Step Right Up! Get Your Free Money!
So the stimulus bill is passed! This is what Obama wanted so for that; I look at this as a victory! But for me personally, I don’t know.
From what I understand, receiving your stimulus check this year will be a little different. Instead of going by the last four of your social security number and making you wait until the month that your numbers come up, this year filing your taxes will instantly trigger the government thus releasing your check. The stimulus has decreased a bit: $400.00 for singles and $800.00 for couples. Not being 100% politically or financially savvy leaves me without all the pieces needed to form a completely intelligent opinion, but I will say, it seems contradictory to the life long lesson of responsible spending.
I get exactly what they are trying to do and I am not oppose to the cause, but the effect they are expecting is something that I just don’t think is ever going to happen using this method. Well let me clarify, I don’t think the part of the stimulus package that doles out money earmarked for consumer spending, will work. I will not be going out on a shopping spree and coming back with my chest stuck out saying, I feel good because I have jump started the economy by spending my few little hundreds. No. I am more likely going to either bank it or save it – these days that is two different things when many don’t feel safe putting their money in the bank – or I am going to continue to pay off bills so I can peacefully sit at home feeling safe with little to no debt. Will my way of thinking help the economy and create new jobs? Absolutely not. Do I care about the economy ripening up and us being a healthy working country again? Absolutely yes, but I am scared! I do not want to be overly cautious but I don’t want to be stupid either. So I am inclined to play it safe. I will say thank you for the money and walk away in awe that we are once again given free money (well is it really free?) from the government. Other than that, I’ve got to do what is best for me and my personal economy!
Are you going to go out and spend yours? I recently bought a 52 inch screen TV and even more recently, I took it back! I am just nervous and frankly unsure as to what I should do. I’d love to hear other opinions and even be persuaded to change my mind and go out and buy me some shoes! I guess we could play the game: if you do it, I’ll do it! But I gotta know; what are you going to do with your money? Holla back!
Kathy,
Like you I don’t see this stimulus bill helping the economy all that much. Bush has done so much damage that it’s going to take a very long time to correct the mistakes that he has made. I happy to know that it’s going to help those that are unemployed and those that are on Social Security but it’s not going to jump start the ecomony.
I will also put my money away or at least pay bills. I don’t see myself buying a new pair of shoes or TV’s. I will make sure that I keep this money away from my husband because money burns a hole in his pockect. My husband is a big kid and loves all kinds of toys and if he has the money it will be gone.LOL
I’m glad that President Obama has won one, but I hurt for him because this country is such a mess. Like he said ” It won’t take a year or two to fix whats broke”. I truely believe that but he’s made a step in the right direction.
I will be holding on to every penny and paying myself first before I pay anyone else. I wonder if like everythings will we have to also pay this back.. Whatcha think?
Tori, that is why I asked, is it really free? Let’s hope! Unfortunately things have gone downhill for eight years. I’m afraid if Obama doesn’t fix them within four, he will be considered a failure. I can’t walk around with my fingers crossed and on my knees all day but I can stay in a prayful spirit for Obama and every decision he makes! I pray that even if he makes the wrong decision, secretly God turns them around and it just appears to the world as another great move by Mr. President! Those of us who call ourselves Christians have got to commit to helping him through this!!!
You know……let me start by saying this is just a mess we’re in. I thank God every day ALL my family and friends are working and have their homes. Yet and still. I don’t know anyone who is spending money all willy-nilly. Has anyone seen the commercial where they talk about how people used to try to keep up with the Jones’ but now people realize that’s crazy and are living a more simple life? I really don’t think a $500 or $800 check is going to make the kind of difference in peoples spending the government wants. Let’s ALL hold on to our pennies.
Can we talk about the cartoon where the monkey is shot regarding the stimulus bill? Now ain’t that some junk! I know, bad English.
Either you agree with the stimulus package or you don’t. Either you support President Obama or you don’t. If everyone had the “I’m going to save some money that I wouldn’t have otherwise” mentality, how would we ever dig out of this hole?
We can do more than pray for him – we can spend this money, however little it is, and maybe a couple of people will have some jobs as a result. It seems like the government is trying to create a chain reaction and most people are trying to keep that from happening.
Brian, I do agree with the stimulus package and I support President Obama. BUT. Let’s be real, the way things are right now if you have a family of any size, that money will buy a couple weeks worth of groceries, pay the gas bill, the electric bill, something that really needs to be taken care of. To bring peace of mind. Not shopping for a new pair of shoes. That’s reality. And the folks at the gas company, electric company, and the grocery store will stay employeed. How about that?
Wow.. I have been hearing so many different stories about how this is going to work. Getting another free $400 is really nice. I think when I get mine I might book a trip to GA to see some family and maybe a small new tv. Yes…! By the way thanks Obama!
Brian I appreciate your opinion and somewhat getting me in check. I promise to make it a point to go out and buy, at least a pair of shoes! Here’s the thing, will Macy’s and the employees there really benefit from that purchase? Somebody tell me, where do I really need to spend my $400.00?
