Stimulus Check question

[greeny]

Is this really "free" money? (I mean free for the individual, not for the nation as a whole.) Is there a catch? What am I missing?

[jaceycat24]

from what i have read we will not be taxed on it but i am sure they will up our taxes somewhere else and make us pay anyway. nothing is ever really free.

[TiredX2]

According to MSNBC:

It’s free money. You won’t have to pay taxes on your 2008 return on any rebate you receive and you won’t have to give it back next year. If you’re due a $500 refund from paying too much withholding tax in 2007, you’ll get it all back — plus the $1200 check you'll get if you and your wife don’t make more than $150,000 in adjusted gross income. Any refund you get in 2009 will be based solely on how much you overpaid the government for income earned in 2008.

http://www.msnbc.msn.com/id/23212045/

From what I understand, in 2008 a 10% tax bracket will go down to 0%, so that is where the money is coming from. But, if you end up not "deserving" the rebate, you don't have to pay it back.

Of course, this all just increases the National debt and the deficit.

[ediesmom]

Originally Posted by TiredX2

Of course, this all just increases the National debt and the deficit.

and it will inflate the wad of cash in big business' pocket......

i won't look this gift horse in the mouth, but won't use the money to artificially inflate the economy just to make bushco look good......this money will be spent locally, on local, far-trade goods.

craigslist and freecycle is a great place to do shopping for my big ticket items...