Question of the Month
Question 7: How do you think the tax rebates in Obama's Economic Stimulus Plan can help you?
Obama's Economic Stimulus Plan has announced $168 billion in tax rebates and tax breaks for both taxpayers and businesses. According to the plan an individual can get a tax rebate of up to $600 and a couple filing jointly can expect a rebate of up to $1200. Do you think it is going to help you? How?
Winner PostAnswer 1:Yes indeed! Because it will keep my hard earned money, which I obtained through my own sweat and diligent labors, in my pocket where it belongs. How will Americans ever learn how to manage their finances properly if they dont have any money to manage? Instead, we are constantly giving our money away to the government to manage on many programs that we dont agree with nor know anything about. We dont give of our own free will, but will actually be put into jail if we do not hand over our money to the government.
I get paid bi-weekly. I bring home a gross pay check of about $1200 every two weeks. The the federal government, not even counting taxes that are taken out by my state, takes about $150 from the $1200 every pay check (im rounding off with my numbers here). One hundred and fifty dollars! Real honestly im sitting here thinking about all of the ways that i could use this money and the list is endless. Not merely wishful things (i.e. new MP3 player, new toys, clothes, GPS, camping stuff, computer game, WHATEVER).
Yet, there are many, many useful things, long term beneficial things that i could do with the money. Put the money away into savings for starts...Yeah but we need to get the money back into the economy you say. Part of saving is so that more money can be spend later down the road. For instance, if i had more money on hand i would be more apt to by a car, or brand new computer system, or even make a down payment on a house. Then there are also things more immediate that i could use the money for: bills, food, some debt that ive been trying to pay off. Who knows, i might even feel led to give some money away to a non profit more often, pour back into my local community, or even global outreach, if of course i had more money to work with.
Its obvious our government doesnt know how to handle our money properly. That cant even bail out AIG without first making sure the money is going to be used properly before they start up the printing presses.
Really i think you guys are asking a rhetorical question. Of course this extra money will help us, the issue remains that i do not need anyone to withhold my money until i can give them a suitable answer, one that will appease them, in order for them to decide that i get my money back. My money helps my no matter what my agenda is, the question then remains, what help do i really need? Do i need a government agency to decided that they are the only ones who know how to manage my money, or a "user friendly" agency, that educates me, the user, on the wisest, most prudent uses of my money thereby making me a better person, who makes wise decisions, and a benefit to those around me and on society as a whole.
Answer Posted by | True Freedom
The other answers worth mentioning are:
Answer 2:What I plan to do is take the amount of the stimulus tax cut and use that to increase my % of pay into my retirement. I am a state employee and they match up to 4%. The extra money (about 14.00 a week) will just about take me to the max of the 4% match in my retirement account. This also lowers my taxes as we are taxed on amount after the % goes into the deferred retirement account. If you dont put the max match in, you are throwing away free money!!!! I am not sure how much it will lower my tax burden for the year.
Answer Posted by | dell hughes
Answer 3:I certainly think the new "Stimulus" plan is something that will help millions of people, including myself. Before this plan was ever signed into law, it was scrtinized by many across these great states, but what these people failed to realize is that, looking at a grand scale, todays ecomony is struggling to stay afloat and to stay in competition with other global economies. Thus, giving this economy some sort of stimulus to encourage "at home" buying will help the betterment of our society.
When focusing on the small scale, it becomes quite evident that anyone would benefit from an additional $600 to $1200 of income during these trying times. Personally, I am overjoyed at the thought of having some additional income. I just recently purchased a new home, opened a business and refinanced my truck. Consequently, my pockets are being drained faster than I can fill them up and my sons birthday is this Saturday. So, I look at that question, "Do you think it is going to help you? How?," and I say, "YES!" I can take time to relax, at least for one month, and not be up in arms about bills and due dates, I can save some, I can buy some much needed articles of clothing or go over budget on food for one month...whatever it is I should choose to do with the money, it is a true blessing indeed to have a President that understands these harsh times and wants to do something about it instead of looking down on those less fortunate.
