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Financial crisis cash payouts

post #1 of 16
2/3/09 at 6:43pm
Thread Starter 
As you know things are sort of going upside down in many countries. It was announced the other day by our PM that he would be trying to stimulate the economy by handing out cash payments to singles, students, low to med income families etc. Apparently i am elligable as i am now enrolled as a tertiary student (yes, i applied for this course 2 months before this announcement was made). Of course, if i do get anything, this will be going straight to my school fees/materials/travel.

He wants people to 'spend, spend, spend', how on earth people are going to decide between buying a new handbag, or paying their ever increasing bills i'll never know. The good part is that there is also money going to wards building new houses and fixing up schools. But..

This cash handout will only be splurged on my idiots, not stimulate the economy. We'll all be paying off our debts instead.

I hear Obama is doing a billion dollar thing as well?
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post #2 of 16
2/3/09 at 7:23pm
If I get some sort of "stimulus" tax rebate - there is talk here in the US of $1,000 - feh... it would disappear into my fixed costs and/or my debt load.
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post #3 of 16
2/3/09 at 8:22pm
I don't have debts. Last year, I donated my economic stimulus.
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post #4 of 16
2/3/09 at 8:41pm
On the radio they were giggling over the headline K-Rudd reveals his big package

I haven't read too much about it, but apparently low-middle income workers earning under $80,000 will be getting $950.

Here's just one article on the subject.
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post #5 of 16
2/3/09 at 8:44pm
Thread Starter 
Quote:
Originally Posted by missymotus View Post
On the radio they were giggling over the headline K-Rudd reveals his big package

I haven't read too much about it, but apparently low-middle income workers earning under $80,000 will be getting $950.
I don't want to know about his package, i can't even stand looking at his face!! Lol
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post #6 of 16
2/3/09 at 9:03pm
If this happens it will go to my property taxes again this year.
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post #7 of 16
2/3/09 at 9:04pm
Don't know if your tax system works anything like ours, but be sure to read all the "fine print". I am now having to pay back the government the entire "stimulus" check that we got last year in our tax filing this year. If I had known that, I would have put it in savings...at least then I would have earned some interest I could keep!

Quote:
Originally Posted by AddieBee View Post
If I get some sort of "stimulus" tax rebate - there is talk here in the US of $1,000 - feh... it would disappear into my fixed costs and/or my debt load.
If I get any more "stimulus" checks, they are going into savings for exactly the reason stated above. I feel like I got totally hosed by the government, because as I remember it they said the same thing: Spend Spend Spend. I specifically recall the term "Free Money" being used. So we paid some bills and did spend some. And now we owe the government $1100 of the $1200 we got because of how the wrote it in the tax return.

So yes, I'm telling everyone this as loudly as I can so if you did what we did with the stimulus you'll be prepared when you do your taxes.
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post #8 of 16
2/4/09 at 4:25am
This year's proposal is slated to be in the form of tax rate reductions in the US. IF it ever gets all the pork stripped off and gets passed.

for the folks in Oz getting something, but about "the package."
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post #9 of 16
2/4/09 at 6:47am
Quote:
Originally Posted by valanhb View Post
Don't know if your tax system works anything like ours, but be sure to read all the "fine print". I am now having to pay back the government the entire "stimulus" check that we got last year in our tax filing this year. If I had known that, I would have put it in savings...at least then I would have earned some interest I could keep!



If I get any more "stimulus" checks, they are going into savings for exactly the reason stated above. I feel like I got totally hosed by the government, because as I remember it they said the same thing: Spend Spend Spend. I specifically recall the term "Free Money" being used. So we paid some bills and did spend some. And now we owe the government $1100 of the $1200 we got because of how the wrote it in the tax return.

So yes, I'm telling everyone this as loudly as I can so if you did what we did with the stimulus you'll be prepared when you do your taxes.
I got $600. I'm sure that my accountant knows what to do. And if I get a tax refund this year, again - it will go to overhead and/or debt.

