Author Topic: What are you going to do with your $8 per week tax cut? (Read 1480 times)

Questor · « **on:** February 16, 2009, 04:41:10 PM »

I figure I'll buy a second house and a couple of cars, and finance it all with 300 year loans. Either that or get a fleet of helicopters.

squirrellluck · « **Reply #1 on:** February 16, 2009, 04:55:30 PM »

buy mo ammo

Ron/Pa. · « **Reply #2 on:** February 16, 2009, 05:13:25 PM »

I am giving mine back to Obamamaster . That way He can give it to Nancy Pukelosy for a larger Aircraft so She can better re-distribute the wealth....

LONGTOM · « **Reply #3 on:** February 16, 2009, 05:20:38 PM »

I am going to give mine all away!
$4.00 to each of my two boys for their school lunches.
With that amount they could buy 1 & 1/2 days worth of meals each.
GIVE ME A BREAK!
Here give the dogs a bone!

LONGTOM

Singleshotsam · « **Reply #4 on:** February 17, 2009, 03:19:34 AM »

I'm going to use to buy more carbon credits.....yeaahhhhhhh..... ok, so i told a lie... If anything i'll put that $8 to increasing my carbon footprint...

I figure since the family farm has trees, I should recieve credits for reducing carbon and releasing freash air. Gotta be worth oh, you, 50 buck per year per tree... and at about 72000 trees... I figure Al Gore owes my family about $3,600,000.00 per year for doing our part. Give or take a couple thousand.

Questor · « **Reply #5 on:** February 17, 2009, 03:24:54 AM »

SingleshotSam:

You are a genius! Go for it!

(I have a few African violets. Do you think I can get $1 per year for them?)

rparsons934 · « **Reply #6 on:** February 17, 2009, 03:27:14 AM »

Im going to save it and buy a car in 2109. O wait ill be dead. So I guess ill just save up for a steak dinner.

skifastchad · « **Reply #7 on:** February 17, 2009, 03:56:19 AM »

Not that the total amount of money changes, but I read that the tax break starts June 1st. That leaves 31 weeks till the end of the year, and witholdings can be reduced by $12.90 a week.

hunt-m-up · « **Reply #8 on:** February 17, 2009, 04:14:59 AM »

Quote from: squirrellluck on February 16, 2009, 04:55:30 PM

buy mo ammo

+1

oldandslow · « **Reply #9 on:** February 17, 2009, 01:05:42 PM »

I have read every thing from $6 dollars to $13 per paycheck. No one has bothered to explain if that is a weekly check, bi-weekly, or monthly. Since I'm retired and don't get a paycheck I'm probably left out in the cold. Does anyone seriously think this amount will stimulate anything?

patriotpa · « **Reply #10 on:** February 17, 2009, 01:16:12 PM »

We should all donate it to the PACs of CONSERVATIVE politicians! That's piss off that Indonesian DingleBarry Sotero!

Troyboy · « **Reply #11 on:** February 17, 2009, 01:41:31 PM »

Don't care about this little extra money just want to keep working.

darrell8937 · « **Reply #12 on:** March 01, 2009, 12:50:32 PM »

Winchester 5.56mm 55gr FMJ Q3131. It just happens to be 8 bucks a box.

Ron/Pa. · « **Reply #13 on:** March 01, 2009, 12:59:53 PM »

I heard that the Social Security people will get a $250.00 one time deal. Now, at my age I hear a lot. So, don`t go spending it yet!!

Ahshucks · « **Reply #14 on:** March 01, 2009, 01:22:26 PM »

That's already been sucked up by the insurance companies raising your rates ... and more so.

billy_56081 · « **Reply #15 on:** March 01, 2009, 01:27:27 PM »

From what I have heard it is not a tax cut. What it is, is they are going to withhold $8 a week less. This will lower your refund amount or make you pay in the next year.

Redtail1949 · « **Reply #16 on:** March 01, 2009, 01:47:29 PM »

Corks.. thats right corks..to stuff up the rear end of my friends cows...gotta do what we can to reduce that "Greenhouse Gas" and save the polar ice cap.

Oldshooter · « **Reply #17 on:** March 01, 2009, 02:33:18 PM »

MIne i will save up for a while then put a down payment on big house ..........then i aint gonna make the payments so yous all can make em fer me!

1marty · « **Reply #18 on:** March 01, 2009, 02:53:28 PM »

I'm going to buy a large fries for the family at McDonalds. Thank you Mr. President

Cheesehead · « **Reply #19 on:** March 01, 2009, 03:27:46 PM »

mmmmmmmmm..

8 bucks a week.

I am going to annualize it.

8 x 52 = $416

I will buy a new sub compact pistol in 380 caliber, Keltec, Ruger, maybe I will buy it now to be sure.

