2008 Economic Stimulus Package

Okay, so I read all about this thing when it first was passed back in February. I thought I’d blog about it since checks will soon be out and people will soon be getting their bit of money.

Here are some little facts about this bill:

  • You only get this tax rebate if you filed your 2007 taxes on time.
  • Should be expecting around $600 per person (less than $75k),$1200 for married people who filed jointly (less than $150k). If you’ve made more than these amounts (those who are reading this probably did not), the amount goes down.
  • Parents will get $300 per child.
  • Folks who were in college last year, sorry, you don’t get one, even if you made money last year. Nor do your parents get the $300 per kid because you’re not under the age of 17.
  • People with ITIN’s don’t get anything, even if they file jointly with someone who has a SSN.
  • Whatever money you get from this bill, you have to pay back on your 2008 tax returns (if you are in the green).

Personally, I think this bill is a waste of time and money. I urge people to be smart and SPEND NOTHING and put this money away in an ING account or other high interest savings account until you have to pay it back. It’s better to earn interest on this “free money” than spend it (unless you desperately need to).

I find it funny Comcast has a commercial out to encourage people to spend this money by supporting local business’s. I don’t think it’s a good idea to spend any of that money since you have to pay it back in 2009. I just think it’s pointless and it hurts people. I’d opt out of it if I could.

Barack Obama
Random Thoughts 4/30/08

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