Any expert opinions about whether the expected 2009 economic stimulus package will again depend upon actually owing Federal taxes next April 15th?
I am working on my projected 2008 taxes as we speak, and whether I will owe taxes or not will depend upon how much of a Roth conversion I do...which has to be done by Dec 31, of course.
"tobe" wrote
I doubt it'll be based on owing tax. I even doubt it'll be based on having income at all.
According the Democratic mouthpiece from CA, if you breath US air, you get a "thank you for voting for Bara", well, they call it an economic stimulus check.
The Dems want more to go to the unemployed, under-employed, and lower income folks (no surprise there). So expect an elimination of stimulus checks if you make too much. Based on the Dems thinking, that probably will be just a few dollars below whatever amount of income you report on your 1040.
But please. Don't try to play with your 2008 numbers to fit some unknown and unannounced plan to send out more bribe checks by next summer.
I personally hope they send out a coupon for $5000 off a new American Made car purchase. What a way to get Detroit producing again.
The problem is Detroit will drop the rebates. But, if auto makers were to discount their MSRP by 20% and buyers got a
20% Made-in-the-USA tax credit (limit $3,000), auto sales would recover big time. Of course, that would be giving the bird to NAFTA (which was never ratified by the US Senate).On my 2009 forecast are: - An annual federal firearm tax; - An increased pay-as-you-buy federal ammunition tax; - A federal interstate use tax on luxury cars; - and that is the tip of the iceberg.
What I'm really hoping for is a head tax on Chicago Cubs' fans. Unfortunately, most of them lost all their spendible income on the Cubs last eight post-season games.
Political commentary is not permitted in this newsgroup, but cheap shots at selected users who decline to read the Noo Yawk Times are generally permissible.
Dick
Reducing your taxes below $600 (or $1200) will not harm you. Last year's "rebate" was an advance of a zero percent tax bracket--if you only got $300 and owe more than that in taxes, you will get a credit on your 2008 return. If another stimulus is similarly configured, you might not "lose" any money.
HAH! as if that "head tax" would raise a lot of money! Oh; you mean a tax on those at Wrigley who use the head. I get it now.
However you must know by now that I'm not a betting man, having declined such a bet back in October you know. After all, I had spent my money on a trip to Baltimore and buying drinks at a certain downtown hotel bar.
Speaking of which newspaper, anybody want to buy their building? It might be a good tax investment, guaranteed to end up with a coveted tax loss. (I wonder how much cash they got out of that mortgage now.)
ChEAr$, Harlan
Given the beer per person, it would be a great place for paid stalls!
I'm certain you wrote that trip off on your Schedule C. ;)
Won't be long before you can pick up the newspaper at a Bankruptcy sale - just like the Chicago Tribune and the the Ball-i-mer Sun - the worst rag sheet of all. They'll provide you and your great-grand children for tax losses.
Dick
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