WHAT ARE YOU GOING TO DO WITH YOUR $600 CHECK ??

[grayfox1119]

The Government has agreed ( in record time I might add ) to give every single person making under $75K a year, $600!! If you are married, the cap is $150K a year. After $75K and $150K, the amount of the check is decreased until it caps out. Also, every child gets a check for $300, so if you are married and have 4 children, and make under $150K a year as a couple, you will receive a total of $2400 sometime between May and July of 2008.

The question is, how much will you spend on MRR hobby ?

[Anonymous]

Really? Does that mean I get $300?

[Anonymous]

Straight to the bank savings account. And the falling interest yield be damned. 6 months ago 5% now.. a measly 2.5-3% Reminds me of the late 80's all over again. Heck, I wonder if we are about to return in time and go through the same problems all over again.

My spouse and I intend to remove one of the last of the small bills and feed savings with more inflow of cash.

And yes I still buy trains, the monthly budget creaks at the limit but not increased.

I would very much like our fine Government in thier infinite wisdom lean down to look at my very small savings account increased by just the amount they send and NO increase in my monthly spending.

Now pardon me while I go find that scrap of paper with my next engine purchase written on it... the store needs it to complete the order =)

[CAZEPHYR]

 

Don't spend any of it until the deal is done.  The Senate has not signed on completely and will start to look at the deal next week.

 

[Master of Big Sky Blue]

Really they are going to send me a $600.00 check. Im going to put it towards my Creidit card since I bought alot of train stuff on that when my hobby shop had a christmas sale (Does that count and spedning on the hobby?)

[loathar]

The exact same thing most Americans are gonna do with it. Prop up China and Mexico's economy!

[loathar]

And remember last time they did this. They considered it a loan against your next years tax refund and most folks that took it got shafted on their taxes.

[csmith9474]

And remember last time they did this. They considered it a loan against your next years tax refund and most folks that took it got shafted on their taxes.

Loather has brought up a couple of great points. Most folks just see this as free money, which it ain't. I wished the govt wasn't doing this.

As far as how I am gonna spend it, I am giong to pay off some credit cards, which defeats the purpose of sending the money out. Of course some of these are some of the same cards that I purchased model railroading equipment with, so in an off way, I am spending it on model railroading.

[Driline]

Blu-Ray Player and a few movies to go with it. Rest to the savings. I buy train stuff when I want anyway.

[Anonymous]

And remember last time they did this. They considered it a loan against your next years tax refund and most folks that took it got shafted on their taxes.

That is why the money goes directly to the savings. Come feburary the tax preparer will utter a number in the positive (Refund) or a Negative (Taxes due) and there ends the fiscal year and begins a new one in my household.

[dknelson]

I am instead intently looking forward to April.  Last mortgage payment!  Age has its benefits!

Dave Nelson

[jecorbett]

One thing I won't do is spend it until I get it. If and when I do get it, I'm not going to automatically splurge on something I wouldn't have bought anyway. Another thing to remember is there is no such thing as a free lunch. All this free money will add to inflationary pressures which will likely eat a lot of it up. Still whenever the government lets people keep more of their money, that is a good thing.  

[Anonymous]

I am instead intently looking forward to April.  Last mortgage payment!  Age has its benefits!

Dave Nelson

Congratulations!

We have been free and clear these last few years anyhow.

Never again!

[Robby P.]

Probably the same as everbody else.  Pay off a couple of credit cards, or misc bills.  I try to sell my weathered cars off eBay for my train money.  Unless the bank says I have some money to spend (the bank = wife).

[AntonioFP45]

Guys,

Latest news is that it's been watered down to $300. 

As for me, I'll most likely bank it and use it for the hobby as my budget allows.  I enjoy this hobby a lot, but family, home maintenance, car maintenance, etc., have to take the higher priorities.

