H.R.5140 - Recovery Rebates and Economic Stimulus for the American People Act of 2008

To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits. view all titles (5)

All Bill Titles

  • Short: Economic Stimulus Act of 2008 as enacted.
  • Short: Recovery Rebates and Economic Stimulus for the American People Act of 2008 as introduced.
  • Short: Recovery Rebates and Economic Stimulus for the American People Act of 2008 as passed house.
  • Short: Economic Stimulus Act of 2008 as passed senate.
  • Official: To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits. as introduced.

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Displaying 31-60 of 78 total comments.

  • Comm_reply
    Anonymous 02/09/2008 8:13am

    Yes, but this is for state refunds…you receive a 1099 – G I believe when you receive a refund from the state. The refund is included in your AGI and the state taxes paid by you are included as a Schedule A item (itemized deduction). The refund/credit we are receiving in the summer is from the federal government…not from the state.

  • Comm_reply
    donnyshaw 02/09/2008 8:42am

    Hi Anonymouses, thanks for the useful insights here.

    From reading the bill, my understanding is that the rebates are coming to us as advances on a one-year tax cut (reducing the 10 percent bracket to zero), which will be figured when we file in 2008. It’ll be like a federal tax refund — not deductible and not taxable as income.

    http://www.opencongress.org/articles/view/418-Stimulus-Bill-Misconceptions

    p.s. why not register an account and post your comments under a username so the conversation is easier to follow..

  • Comm_reply
    Anonymous 02/09/2008 10:15am

    Thanks for the link to that article donny shaw.

    Haha, this is true. The anonymous conversations are probably pretty hard to follow :) Should have used a nickname to sign off on all my comments. If I register it’s just one more thing to keep up with and I already waste enough time on message boards, etc. :)

    -MLA

  • Comm_reply
    weasel 02/09/2008 8:32am

    No, it’s there other way around. If you receive a refund from state, it may be taxable for the federal purposes next year. That happens if you itemize deductions on your federal return, and deduct the state tax. If then you receive the refund, it means you deducted too much, so, you have to add it back next year. Federal refunds are never taxable.

  • Comm_reply
    Anonymous 02/09/2008 8:41am

    Ahhh, it makes better sense when you explain it. But yep, that is the point I was trying to get across…and that fed refunds are never taxable.

  • Anonymous 02/08/2008 9:13pm

    Does this mean that people on SSI do not qualify for the rebate?

  • Comm_reply
    donnyshaw 02/10/2008 9:50pm

    Hi, Anonymous. I noticed this article posted above in OpenCongress’s news coverage of the bill that answers you question about SSI.

    http://usgovinfo.about.com/b/2008/02/09/ssi-and-the-tax-rebate-checks.htm

    excerpt:

    “Based on the Economic Stimulus Bill as passed by Congress, persons with income from Supplemental Security Income (SSI) alone will not qualify for a tax rebate check.”

  • Anonymous 02/09/2008 4:35am

    OK, forgive me. I get the gist of your comment now. You are saying that the $600 is a credit to our 2008 return we are just receiving the money early.

    It’s still early :)

  • Anonymous 02/10/2008 10:40am

    Correct me if I’m wrong, but the language in this legislation only works for those who had their income taxed by the government in the past year. So that means the military service members like myself who recently returned from Iraq in January from a 15 month combat tour won’t see any of this rebate money unless they are parents. Is that correct?

  • Anonymous 02/10/2008 3:27pm
    Link Reply
    + -1

    If you owe the goverment money,(past foreclosure)Will you still receive a check?

  • Laz 02/11/2008 3:07pm

    The market should be allowed to correct itself.

  • Anonymous 02/12/2008 6:43am
    Link Reply
    + -2

    It’s just sad to see this much comotion over money. The money will be nice don’t get me wrong! But they’re trying to help the economy…you know, the thing that we all rely on. It reminds me of my kids arguing over the other getting a bigger peice of cake…money is money be happy with what you get and be done with it. I’m sure there are alot of people out there who would love the $600 people are complaining about.

