What are you going to do with your "tax rebate"

[Steve]

quote:Originally posted by we vs us

quote:Originally posted by Steve

quote:Originally posted by TheArtist

I don't get a tax rebate.

That makes two of us, (and millions more.)  This rebate plan is just pure political pandering and will do very little to stimulate the economy.  Only time, the passing of normal economic cycles, and seriously reducing the U.S. national debt will have any major long-term impact.

In fact, this "stimulus rebate" will only add to the national debt and further increase the burden and likelihood of real economic depression, on future generations.  But what do we care today, we will be dead so just let our decendants worry about it.

I don't understand.  Why don't you get free money like everyone else?  

Because my main source of income over the past few years has been from savings interest and investment return dollars, not so called "earned income" although I certainly earned the $ to invest.  Not to mention dipping into the "principal."  Those receiving the recent "rebate" checks must file a 2007 tax return, and have at least $3000 in earned (not interest or investment) income.

Competence, in the form of thrift, savings and prudent investment, is not to be rewarded by our government.

[sgrizzle]

When I get the May/June check, that part will likely go entirely to debt retirement. I might spend some of my regular refund on other stuff.

[Steve]

quote:Originally posted by sgrizzle

When I get the May/June check, that part will likely go entirely to debt retirement.

Wise choice.  Too bad our federal government doesn't have the same foresight.

[sgrizzle]

quote:Originally posted by Steve

quote:Originally posted by sgrizzle

When I get the May/June check, that part will likely go entirely to debt retirement.

Wise choice.  Too bad our federal government doesn't have the same foresight.

I can't claim too much foresight. If I did, I wouldn't have as much debt to retire.

[cannon_fodder]

I will be saving/investing the money when it actually comes in.  In spirit though, it will buy a new fridge when my current 20 year old model gasps it's last breath.  That and 2 or 3 other things that I want to do with it that I will justify spending cash on by saying that I'm just spending the free money (that we borrowed from China and my son will have to repay with interest).

BUT, the general discussion of the underlying issues is a great place to mention another example of what's wrong:

I checked my credit the other day (annualcreditreport.com NOT the scam freecreditreport.com that signs you up for a subscription credit protection program).  For an extra $5 you can run get an assessment (credit score and explanation).  

I learned that my credit has declined recently because:

1) My outstanding debt load is not high enough.
2) I have too much equity in my house (should have a second mortgage?)
3) My available balance on credit cards is not high enough (I do not need a 15K limit)
4) I do not have enough open credit lines (one credit card, student loan, mortgage, no car loans or bestbuy or whatever else).

[from TransUnion]

Now, apperently it did not effect my credit too adversely because I'm just fine.  But REALLY?  How messed up is that.  One would think a creditor would be happy to see someone who doesn't miss payments and is not over extended.  I'd have a better credit score with a second mortgage, 3 credit cards, loans on both my cars, and struggling to make payments instead of struggling to save more.

No wonder the card house is falling apart.  Stupid creditors.

[safetyguy]

By the time I get my state refund, pay the feds, pay for Turbo Tax and e-filing. I think I can buy a burrito at Chipotle and a 12 pack. So, I pretty much come out even.

Our tax preparer was right last year when she said when we had to pay the feds almost $900 last year. She said have a kid. Sure enough, we owed less than $100! We learned that the $1000 tax credit for a kid is great, if you combined family income is less than $110K. Otherwise, they take of $50 for every $1,000 that you are over.

[RecycleMichael]

A tax break for having kids?

No wonder my parents had me after already having two others. I thought it was just that they believed the older two needed help with the yard work.

[brunoflipper]

tax rebate?
what tax rebate?

[cannon_fodder]

I spent $3,000 on child care, $1,200 to add him to insurance, $1,000 for Tae Kwon Do, $250 for Zoo and Aquarium memberships, $700 on plane tickets, $1000 for clothes/coats/shoes, $3000 on food and drink, and on and on and on...

So there's $10,000 to offset the $1,000 the feds credited me.  All in all a bad investment. []

[tulsa1603]

quote:Originally posted by TUalum0982

I didn't see a topic for this so I thought I would start one.  I am personally going to use it to pay off a few things.  I would assume most people are going to go out and spend it which is what they want you to do, but there are many people with a ton of debt.

I don't have any debt outside of my mortgage, and paying that down by a few hundred dollars seems so...pointless.  I'll probably do the "responsible thing" and blow it on an iPhone and a hooker.

[safetyguy]

quote:Originally posted by tulsa1603

quote:Originally posted by TUalum0982

I didn't see a topic for this so I thought I would start one.  I am personally going to use it to pay off a few things.  I would assume most people are going to go out and spend it which is what they want you to do, but there are many people with a ton of debt.

I don't have any debt outside of my mortgage, and paying that down by a few hundred dollars seems so...pointless.  I'll probably do the "responsible thing" and blow it on an iPhone and a hooker.

Heck with the IPhone get a high quality hooker!!

[kylieosu]

I'm going on an Alaskan cruise at the end of May, so I'm hoping to get the rebate in time to use it for some spending money on that. But if not, I plan to finance another trip to Austin City Limits Music Festival with it.

[Admin]

quote:Originally posted by tulsa1603

quote:Originally posted by TUalum0982

I didn't see a topic for this so I thought I would start one.  I am personally going to use it to pay off a few things.  I would assume most people are going to go out and spend it which is what they want you to do, but there are many people with a ton of debt.

I don't have any debt outside of my mortgage, and paying that down by a few hundred dollars seems so...pointless.  I'll probably do the "responsible thing" and blow it on an iPhone and a hooker.

If you do blow it on an iphone, there is an option to add our homepage to the main screen, which I wholly support. I created the graphic earlier today for the home screen icon.



I strive to make sure that even the nerdiest members of the forum are accomodated.

[sgrizzle]

Tried it out. Nice having the icon.

[Steve]

quote:Originally posted by tulsa1603

quote:Originally posted by TUalum0982

I didn't see a topic for this so I thought I would start one.  I am personally going to use it to pay off a few things.  I would assume most people are going to go out and spend it which is what they want you to do, but there are many people with a ton of debt.

I don't have any debt outside of my mortgage, and paying that down by a few hundred dollars seems so...pointless.  I'll probably do the "responsible thing" and blow it on an iPhone and a hooker.

Paying down mortgage debt may seem pointless, especially if you are not going to be living in your home for the long term.  But by golly, I paid off my mortgage years early in 2003, and for those intending to make their home a true "homestead," it is a great feeling to own your house free from debt.  Of course, there is ever rising property taxes, my current major gripe.