Way to go Obama, way to go!
Answer Posted by | Synamon Pennington1238005
Answer 4:I was under the impression that the relief would come to about 15.00 a week and not in a lump sum which really would not help us much. But if something has changed were we will be recieving a rebate check in one lump sure it would help! If that would be the case, I would use the money to pay off my lowes card that i used to replace my furnace last summer! Then i would be back to no cc again!!!!!YEA!!
If its just 15.00 a week, I plan to pretend that i still get the same amount so that we can save to pay off that card and have it automaticly withdrawn from my checking to my savings and forget about it.
As much as i dont like obamas stimulus plan, it is what it is and every little bit helps and adds up. Every dollar counts in our household and it would be put to the best use possible as the money that we currently have comming in does. every dollar is accounted for around here. So to say that it wouldnt help at all is not true, but i feel it would be better in one lump sum to put twards something.
but even if i didnt put it away this is enough money that i could use for my gas everyweek. i dont go very many places but it would be enough to cover picking my son up from pre-k everyday!!
Answer Posted by | love_my_things
Answer 5:The tax rebate will not help me in any way. Ooohhhh we get and extra $14 in our paychecks. Well thats only "IF" you are working. We make too much money to get any of his credits. Cant buy a house because credit sucks and the banks are not lending. Dont need a new car so cant get that credit either, banks wont lend for those either. Plus if any of the credits would hit home to us, it would just get eaten up by our state. They are raising taxes on EVERYTHING!!! So no matter what, we all will get shafted one way or another. If not this year, the years in where we have to repay all of this stimulus crap. Wish I could have gotten a bailout to go take a lavish vacation, oh wait, I wouldnt have taken the vacation. I would have paid my medical bills.
Answer Posted by | puddlejmpr
Answer 6:The economic stimulus plan that President-Elect Obama is working is estimated to be between $675 and $775 Billion. The stimulus plan will be geared towards job growth and infrastructure. Some have argued that work should be done to increase short-term spending but Obama's economic stimulus plan looks to have long-term effects. This sounds reasonable as short-term spending would only be a small band-aid at best. We have to move away from this idea that we can spend our way out of trouble!
The administration will look to give money to projects that have a plan to move us away from being energy dependent on other countries as well as projects to help build up schools. If done correctly this could be similar to what was achieved under FDR where many buildings and schools were built during the depression that are in use today.
Answer Posted by | Sudam Chakraborty
Answer 7:Yes, it will help me. However:
The rebates will not be in the form of a paper check or electronic deposit using your direct deposit information from your 2008 taxes.
The tax rebates will be seen in your monthly paycheck as the federal income tax withheld from your earnings will be less. You can expect to see maybe 30 plus dollars more in your net pay. Use that extra cash for necessities and not luxuries as this economic downturn seems to go further down. Thank you....
Answer Posted by | Gerardo Romero
Answer 8:I am not sure that it will actually help anyone in particular, but any type of "rebate" given by the federal government is a boost to my personal economy. Perhaps I would be willing to pay a little more for work clothes - instead of going to Goodwill or WalMart I would go to Pennys or Sears. I dont get to take my grandchildren out for treats much right now, or buy them trinkets to have on hand when they do something special. I guess I would buy a few things to have on hand for them, since their parents are struggling with lost jobs and unemployment. I would love to take my husband on a honeymoon - since we got married on January 17 this year and have not been able to afford some time alone and away - That would be nice!
Answer Posted by | go4pack54
Answer 9:Yes i think it will help me because i can pay off some more debt in which i did with my tax return. If all people used their money wisely instead of just wasting it the rebate will help them too. This rebate is just like the one we recieved with bush and i felt it helped me last year just as this one is going to help me this year. Its all in the way you use your money instead of throwing your hard earned money to this clothing store and this shoe store. What about opening an cd when you get your stimulus if there is no back bills to pay?