  • Comm_reply
    klauern 02/12/2008 7:45am
    Link Reply
    + -1

    I don’t think you get it. You will get that $600 next year. By passing this in to law, you will not get $600 as much in your tax return next year. It’s as much of a stimulus package as those paycheck advances are “stimulus” packages.

    You end up not getting this $600 next year…

    http://newsbusters.org/blogs/noel-sheppard/2008/02/08/cnn-deletes-line-about-tax-rebates-being-advance

  • Comm_reply
    weasel 02/12/2008 3:35pm

    No, you get it wrong. And I believe, that’s exactly why CNN deleted that sentence – while technically correct, it confuses the reader to assume things that are just not true.
    The rebate checks are indeed going to be an advance on the tax return. BUT the tax liability for the next year will be reduced for the eligible taxpayers for the respective amount.
    If you normally get a refund with your tax return, you’ll get about the same amount next year. PLUS the $600 advance.
    Funny how this is the second time I am explaining this on this very page. I guess, people just have too hard of a time believing it is actually possible to get anything back from our beloved government :-)

  • Anonymous 02/13/2008 9:50am

    The economic stimulus checks will be diverted back to the government for everyone who is on an installment agreement. Last time this was done, we received a letter that it was applied to our installment agreement (which was completely IRS penalties). So the government got it right back. Now we are in Chapter 13 bankruptcy, and the check will be sent by the IRS to the Chapter 13 trustee, and he will use it to pay unsecured debt. Now this unsecured debt is bottom-feeding debt buyers who bought our debt from years ago when my husband was disabled, and who claim amounts 4-5 times more than the original debt. He’ll pay it to them.

    Anyone thought of how many people are on installment agreements or paying on a Chapter 13 bankruptcy plan? Millions upon millions of us. We’ll never see it. When they argue that last time people paid debt with it, they apparently did not take into consideration those who were forced to pay debt with it. When your roof is leaking and ruining your house, and you have no money to get it fixed, you just might opt to repair your roof instead of applying it to your IRS installment agreement. That way, it would go into the economy. Wait . . . I’m wrong! If you spend it on repairing your roof, here in Texas, a large part of it ends up in Mexico’s economy. Whatever, those of you who actually get it, and actually buy goods or services with it, please try to keep it at home. Buy American, and do not pay it to people who will send it right out of the country. Please. I’d love to have the opportunity.

  • tlambert 02/13/2008 9:53am
    Link Reply
    + -1

    If giving me $600 of my money back stimulates this economy just think what would happen if they didn’t take $12,000 out of my pay and I could opt out of Medicare and Social Security.

  • Comm_reply
    Anonymous 02/13/2008 12:26pm

    “just think what would happen if they didn’t take $12,000 out of my pay and I could opt out of Medicare and Social Security”

    - There wouldn’t be a military (we’d probably be speaking German or Russian)
    - You wouldn’t have roads and bridges
    - Your parents would be living with you when they can’t work anymore, and you’d be paying their medical bills. Kinda old school but that’s how it used to work.
    - You probably wouldn’t have a computer to post gripes on (kinda gets back to that military thing).

  • donnyshaw 02/13/2008 7:18pm

    One of the big questions relating to how effective this bill will be is whether or not people will actually spend their rebate checks.

    The National Retail Federation just released their results of a survey they conducted on the matter.

    “According to a new National Retail Federation survey, conducted by BIGresearch, consumers plan to spend 40.6 percent of tax rebate checks when they are distributed later this year, which will provide an immediate $42.9 billion boost to the economy. The survey also found that the $105.7 billion distributed in tax rebate checks will be used to pay down debt ($30.0 billion), saved ($19.8 billion), invested ($4.4 billion), and used to pay down medical bills ($4.6 billion).”

    “‘Tax rebate checks should have the desired effect of both bolstering the economy in the short-term and putting consumers in a better position to spend for the future,’ said NRF President and CEO Tracy Mullin. ‘This stimulus package is a crucial component to economic recovery and will provide much-needed relief to American shoppers.’”