Cheese

Cabin4 · « **Reply #20 on:** March 01, 2009, 03:38:12 PM »

Don't spend your 8 dollar reduction in ferderal income tax (FICA) so fast. The Obuma tax increase plan will take all that from you and a whole lot more! He wants to do away with your home mortgage interest deduction. Not to mention that the inflation we are all going to experiance and the proposed increases in gasoline tax will send you to local soup line.

billy_56081 · « **Reply #21 on:** March 02, 2009, 01:54:31 AM »

I think you better put part of it away as you will end up paying it back at the end of the year. They were talking on either Fox news or one of the talk radio shows I watch that there is no reduction in the taxes rate just a reduction in withholding.

Cheesehead · « **Reply #22 on:** March 02, 2009, 02:02:29 AM »

Just tying to stimulate the economy and myself at the same time.

Cheese

MGMorden · « **Reply #23 on:** March 02, 2009, 02:12:02 AM »

Quote from: billy_56081 on March 02, 2009, 01:54:31 AM

I think you better put part of it away as you will end up paying it back at the end of the year. They were talking on either Fox news or one of the talk radio shows I watch that there is no reduction in the taxes rate just a reduction in withholding.

If that's truly the case then I'd suggest just putting it back down as a voluntary withholding again. You can have them withhold more from your check if you want (I have them without an extra $15 per check - $10 fed and $5 state, just in case). In the event that you overpay you end up getting it back as a refund anyways. Sure beats ending up owing at the end of the year IMHO.

Dixie Dude · « **Reply #24 on:** March 02, 2009, 02:12:39 AM »

This is NOT a tax cut. They are just taking out a little less each week to make you think you got a cut. You will still OWE the SAME amount of taxes when you do your returns next year. So, you may end up paying more tax or getting less back next year. Just smoke and mirrors. For someone poor it looks like a cut, but middle class gets screwed again.

Oldshooter · « **Reply #25 on:** March 02, 2009, 03:09:05 AM »

Oh come on people! Give the the prez a chance! I mean hey, he is trying, trying to make a tax hike look like a good thing! And look at the bright side .............................. Well any way he's tryin !

Sometimes I look back and think we shudda voted for algore then "W" would not have PO'd everybody and then we cudda had McCain now!.....................or Not !

It just sucks to be Us and we deserve it. I say that cause so many of "Us" voted for a "the Icecream"

So use your $8.00 to buy you a machine with a boot on it so you can go out back and pull a string and kick yourself in the behind. If you dont need this then forward it on to a UAW local of your choice!

45-70.gov · « **Reply #26 on:** March 02, 2009, 03:19:26 AM »

the type of person that sees this as a wind fall event

is the type of moron obama is trying to appeal too

i don't get a paycheck so how does that effect me??
oh yes.....i am where the $8 comes from......but obama gets the credit for taking it

$8 a day won't come close to offsetting the inflation we are headed for

Dixie Dude · « **Reply #27 on:** March 02, 2009, 04:39:27 AM »

45-70, you are right. This trillions of dollars of debt piling up will have to be paid by either HIGH inflation, or HIGH taxes. The government sells 30 year T-bills to pay for the debt. Chinese and Arabs who bought most of these bonds will want payment when they are due. They will either own part of the country, or our government itself. Think about it, Fannie Mae and Freddie Mac own half the mortgages in this country, which means the government owns the houses until they are paid off. If the government pays China back with these mortgages, they will own the peoples homes and could take them over, put the people on the street, and bring their people over to occupy them. Same with any bank or business the government is getting part ownership in for bailing them out. This could lead to war with China in the future or the Muslim owners. People need to get out of debt as fast as you can. Try to be as self sufficient as possible.

rex6666 · « **Reply #28 on:** March 02, 2009, 06:12:26 AM »

If what i hear is correct we will have to pay taxes on it at the end of the year, because it is income, something to do with tax deferment, not tax cut.
could be wrong that is what i hear.

MGMorden · « **Reply #29 on:** March 02, 2009, 10:57:36 AM »

Quote from: rex6666 on March 02, 2009, 06:12:26 AM

If what i hear is correct we will have to pay taxes on it at the end of the year, because it is income, something to do with tax deferment, not tax cut.
could be wrong that is what i hear.

Hmm. I need to look into this a bit more. Paying taxes on it at the end of the year by treating it as income is a very different situation than what was mentioned earlier (namely, that you'd owe it back directly AS taxes, not taxes on it).

If you you end up owing taxes on it at the end as income, then you do end up with a net gain, but not $8/week. In that case you'd only be really keeping a percentage of the $8 based on annual yearly income, and then you'd owe part of it back. If the $8 is a straight reduction in the standard withholding and it's not counted separately from your other income, then essentially it would be owed back in the exact same amount at the end of the year (assuming that the withholding was exactly correct prior to the $8/week reduction, but that's an assumption that is virtually never true).

It's kinda like how you are supposed to pay Federal taxes on last year's State Income Tax Refund (if you received one) if you itemized during the prior year. Yep, you pay taxes on the excess taxes that were returned to you :S.

Tax law will drive a person insane. Sadly I have to work with this type of stuff nearly every day (though for property taxes, not income - I administrate the property appraisal systems at a county-level and write/maintain the software the has to move it from the appraisal system into the tax system).