Tuesday, April 15, 2008

we may not be invited to stimulate

So, today is Tax Day, and you have to file taxes this year if you want to receive the so-called Economic Stimulus rebate, said to be about $600 per person, $1200 per couple.

But I heard on the radio the other day that there are restrictions to who will be getting the rebate. I had not heard that previously, and to be honest, where I heard it from isn't necessarily something I trust 100%, but supposedly, you only get the rebate if you earn less than a certain amount a year. Well, since the husband and I both earn decent salaries, there's a chance we won't be eligible, depending on what the salary cut-off is.

You could have the argument that Bill Gates isn't going to need a $1200 rebate for him and his wife, but I don't see that "need" figures into it. And, ok, if you want to draw the line at Bill Gates or anyone making several million dollars a year, I can see that. But because the husband and I aren't struggling, that means we might not get the rebate? Supposedly, the point of handing out this free money that the U.S. really can't afford anyway is so that people will spend it and that will help the economy. Lots of people are apparently saying that they're going to use the money to pay bills, and the government doesn't want them to do that - they want them to actually spend it. OK, so, I'm responsible about having my bills already covered, so if you give me an extra $600, I could actually just spend it. Isn't that what you want? Wouldn't it then make sense to also give the money to the people who don't necessarily "need" it, because they're the ones who will be likely to spend it like you want them to?

Do you know how many little boxes of miniature food I could buy with that? Or dinners at Napa Rose? Cube people? I've got all kinds of things I could spend that money on. But, I guess I won't know whether or not I'll have that opportunity for a while.

Oh, and for those of you who are still needing to file your taxes tonight - you have 59 minutes.


JeffG said...

If you go to the IRS site (http://www.irs.gov), there is a "Payment Calculator" available right off the front page that asks a series of questions (mostly about this year's tax return) and then lets you know how much your payment will be.

If you go into the FAQ section, it looks like they start reducing the amount of the rebate once income exceeds $75,000 for singles or $150,000 for joint filers.

Cindy said...

Hmmm, maybe the husband will see your comment, or I'll have to let him know about the calculation site. He's got the copies of this year's return.

I'm not liking those numbers, though.