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Not Everybody Will Get $600/$1200

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Juan Benavidez

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Member
Joined
Aug 24, 2006
Professional Status
General Public
State
Texas
Just received the following from my Congressman and it's like I kept reading between the lines, the rich, up to $75000, will get more than the poor. Anyway, here it is: Families will receive an amount equal to the $600/$1200 cap or their net income tax liability, whatever is less, but not less than $300, plus $300 per child.
 

xm4yb7

Junior Member
Joined
Apr 28, 2006
Professional Status
General Public
State
Florida
Per my accountant, if you are a single individual, a person who nets more than $6,000 in a year, will pay more than $600 in taxes. Therefore, any single individual netting between $6,000 and $75,000 will receive the same amount ($600). You receive less if you make more than $75,000 or less than $6,000 until a cutoff level. Once you reach that cutoff level, you do not get a check. I do not have the exact numbers, but my accountant used as an example that a single person netting $90,000 per year (which in my area is not rich) would receive nothing. So I don't think you can say the rich get more than the poor.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Middle class

Just received the following from my Congressman and it's like I kept reading between the lines, the rich, up to $75000, will get more than the poor. Anyway, here it is: Families will receive an amount equal to the $600/$1200 cap or their net income tax liability, whatever is less, but not less than $300, plus $300 per child.
Hate to burst your bubble, but $75,000 a year in gross income hardly puts one in the category of "rich." That level of income is middle class or lower, well out of the top 25% of households. Its a major boon to people too poor to pay taxes, it's like getting an extra welfare check. Someday you need to learn to read better between lines; missed this one big time.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Don't forget to file your rebate on your 2008 taxes as ordinary income.It's a privilege to pay your taxes you know......
 
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
This "rebate" will only serve to keep China's economy afloat. Pitiful. Economic sedation package.
 

Smokehouse

Junior Member
Joined
May 7, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Along with the rebate should be an address of a taxpayer that you can write and thank for that free money.
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
Hate to burst your bubble, but $75,000 a year in gross income hardly puts one in the category of "rich."
If you read closely, he didn't actually say ABOVE 75 is rich. He said, "the rich, UP TO 75." That means even below 75 are rich.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
If you read closely, he didn't actually say ABOVE 75 is rich. He said, "the rich, UP TO 75." That means even below 75 are rich.

Woo Hoo! I'm Rich!

Gotta say, this is just silly. Does anyone think that the amount of money that is being sent out is really going to do anything?
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I'm trading my liberal hush money for Euros! :)
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
Does anyone think that the amount of money that is being sent out is really going to do anything?
Of course it will. It gives Wash DC the capacity to say, with a relatively straight face, they "did something" about a "problem." :)

That's why it takes so long to "engineer." They posture over insignificant differences, so the Repubs can tell conservatives they stopped the liberal loons from enacting another welfare boondoggle; and Dems can tell liberals they stopped the skinflint conservatives from robbing the poor to give to the rich. :)

Did I leave anything out?
 
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