Congress announces stimulus to cabinet saw sales

[cgallery]

http://news.yahoo.com/s/nm/20080124/...Ds4olgTY0E1vAI

Single, $600. Married, $1200. Each kid, add $300. So for a Sawstop you'll need about four point something kids and a very understanding wife.

[LinuxRandal]

So we see it on next years taxes, or do they take less in payroll taxes, etc?

They never post the actual wanted "how soon can I upgrade" question.

[Knottscott]

"Hhhhmmm" (he thinks while rubbing chin).....six kids here!...

[LinuxRandal]

Yet another benefit, of something I talked about LONG time ago. Get married to a mail order bride and LEAVE her in her country..........

You get tax and insurance benefits, and it is hard for her to nag you.

[Ed62]

Nothing there for me. I didn't make over $3,000.00 last year.

Ed

[BobSch]

So we see it on next years taxes, or do they take less in payroll taxes, etc?

Sounds like they'll be mailing checks in May. Cash it quick, just in case.

[final_t]

So we see it on next years taxes, or do they take less in payroll taxes, etc?

You'll see it on next year's taxes, just like they did in 2002. The "rebate" will count towards your total income. Either think of it as either a loan that gets repaid, or an advance on your 2009 tax refund. For some, it will actually be adding to your 2009 tax burden and could push you from one tax bracket to the next.
So don't worry, the IRS will get theirs.

[DonHo]

As I understood it, they will be mailing out checks as they did a few years ago. They want you to spend the money to help stimulate the economy. It hasn't passed yet the agreement is only in the house so don't rush out and buy on credit in hopes of getting the money anyways soon, remember government is in charge of this and they aren't exactly known for being quick about things

DonHo


BTW, even those who didn't make enough to pay taxes will recieve $300 if they earned as much as $3000. Don't know where that leaves those of us who are retired. If we have to pay tax on our retirement but don't get whatever they get around to paying, I for one am gonna be pi$$ed at them but I usually am anyway

[LinuxRandal]

Remember this first:
Of course they can change their minds.


Now, Our local news reported that one of the questions asked and answered was it will NOT be considered taxable next year.
Now see above.

[billwmeyer]

Actually Ed, I think you will qualify for $300 too. I know you are not a kid, but I think if you are below the income tax level, they are paying out 300 each.
Bill

[TB Roye]

Nice I get $600 LOML get $600 so what can I buy for my $600. Must start looking. They won't mess this up, it's election year finally get something back yahoo.

Tom

[ejs1097]

I'm no economist but I for one am confused how everyone buying flat screen TVs at best buy or Walmart or any other corporate stock company is going to stimulate the economy. It'll all get sucked up in big corporate America and lost. If everyone ran to their local mom and pop, I can see it, but that's not realty.

[lakkdainen]

I'm no economist but I for one am confused how everyone buying flat screen TVs at best buy or Walmart or any other corporate stock company is going to stimulate the economy. It'll all get sucked up in big corporate America and lost. If everyone ran to their local mom and pop, I can see it, but that's not realty.

I agree. In the end, the money ends up in the hands of corporate execs and/or Chinese manufacturing plants. A few numbers here and there won't change anything, consumer spending habits have to change.

[Alex Franke]

You'll see it on next year's taxes, just like they did in 2002. The "rebate" will count towards your total income. Either think of it as either a loan that gets repaid, or an advance on your 2009 tax refund. For some, it will actually be adding to your 2009 tax burden and could push you from one tax bracket to the next.
So don't worry, the IRS will get theirs.

Yeah, that's what I remember from before -- the check was just an advance on what you might have gotten back in the first place. Seems to me we had to essentially add the amount of the check to our total tax. So they're basically writing you a check for money you're overpaying them -- but it's not free money. In fact couldn't you even end up in a penalty situation if you don't overpay your taxes every year (like most people do)?

So, in nice round numbers, if my tax this year is $10,000, and my withholdings amounted to $10,000 (no refund/nothing owed), and I get a check for $1,800. Then I'd basically have to pay $11,800 in tax, which is $1,800 over what was withheld. ...or would I take it as income (which would raise my tax) an have to pay back a percentage of it roughly equal to my tax rate? So maybe the tax is $10,600 -- still $600 over what was withheld. Even in that case my $1800 goes down to $1200, but in the first case it goes down to zero -- and maybe even a loss due to penalties.

Last time it seemed like a really bad deal... almost underhanded. "Here's some extra money so go spend it!" when it's actually not extra money at all -- it's your own money, and it's been your all along.

Anyone know the details?

[sweensdv]

No cabinet saw in my immediate future but a new bandsaw would be great. Of course if this deal does happen I'm sure that the money will go towards existing bills and the shop will still be waiting for that new bandsaw.