Answer Posted by | KIMBERLY1237322621
Answer 10:WE are not getting stimuless checks! We pay less taxes while we are working the w2 forms. We do not get it all at once. And only those with jobs get it, get it. How is that going to help anyone? When you work at a company and they complain things are bad and so you dont even get a .25cent raise an hour and they cut your health care off all together or charge a lot in deductables before you can benefit from any of That either! That means your income is going down down down . And the media announces an increase in the minimum wage so thats like saying olly olly olly time to raise your prices on goods and services and give your CEO millions for doing it and the Government will look the other way and politions know a trickle down affect will find its way into their bank accounts. The little people will keep us afloat.
Thas my take on it. If only Regan never took away our credit card interest deductions, we may have staved off such a melt down and the banks too. But they are always taking from us with out thinking for one minute hey if we take away their income how are they going to buy the things we pay a pitence for them to slave over? Pay them more money for working and they can spend and hopefully have enough left over to save for retirement and wsend the kids to school. Thats how it is going to help us. Too little spread out over time is never seen or felt,. Give it too us all at once and We can choose to spend it( most will ) or invest it ( anyone that invests in anything less than a mere savings account will eventuall have it stolen from them by wall street) or hide it! ( thats my choice on all my disposable invcome!
Answer Posted by | Debbie Lockard
Answer 11:This plan wont help me a single bit. I am not a employer and am too old to become one at this stage of my life. Placingall the tax burden on the rich will only weaken their resolve to employ more people, pay decent wages and book and now all that imagenery stuff has happened. When I was a kid looking at Buck Rogers flying to the moon now thats all in the past. Who do you think is responsable? Not me, I have made some sood stuff in the garage but it took someone willing to risk a lot of money to come up with the developments we have seen. Thats all that I have to say.
Answer Posted by | Charlie
Answer 12:Honestly, it will have little impact, its not enough to make a huge dent in anyones situation. An extra 13 dollars a week? Whos foolin who?
Also, it will make us even worse off in the long run, its like throwing good money after bad.
1. any large tax cut wont be felt until probably late 2010 or early 2011.
2. Gas, and utilities are set to skyrocket, Gas wont remain at 2.00 a gallon, it only takes one international maylay to set gas spinning again.
3. There will probably not be any significant changes on the healthcare front in until 2012.
He doesnt know what hes doing.
Answer Posted by | fidoisgood
Answer 13:I believe that every little bit helps, but we all need to help ourselves. I dont think that we can or should rely on the government to fix everything. I think that we should all take care of ourselves, work harder, cut our spending and do whatever else it takes to make it. I believe that to many people look for that government handout instead of looking into what they can change. We have all lived above our means and lived off of charging things and now that times are tough we dont know what to do and how to do it. A lot of dedication and hard work will pay off in the long run.
Answer Posted by | jojois29
Answer 14:The stimilus check will be a blessing for the American family.We as Americans find ourselve in one of the worst economical times since the 3\s depression. our best option is to use your finance wisely and pay bills with cash!Im praying that Obama pull our troops out of the Middle East THAT WILL REVIVE SOME OF THE MILLIONS OF DOLLARS IN THE DEFICIT BUDGET.I AS A aMERICAN WILL DO EVERYTHING IN MY POWER 2 USE MY STIMILUS CHECK TO REVIVE THE FINICIAL STATUS OF THIS AWESOME COUNTRY!!!! Wishing all the American people the best in all aspects of life.! SINCERLY SUBMITTED Miguel Angel gonell
Answer Posted by | miguel gonell
Answer 15:Probably not. For me, a 600.00 rebate does not counter the letters by the credit card companies that have notified me that my APR is increasing. First we give them our money, then they ask for more in the form of higher APRs. In less than a year, I will be returning that 600.00 back to the banks plus added interest.
