Explaining the Economic Stimulus Payment

[PaKettle]

I'm confused - this thread starts out by saying the stimulus is money that will be sent out to taxpayers. As I understand it, this has been changed to a reduction in taxes owed, right? There will be no checks sent out, right?

And if I am correct on that, I have another question that needs clarification:

So if we are a married couple we ostensibly get less money taken out of our weekly paycheck in an amount that is supposed to amount to about $8 per person per week, right? Or $64 per month, per couple?

So if I am currently having $50 taken out of my Unemployment check every 2 weeks to pay for taxes that will be owed next year, I can now have that $50 only taken out every 4th week (every other payment) and I should come out getting money back at the end of the year? Is that more or less what we're talking about here?

I wish he'd have just sent us a $1200 check like Bush did. (That was the only pro-consumer thing Bush did in his entire 8 years!)

But then I think I heard they are going to forego taxes on unemployment checks altogether. Can anyone confirm or deny that?

So then what does that mean, that I will end up getting money BACK from the Feds in 2009? (assuming I am still on Unemployment payments through the end of the year; which I HOPE is not the case, that I get a good job instead!)

I wish someone would spell out this whole package. So far all I'm seeing is either bits and pieces of info, or else very complex stuff that relates to the entire spectrum of people (poor to rich) not just to the average working stiff (or formerly working stiff).

[JRScott]

No checks will be mailed.

Yes it is a reduction in taxes. They reduce it by a small amount this year, and then cut that in half for next year, then the rate returns to what it is now in 2011. The reduction supposidly will begin around April 1st.

For a married couple Pa it would be closer to 15 dollars a week extra (or around 7.30 per person if both work)

Yes that should work.

No one can explain it fully because no one has read it. It is a complicated mishmash of legal jargon that requires you to crossreference many other laws.

[PaKettle]

Thanks for the info JR. I guess they're also giving an extra $25/week to those on Unemployment, too, so that should net US a total of about an extra $160/month with the tax cut... Woo hoo! Actually, that's not bad. Now if only I could get some kind of affordable health care! (The COBRA thing they gave an extension on does not help us.)

No checks will be mailed.

Yes it is a reduction in taxes. They reduce it by a small amount this year, and then cut that in half for next year, then the rate returns to what it is now in 2011. The reduction supposidly will begin around April 1st.

For a married couple Pa it would be closer to 15 dollars a week extra (or around 7.30 per person if both work)

Yes that should work.

No one can explain it fully because no one has read it. It is a complicated mishmash of legal jargon that requires you to crossreference many other laws.

[JRScott]

Reagan increased the size of the army and navy while President which helped to curtail unemployment. The purchase of ships and delayed retirement of others helped also provide extra money but to get the money to do that yes he did delay or put off some infrastructure improvements needed at bases, improvements which for the most part are still needed.

[JRScott]

Thanks for the info JR. I guess they're also giving an extra $25/week to those on Unemployment, too, so that should net US a total of about an extra $160/month with the tax cut... Woo hoo! Actually, that's not bad. Now if only I could get some kind of affordable health care! (The COBRA thing they gave an extension on does not help us.)

you're welcome

[UhhhOhhh]

This year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that I will explain using the Q and A format:

Q. "What is an Economic Stimulus Payment?"
A. "It is money that the federal government will send to taxpayers."

Q. "Where will the government get this money?"
A. "From taxpayers."

Q. "So the government is giving me back my own money?"
A. "Only a smidgen."

Q. "What is the purpose of this payment?"
A. "The plan is that you will use the money to purchase a high-definition TV set, thus stimulating the economy."

Q. "But isn't that stimulating the economy of China?"
A. "Shut up..."


Below is some helpful advice on how to best help the US economy by spending your stimulus check wisely:

If you spend that money at Wal-Mart, all the money will go to China.

If you spend it on gasoline, it will go to the Arabs.

If you purchase a computer, it will go to India.

If you purchase fruit and vegetables, it will go to Mexico, Honduras, and Guatemala (unless you buy organic).

If you buy a car, it will go to Japan.

If you purchase useless crap, it will go to Taiwan.

And none of it will help the American economy.

We need to keep that money here in America. You can keep the money in America by spending it at yard sales, going to a baseball game, or spend it on prostitutes, beer (domestic ONLY), or tattoos, since those are the only businesses still in the US.

Was that domestic prostitutes as well????? ::::grin:::::