[dirttrackin]

Paying credit cards does help the economy, it reduces to tightness of many familys budget, will make the diffenece in some households.  Most credit card companys are large banks (the ones with billion dollar losses reciently released) who are running low on cash from the forclosure mess, who can free up money for business loans.  Business can borrow to expand--more jobs.   Giving your money to Walmart is the worst you can do

 

My money if or when it comes, some trains(only from us manufactures) and torwards a vacation.

 

Just my OPINION from my flame proof train room

Tim

modeling the LSTT in 195#

[Heartland Division CB&Q]

Perhaps, we should find some stuff made in the USA and buy it.

BTW, isn't the money just for "earned income"?

[grayfox1119]

Yes, it "is" a done deal, the Senate and House have passed the bill and the Pres says he will sign it. 1st checks will arrive in May right after tax season, everyone should have them by July.

[Packer]

Throwing it into my IRA (I'm 18, and already have one) and savings.

[andrechapelon]

Throwing it into my IRA (I'm 18, and already have one) and savings.

Good for you. I retired at 55. With any luck, you might be able to be in a position where a job is optional at an even earlier age.

My wife and I will spend the $1200. We'll just won't withdraw the roughly $1500 from our IRA that we would need to have $1200 after taxes. That money will go into buying a few shares of some dividend paying stock.

Andre

[aav]

Throwing it into my IRA (I'm 18, and already have one) and savings.

         GOOD MAN!   GOOD MAN!     

[concretelackey]

WHAT ARE YOU GOING TO DO WITH YOUR $600 CHECK ??

I'll need to confer with my CFO and I'll get back to you.......

[IRONROOSTER]

According to the news stories on the Washington Post and CNN websites this has not been passed by either house.  House leaders and Bush, today, have agreed on a package, the Senate is balking.  Individual members of the House in both parties are balking at different parts of the deal so it could still come unglued in the House and the Senate may amend it beyond what the House and Bush will agree to.  So I wouldn't spend it yet. 

For those younger members among us - sorry but the rebate for children goes to your parents. 

This deal is different from the last one which was an advance refund based on dividing the lowest income tax bracket into two brackets of 10% and 15% - the refund applied to that portion of your taxable income that was moved from 15% to 10%.

Personally, I will have no plans for this money until I have cash in hand.

Enjoy

Paul 

[philnrunt]

  600bucks?!?!?  Good deal! I'll finally be able to get a full tank of gas!

  

[GTX765]

I hear it is a rebate, you spend it now and pay it back next year. Its a joke, a trick to spend money thet have not taken from you yet. If i get it I will hide it or buy that BLI TTT UP.

[Geared Steam]

And remember last time they did this. They considered it a loan against your next years tax refund and most folks that took it got shafted on their taxes.

Yep, be prepared, basically they are gonna give you NEXT years income tax refund a year early. Some of us may end up owing on next years taxes.

[grayfox1119]

Guys, it is NOT a gift, it is money "received" by you, it is treated rightfully as "income", and as such, is added to your annual income on your 2008 taxes next year, and yes, you will have to pay taxes on it. Of course if you don't want the $600, sign the check over to me, I will invest the money, use some of the income it produces to pay the taxes due in 2008, and have the principal and the rest of the interest/dividends to earn more money for 2009. It is called " the power of compounding". Don't look a gift horse in the mouth as the olde timers used to say.

[tomikawaTT]

I'll believe it when I actually have that piece of paper in my hot little hand!

My banker will believe it when I deposit it - as a 9-month CD.  That way, it should mature just in time for me to pay it back...

Remember those famous words, "We're from Washington, and we're here to help you..."

Chuck (modeling Central Japan in September, 1964)

[GTX765]

Exactly, have money now so they can take it back later. No such thing as free money from uncle sam.

[alfadawg01]

If I'm eligable for a check (and I don't think I am....) it will go for my son's education and a portion of a Moog Voyager synthesizer I've got my eye on.....hmmmm, this might have been the wrong forum to mention that in.  Then again, if I spend it on model trains, it will help the Chinese economy more than the US economy.....