And good for you, Going Nova, that you don't have any debt. Hopefully you'd had SOME... that you paid off.. so that you can have a good credit rating.
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post #10 of 16
2/4/09 at 11:27am
Quote:
Originally Posted by valanhb View Post
I am now having to pay back the government the entire "stimulus" check that we got last year in our tax filing this year.
Yea they conveniently forgot to mention that part! Happend to me too.
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post #11 of 16
2/4/09 at 4:23pm
Quote:
Originally Posted by valanhb View Post
Don't know if your tax system works anything like ours, but be sure to read all the "fine print". I am now having to pay back the government the entire "stimulus" check that we got last year in our tax filing this year. If I had known that, I would have put it in savings...at least then I would have earned some interest I could keep!



If I get any more "stimulus" checks, they are going into savings for exactly the reason stated above. I feel like I got totally hosed by the government, because as I remember it they said the same thing: Spend Spend Spend. I specifically recall the term "Free Money" being used. So we paid some bills and did spend some. And now we owe the government $1100 of the $1200 we got because of how the wrote it in the tax return.

So yes, I'm telling everyone this as loudly as I can so if you did what we did with the stimulus you'll be prepared when you do your taxes.
Is that based on your tax bracket? Because my MIL is a CPA and does our taxes and we didn't have to pay ours back.
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post #12 of 16
2/10/09 at 2:54pm
Thread Starter 
Well i heard the most charming thing on the news yesterday.

Opposition don't want this bill passed, because they say that ALL lower to middle class worked will spend their money on gambling and plasma screen tvs.

Well thank you very much for having such a high opinion of us. We already have a fully functional tv, and none of us are gamblers.

I think before opening their mouth again, they should pass another bill that says everyone gets a handout, but they must show proof of what they spent the money on.

I hate politicians, truly. Don't stick us all in one group!
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post #13 of 16
2/10/09 at 3:22pm
Quote:
Originally Posted by valanhb View Post
Don't know if your tax system works anything like ours, but be sure to read all the "fine print". I am now having to pay back the government the entire "stimulus" check that we got last year in our tax filing this year. If I had known that, I would have put it in savings...at least then I would have earned some interest I could keep!



If I get any more "stimulus" checks, they are going into savings for exactly the reason stated above. I feel like I got totally hosed by the government, because as I remember it they said the same thing: Spend Spend Spend. I specifically recall the term "Free Money" being used. So we paid some bills and did spend some. And now we owe the government $1100 of the $1200 we got because of how the wrote it in the tax return.

So yes, I'm telling everyone this as loudly as I can so if you did what we did with the stimulus you'll be prepared when you do your taxes.
Heidi, I just heard on my local TV news this morning with my own ears that the $600.00 stimulus check I received last year is NOT, I repeat, NOT taxable. It does not have to be added to you income.

So, now I am very confused. How can this be, with what happened to you?
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post #14 of 16
2/10/09 at 3:58pm
Quote:
Originally Posted by ckblv View Post
Heidi, I just heard on my local TV news this morning with my own ears that the $600.00 stimulus check I received last year is NOT, I repeat, NOT taxable. It does not have to be added to you income.

So, now I am very confused. How can this be, with what happened to you?
They changed the tax rate to include the amount you got automatically. So it doesn't appear as income anywhere, but the tax tables factor it in.
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post #15 of 16
2/10/09 at 7:33pm
Quote:
Originally Posted by Dragoriana View Post

Opposition don't want this bill passed, because they say that ALL lower to middle class worked will spend their money on gambling and plasma screen tvs.
Thanks to the huge jump in $ going into pokies after the december $1000 payouts.

I think it's going through the Senate in the next few days.
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post #16 of 16
2/10/09 at 7:48pm
Quote:
Originally Posted by neetanddave View Post
They changed the tax rate to include the amount you got automatically. So it doesn't appear as income anywhere, but the tax tables factor it in.
Well, that is a crock. Whose idea was that? I really want to know who did that.
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