is this stimulus?

But he included working American's more than the ones or twice he left that out. So your analogy would have to be reversed like I had it.

It's really a moot point now, we have received the tax cut and went to WORKING American's since it is a payroll credit. He will give the SSI recipients a one time check so these ones you guys are worried about got nothing.

So do you still crucify him for what he may have said or for what he actually did?

 

He made a lot of promises about tax cuts - he made a lot of promises about a lot of things actually - that he will not be keeping. To point out that he made a bunch of campaign promises just to get votes is not "crucifying" him.

I suppose that you could say that all of his other unkept campaing promises are moot too. But that doesn't make it any better.

 

In another thread there is all this denying by the "chosen" that they worship the "0", but this analogy fits pretty well!

Coincidental?? Maybe, but then again, maybe not!!

 

Update...I finally got paid and was able to check what the difference was on my check. I've got an additional $16.65 per a week.

I'll take my money back, and without complaint!

 

As they say, don't spend it all in one place.

As an economic stimulus, it's a joke.

 

Hey, I'll put $66.60 to good use each month. I guess to some people that's just pocket change, but 66 bucks to me means something.

Glad you're in a position to scoff at 66 dollars a month, so do you mind sending me that much each month? Seems like I would value it more than you anyway! :laugh:

 

How so? I think you're looking at it through a funnel..

If 100 Million working American's get and extra $16.65 that is 1.665 Billion of extra money being spent each week. I think that is stimulus.

 

I'm with you, it means something to me...

 

Zero impact.

No one will notice they have it and it will just disappear to buy groceries and pay rent, vanish into the fuel tank,etc., none of which "stimulate" anything.

 

That is exactly the point in doing it this way as opposed to the one time check. You won't notice it so you will spend it which means we are injecting another $1.6 Billion into the economy each week for the length of the tax break. The one time checks went to savings and credit card payments.

No it won't make you rich but it is increasing the shift of the eagle by another $1.6 Billion per week (in my example) which is otherwise knows as stimulation...

It is a conservative principle Obama is using so I don't know why you guys have a problem with it. It is right out of your book. The difference is we are stimulating from the bottom up instead of the top down.

 

Bottom line: More of my hard earned money stays in my pocket. I don't care who's plan it is, I just like the idea of keeping more of my money.

I do find it strange that some "conservatives" don't feel the same way about keeping more of their own money. Would those "conservatives" rather not have more money in their check?

 

What changed on April 1st was the withholding tables for payroll taxes. The tables tell the employer how much to withhold for federal, state, Social Security, FICA based on the amount earned for the given pay period. Say you earn under $100 during a weekly pay period. There will be no federal withholdings for that pay period. I guess you could say the government didn't put one thin dime in your paycheck. You'd be technically correct but mistaken. The gov't is not giving anyone any money. The tables were recalculated so that less tax was withheld for any subsequent pay period. The higher the wage earned for the payperiod the higher the withholding. A person making, say, $1000 a payperiod may very well see $20 or even more LESS WITHHOLDINGS.

In other words, nobody is getting more from the government. The government is merely asking for less on payday. I think many will be in for a big surprise next year at tax time....

 

If I read you right Padre, you're saying they only changed the payroll tax tables and that we'll have to give this savings back to the government next 4/15? Not that is tough to swallow. Do you have a link that confirms this? I need to see that spelled out.

 

I have the same problems with both Bush and Obama: tax cuts are nice, but if your spending is out of control, you are going to mess this country up.

 

IRS Publication 15-T March 2009 New Wage and Withholding and Advance Earned Income Credit payment Tables. I don't know if it is online (irs.gov) but I have a hard copy on my desk. The withholding method tables changed. No more, no less, no magic payroll fairy dust.

What I meant by a surprise at tax time is for folks who use their withholding like a savings account. You know the folks who talk about their huge refunds? If less is withheld than it will mean there will be less to return. It would be no different than if you saved $25 per week and now you decide to save only $12. That's a big difference over a year's time.

The $13.00 amount that has been going around is an average. If you are an average wage earner who claims the average withholding allowance you will see -on average - $13 more in your paycheck; more accurately $13 less withholdings. Seeing average is somewhere between two extremes some folks will have a small decrease in withholdings and others will have a significant change.

Giving the savings back isn't an accurate portrayal of what is happening with this revision. Payroll taxes are deducted as an advance payment toward a tax liability. When you file your income tax return you are reconciling what you have already paid with what your actual liability is.

Payroll withholdings cannot reasonably take into account the complexity of allowed deductions and a miriad of other things the 80,000+ page tax code calls for. Periodic withholding, in its simplest form, is the government saying, based on your income you should expect to have a tax liability for $xxx.xx. At the end of the year we will give you an opportunity to tell us the things that add or subtract from your financial picture and we'll reconcile. Say you had $2500 withheld over the course of a year. When you file your return you get to account for mortgage interest, medical payments, etc. When the calculations are complete it says your tax liability is $2000. You will be refunded $500. If your return calculates your liability at $3000, you get to send them a check for the difference between what was withheld over the year and what your total liability is.

I just think some folks who wait to get their refunds so they can head off to Best Buy are going to be disappointed at a smaller windfall than they are accustom to.

 

If you aren't happy with keeping $12 of your money each month, send it to me. I'll make sure it makes a difference in my life!

BTW, did you ever show me where the promise was the Obama made?

 

In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. This tax credit will be calculated at a rate of 6.2 percent of earned income and will phase out for taxpayers with modified adjusted gross income in excess of $75,000, or $150,000 for married couples filing jointly.

Source: IRS website

We're getting what the law allows.