Answer Posted by | Russ Sullivan
Answer 16:Of course it would help us. We are retired and on a fixed income. Anything would help us?????????????????? I have not seen anything that says persons on Social Security will receive anything.????? I am sorry, but I do not have 300 words to tell you what it would do for me. This is all that I have to say about it.
Answer Posted by | stremaine
Answer 17:I dont believe it is going to help, because just like the check we got last year from Bush-that money is going to spent on bills instead of something you really really want.
Because I am individual last time I got 358.00 where do you go with that!
Maybe 2 or three check would help then you could maybe go out and purchase something, after you have made your bills that need to get paid.
And maybe a desent tax break would be better. Where do they think you are going with 65.00 a month on your check.
Answer Posted by | kbkittyb
Answer 18:I am hoping since I just recently found a housekeeping job making min. wage. I was on unemployment for 6 months and the unemployment office told me that the new stimulus didnt actually extend unemployment the original extentions put in place before but did add $25 per week even though didnt didnt know when that would start either.
Answer Posted by | allogagan
Answer 19:Yes I do I filed a joint return and am looking to get caught up on my house payment I am 2 months behind and looking at a default I have worked hard to get where I am at and now that the construction business has gone to hell my husband has been unemployed and my credit card payments have not been made. I live in Colorado and the laws here can garnish you checks and leave you with no food on the table or gas in your vehicle. It will be nice to get some of that money back in our pockets for the high increase of gas prices not to mention everything else groceries, utility bills. Our country is going to shit someone needs to take control and Obama cant do it alone we all need to pitch in.
Answer Posted by | Big A
Answer 20:Personally I dont agree that the government knows how to spend my money better than I do. I didnt agree with many points on the stimulus package because about 1/2 of the money set aside was for corperations who mismanaged their money and not for American families. Let bad business go belly up so we can weed them out and keep the good ones.
Answer Posted by | FYI
Answer 21:It wont. to your average tax payer, this is only a drop in a bucket. Compare this bucket to the ocean; one bucket of help will not help you in the face of overwhelming odds. If, however, he were to help the average tax payer to the same degree he is helping banks, that would have a more positive affect on our economy. At the rate they are giving out money, what is one bucket of money to the average tax payer compared to the ocean of funds he is giving to the business? As tax payers, we would not be allowed to run our finances like the businesses have. Our economy is suffering due to their greed and lack of busines ethics.
Answer Posted by | diane trombley
Answer 22:Yes...it will help me to be a slave to the government tax system in the long-term. What is 1200 bucks with slowly increased taxes over our lifetime to support americas credit (non cash) system.
We will fall hard and China will call upon its debt with brute force. Neither a lender nor borrower be...
If clinton would not have streamlined the mortgage process to get votes from the "credit challenged" so that they could artificially inflate the economy for his "percieved" popularity, then we would not be in this mess. Bush, although not great, had nothing to do with current economy. Any one with a brain knows that it takes 8-12 years for economic policy to take hold. That means "clintons prosperity" came from the Reagan era and Bush was harmed by clinton. Further, 911 would not have happened if Clinton focused on the correct missle. Instead of taking out Osama with a missle strike when he had the chance, he was too busy getting his little missle played with.
The real help to the economy would be to buy American. Say no to Honda and Toyota.
Answer Posted by | drp
Answer 23:how in hades do you think 600 hundred dollars is going to help pay the bills when theres morgage payments and lights,gas.water.sewer and car payments? it might buy grocers and gas for a couple of weeks but what i see is some people will use it to have a wild weekend. so if obama really wants to help the american people let him stop taking taxes out of our paychecks for a year.
Answer Posted by | nell willis
Answer 24:Yes. It will definitely help. It will bring almost 15 days salary for one family. That can surely help somewhere or other - I wont say that its of great help. But this moment every cents count.
So, for me I think its a good thing. I dont know about others. Obamas economic stimulus Plan will give some relief
Answer Posted by | sharad_mcp2003