Taxpayers would get checks from $600 $1200

#101
#101
BigPapaVol said:
I don't think the government for one second believes this will pull us out of any pending recession. I do believe that they think it's a good psychological boost to our economy and that's debatable, even by the brightest of economists.
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if this isn't an election year do we even see this? me thinks not.
 
#105
#105
CBS is reporting homeowners in California have negative equity of 72% in their homes.ARM's should be outlawed.
 
#108
#108
utfantilidie said:
CBS is reporting homeowners in California have negative equity of 72% in their homes.ARM's should be outlawed.
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what the heck is 72% negative equity. either they don't understand finance or you completely misunderstood what they were explaining.
 
#109
#109
droski said:
all of those things. obviously the internet has increased our standard of living. the number of americans with cars, who are heavily leveraged in their homes, and have discretionary income are at all time highs. unemployment and inflation are at 30 year lows. these are good times. yes gas costs a lot, healthcare, but people have far more access to credit to go in debt thanks to Uncle Al and Uncle Ben's printing press for these things. and americans per capita have never been more in debt, with the lowest savings rate in history. just the fact that the majority of americans have cell phones and ipods should tell you we have huge credit card balances.
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There ya go, fixed your post. :p
 
#111
#111
HotlantaVol said:
I don't know what it is, but Negative Equity would be a killer name for a West Coast rock band.
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:lolabove:

I don't know about california, but i do know countrywide that the average american has more equity than debt in their house.
 
#112
#112
HotlantaVol said:
There ya go, fixed your post. :p
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the reason why they say we have the lowest savings rate in history is because the formulas they use don't consider 401k contributions, or equity in your home, savings. . . which of course both are. the more people contribute to those two things the lower our savings rate looks. kind of ridiculous really since 401k contributions and home ownership are at thier highest rate ever. Some savings rate calculatoins only include money in bank accounts which is again ridiculous. This is why japan has the highest savings rate in the world because they put their money in banks rather tahn the stock market or real estate.
 
#113
#113
droski said:
the reason why they say we have the lowest savings rate in history is because the formulas they use don't consider 401k contributions, or equity in your home, savings. . . which of course both are. the more people contribute to those two things the lower our savings rate looks. kind of ridiculous really since 401k contributions and home ownership are at thier highest rate ever. Some savings rate calculatoins only include money in bank accounts which is again ridiculous. This is why japan has the highest savings rate in the world because they put their money in banks rather tahn the stock market or real estate.
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I did not know that and will have to do more research. Again, though, that just shows you how statistics can be manipulated, be that for CPI or for savings rate.
 
#115
#115
volsgal03 said:
If a couple makes over 150,000 they dont receive a check? Is this correct?
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here's what I took from one of the articles. You may still receive a check but it will adjusted for couples making >$150k

Individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child under the agreement. In a key concession to Democrats, 35 million families who make at least $3,000 but don't pay taxes would get $300 rebates. ($3000-$5,500 single dont pay taxes)

The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.
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#117
#117
crazyguy said:
it's reduced on a sliding scale at that level I believe.
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I think that's right. I want to say it was going to be reduced by 5% per $1,000, but that may be wrong.

Don't worry though. By the time Harry Reid and the Senate get done with it everybody making over $40,000 will probably be classified as "rich" and all the rebates will be distributed at homeless shelters.
 
#121
#121
volsgal03 said:
How do people live on an income of $3,000 to $5,000?
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Years ago I helped out at a law school doing VITA (Volunteer Income Tax work) for the lower income and came across many, MANY people with so-called salaries between 2k-10k....some with children

:unsure:
 
#122
#122
BigPapaVol said:
regardless of where I stand today, I know for sure that one way to get rich is to take money from stupid people when they are falling all over themselves to give it to you.
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Will Overstreet just started a business here in Knoxville that is doing just that.

Also, see: Big Orange Army
 
#123
#123
U-T said:
Years ago I helped out at a law school doing VITA (Volunteer Income Tax work) for the lower income and came across many, MANY people with so-called salaries between 2k-10k....some with children

:unsure:
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I imagine they got some sort of help from the government.
 
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