Kendall, I think a trip to GA is the best possible way you can make that $400.00 work for you!
Whenever we get our check it will be to pay some bills and maybe something for the kids, but I definitely will not be taking it to the mall to blow. As for all of these bailouts and stimulus packages, don’t be confused, our grandkids kids will still be paying for this when they’re adults. I’m not complaining, I’m for it. It’s hopefully going to provide dollars into my city and state for projects that my job can do – which equates to helping my company that has already had 3 layoffs within a years time. At least it will be different from the initial bailouts that went to the crooks at the savings and loans that have misused it on extravagant bonuses and whatever else they chose to spend it on. They should be imprisoned for it and for their part in getting us here in the first place.
I do agree: someday, somewhere, somehow, somebody will pay this money back!
Wellllll, since I received a decent amount of income tax money (they actually gave you last year’s stimulus if you didn’t get one which I didn’t because my mom claimed me) and used it to pay some stuff, I personally have decided to buy a Coach bag! Sounds wrong, maybe. But, since I paid other bills, I can use what would have gone to them to save. But I’m still a kid and can pay my bills. Thankfully instead of a layoff I got a promotion! God has been good! So, I’m going to spend some and keep some-I ain’t hardly spendin 400 on one purse but I’m not savin it all either! And Auntie Kathy, you know you love some shoes so go ahead and buy a pair!
@Karen -
Karen,
I wanted to get back with you yesterday about that monkey…I feel people today are really sick. When Bush gave the first stimulus package it went to the banks and we saw what they did with it. No cartoon at all. No one made a big deal. I can’t believe that the Post posted this cartoon. When are people going to finally except that President Obama the good Lord willing is going to be in office for the next 4 years.. They want to complain about him and make threats toward his life but they will be enjoying whatever piece of the pie that they receive.
I don’t know what this world is coming too and I probably never will.
You’re right Tori. We took the money Bush was giving out and no one said a word. People need to accept the fact that we have a black man in office AND it’s going to take some time and creative thinking to fix the mess we are in.
Let’s talk about my bosses who are in the Home Health Care business. They were REALLY upset when Obama became president. Nothing good to say about him. Took magazines out of the office with his picture on it. While I was out on leave, took his pic off my computer (I know they did it). They thought President Obama wasn’t going to do a thing for them (they’re millionaires) but make them pay more taxes. Now, President Obama has mentioned raising Medicare/Medicaid and they couldn’t be happier. We are now going to start taking Medicare/Medicaid clients. Something we were never going to do before because of the type of client we would be getting. Is that not junk?
I said all of that because of the last line in your paragraph…..They want to complain about him and make threats toward his life but they will be enjoying whatever piece of the pie that they receive.
Amen Tori!!!
Here’s the condensed version of the current tax plan. The President originally propose this plan when he was running against McCain. I’ve included McCain’s proposal to better illustrate why the President’s plan is better for the poor and middle class.
The $400-800 provision in itself is not really that much to talk about. John and I will pay more under the President’s plan, but we support it. The wealthy have have a windfall the last 8 years while the middle class and poor have footed the bill.
The current maximum marginal tax rate is 35%. President Obama’s plan simply allows the Bush tax cuts to expire which they will do automatically in 2010 anyway. That will return the max rate to 39%. The net effect for some (but not all!) taxpayers earning $250k or more will be that they’ll pay an additional 4% in tax ONLY on the amount that is subject to the maximum rate, i.e. the amount that exceeds approximately $250k. (Actually, the top rate kicks in at $349,000 of taxable income so anyone with taxable income between about $200k and $349k will see NO change in their taxes under his plan!)
For example, let’s say that you have $450k in taxable income. The last $100k in taxable income will be taxed at 35% under the current law, for a tax of $35,000. Under Senator Obama’s plan, you’d pay $39,000 on that income, or $4,000 than you do right now.
Some on the right are making a LOT more about the tax increases for wealthy taxpayers than is actually there. Someone pulling down $450k in taxable income (about $459k or more in gross income) will pay about $4,000 in additional tax under the Obama plan. (There’s already one clueless response here that claims you’d pay 65%. That is total BS! And I’ll skip comment on his racist wisecrack.) Someone pulling down between $250k and $350k will see little or no change in their tax liability whatsoever. And anyone pulling down less than $250k will pay LESS tax than they currently do.
McCain’s plan would allow for tax cuts (from the current historically low rates) primarily for the wealthiest taxpayers. A CEO pulling down $10 million would probably pay about $850k less in tax. But if anyone thinks that he’d use that to create a dozen jobs, they’re mistaken. He’ll buy himself a Ferrari or a 50 foot boat or a cottage in France so some other such personal indulgence in most cases. But for the same cost to the US Treasury, the Obama plan could offer an $850 tax cut to 1,000 middle class taxpayers. That money would do more to grease the domestic economy than one Ferrari for an over-paid executive ever would.