income which you will have to pay tax on and you won't be able to do it $13 a week.
  2. drewed

    drewed Shankman

    Obama saves!!!
  3. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    Obama spends!!!
  4. trplnkl

    trplnkl 555

    and spends and spends and
  5. CFLBrown

    CFLBrown New Member

    Where are you getting that info from? The same website that states you were paying taxes on the 2008 stimulus?
  6. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    You will be asked how much of a stimulus rebate check you received when you prepare your Federal taxes: however, it will not be treated as income.
    Last edited: Feb 27, 2009
  7. browndevil

    browndevil Active Member

    Ok so Obama gives me $13 dollar week tax credit which is $676 dollars a year. Last year Bush gave me a one time $600 dollar stimulas check all which I had to claim as income on my 2008 taxes. Besides the $76 dollar increase what is the difference?:happy2:
  8. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    Obama is the Giver and Bush was the Decider
  9. CFLBrown

    CFLBrown New Member

    The stimulus check you received in 2008 is NOT taxable. Again, this was NOT COUNTED AS INCOME.

    What is it? It's an economic stimulus payment that more than 124 million households will receive. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return. Payments started in May and will continue through the end of 2008.

    Anyone else care to prove me wrong?
  10. Ms.PacMan

    Ms.PacMan Well-Known Member

    IMO. It really has nothing to do with Bush or Obama. When Bush was in office they determined that the stimulus checks didn't work as intended, to stimulate the economy. People were saving the money or spending it on bills like rent.

    Instead of throwing more money at us they have just divided it up hoping the $13 gets spent on a pizza or a movie.
  11. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    Not me
  12. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Unfortunately, not both, unless you get a personal pan and go by yourself.
  13. browndevil

    browndevil Active Member

    I say all you Brown Cafe Cruisers start saving that extra $13 dollars a week for a little " walking around money" on the ship:happy2:
  14. Ms.PacMan

    Ms.PacMan Well-Known Member

    You are right that $13 is paltry but I like the idea.

    I'm sure the economists figured out in the beginning exactly how much total was needed to stimulate the economy, then just divided it up among us.

    I like that they have faith in the original equation and are just trying a new approach.

    I'm not very political but I am frugal.
  15. wily_old_vet

    wily_old_vet New Member

    No, from an accountant who prepares taxes. I hope it turns out to be false as the stimulus check info did.
  16. over9five

    over9five Moderator Staff Member

    Taxable or not, we all realize we pay for this one way or another. We pay, our children will pay, our grandchildren will pay.

    A TRILLION dollars. I can't even fathom this number. 12 zeros after the 1 I think? $1,000,000,000,000.

    I don't understand how people can believe a man who spends this at the same time he says he will halve the deficit in 4 years. Who is living a fantasy?
  17. Overpaid Union Thug

    Overpaid Union Thug Well-Known Member

    But he is The savior! The One! Yes....we can! Blah blah blah..... Eight years of Bush! Oh nevermind.
  18. Bubblehead

    Bubblehead My Senior Picture

    My take is that they are "robbing from Peter to pay Paul".
    Problem being, Peter hasn't even been born yet.
    Future generations stand to pay the price for todays actions. I'm afraid the price is going to be huge.
  19. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    Yep...I took the time last week to go around and than everybody in my department under 40 years old for paying for this Stimulus Package. Those were some serious eat sheet looks I got. :funny:
  20. tieguy

    tieguy Banned

    600 dollars only goes so far. Perhaps they should make you apply for the money and promise to buy a tv or appliance with it. Or have you go online and order some appliance instead of giving you a check. In either case its fun watching the government try to manipulate the economy.