    More:

    http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=478

  • donnyshaw 02/13/2008 7:21pm

    Bush’s statement upon signing the bill today:

    “Congress passed a really good piece of legislation, and they did so in a very expeditious manner. The bill I’m signing today is large enough to have an impact — amounting to more than $152 billion this year, or about 1 percent of GDP. The bill provides temporary tax incentives for businesses to make investments in their companies so that we create new jobs this year. The bill provides individual tax relief in the form of tax rebates. These rebates will amount to as much as $600 for individuals and $1,200 for married couples, with additional rebates for families with children.”

    “The members resisted the temptation to load up this bill with unrelated programs or unnecessary spending, and I appreciate that. I thank the members for acting quickly. I thank them for acting to provide immediate tax relief to the American people.”

    http://www.whitehouse.gov/news/releases/2008/02/20080213-3.html

  • Anonymous 02/14/2008 4:26pm

    i really think this rebate thing is totally unfair to not include people on ssi who could really use that check and also for the senior citizens on disablity come on so called president bush get it right since you promised the disabiled more relief

  • Anonymous 02/14/2008 5:27pm

    What if you owe $900 for 2007? Do you file but not include the payment or do you pay the amount due so you can wait for the rebate?
    It makes sense to send in the income tax figured on the forms and having them send you the $200 to $300 balance.
    What makes sense however may not be the way the bureaucracy works.
    Now since the rebates will be taxed as income, would the shortage be classified as a loss?

  • linus 02/15/2008 8:25am
    Link Reply
    + -1

    I support this bill…but boiled down, it’s not “free” money. It’s money already paid to the government. In a sense, you’re getting a refund.

    I’d rather see a tax cut.

  • Librnpa 02/15/2008 8:49am
    Link Reply
    + -1

    People with a net “earned income” are not the only people paying taxes. Due to the necessity of caregiving to elderly family members I’ve been living off my savings and investments. Interest and dividends ARE TAXABLE. With no earned income I am still a taxpayer and deserve this rebate as much as any current wage-earner. I am NOT living off a government entitlement.

  • heftyjake 02/15/2008 10:42am

    Mixed feelings. I feel like this is a ploy to increase popularity with the current administration before it leaves. However it at least gives Americans hope for the future of our economy. All our economy needs to correct itself is the confidence of the American people; so that they feel comfortable enough to invest rather than preserve.

  • Comm_reply
    jallen_007 03/03/2008 4:23pm

    You know it’s really hard to have confidence of the American people when the majority of those people were opposed to George bush being the president….The fact he choose dick chenny as a vice president and all the lies and corruption those two have indulged this country with and still he thinks we are proud to call them commander and chief and be grateful…Don’t make me puke!!!!

  • wipinitboss 02/16/2008 4:16am

    This bill as explained by the Tax Committee includes the income earned by us military in the combat zone. The text of the law as signed by the President does not. It does not have any provision for those of us who put it on the line. Well, I guess I should just go on welfare and sign up for “disability” with SSI and feign drug addiction or something to “qualify”!

  • Comm_reply
    jallen_007 03/03/2008 4:28pm

    Or you could become a drug dealer and not worry about what government programs to reap your rewards….unless you were kidding…Because sooner or later there gonna seize it all anyways…

  • Anonymous 02/16/2008 3:09pm

    can someone explain to me how in the hell cogress can say ssi is not a qualifying income when those on ssi have to show the ssi statement as proof of income for 1- a fha loan and 2- food stamps and any other finanial functioning body that requires the proof of income regardless of what it is i know i am one of those individuals that is on ssi and getting the shaft from congress on down and we hear them selling this disability reform thing that does not even make those who are on disability feel like they do not count for nothing now they will not let us get a 300 dollar one time check how petty this is supposed to help the low income well i guess not thanks washington d.c. for screwing the poor again

  • Comm_reply
    jallen_007 03/03/2008 4:26pm

    I think it goes along with earned in come from wages, because I know their not figuring in my unemployment for earned income…

  • Anonymous 02/17/2008 5:37am

    If you are currently in a chapter 13 bankruptcy will you still receive a check?


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