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Mon Mar 16, 2020, 06:20 PM

I'd forgot about getting a Guberment check in 2001

https://www.cnn.com/2020/03/16/politics/coronavirus-romney-proposal/index.html

But I can't remember one in 2008. In 2001 ( I think it was about $600.00) I bought a new 32" TV, nope not a flat screen and my first DVD player for movies. Safe to say I was giving away my VHS movies to Goodwill within a couple of weeks.

But 2008,I don't remember a getting a check.



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Reply I'd forgot about getting a Guberment check in 2001 (Original post)
Bengus81 Mar 16 OP
mitch96 Mar 16 #1
rainin Mar 16 #2
Bengus81 Mar 16 #8
customerserviceguy Mar 16 #3
Bengus81 Mar 16 #5
SCantiGOP Mar 16 #6
handmade34 Mar 16 #4
brewens Mar 16 #7
Quemado Mar 16 #9

Response to Bengus81 (Original post)

Mon Mar 16, 2020, 06:21 PM

1. I remember about $300...... big woop........ nt

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Response to Bengus81 (Original post)

Mon Mar 16, 2020, 06:23 PM

2. GWB gave a $400 stimulus check. I don't remember when

$1000 will really help. I will eat my hat if repukes pass something like this. Jesus himself could propose it and they'd vote against it

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Response to rainin (Reply #2)

Mon Mar 16, 2020, 06:31 PM

8. Yeah...can hear it now about socialism or exploding the deficit

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Response to Bengus81 (Original post)

Mon Mar 16, 2020, 06:24 PM

3. It wasn't "free money"

It was an advance on your tax refund, if I recall correctly.

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Response to customerserviceguy (Reply #3)

Mon Mar 16, 2020, 06:28 PM

5. Article about 2001

https://taxfoundation.org/did-2001-tax-rebate-checks-stimulate-consumption-economic-evidence/

Here's the one from 2001 and I knew we had received $600 I guess as a married couple or your tax bracket. What the hell good did that do?? I'll give you $600 now and you can pay me back later. We were way above a 10% bracket.

"Many households received income tax rebates in 2001 of $300 or $600. These rebates represented advance payments of the tax cut from the new 10 percent tax bracket. Based on a survey of a representative sample of households, this paper finds that only 22 percent of households receiving the rebate would spent it. Instead, they would either save it or use it to pay off debt. This very low rate of spending represents a striking break with past behavior, which would have suggested a much higher rate of spending. The low spending rate implies that the tax rebate provided a very limited stimulus to aggregate demand."

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Response to customerserviceguy (Reply #3)

Mon Mar 16, 2020, 06:29 PM

6. That's right

you had an adjustment on your tax form that year that resulted in you paying it back.

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Response to Bengus81 (Original post)

Mon Mar 16, 2020, 06:27 PM

4. it was $300 and

a big loss for most as most social services were cut and we all ended up paying more for many of the things we needed... it was a joke but silly Bush supporters fell for it

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Response to Bengus81 (Original post)

Mon Mar 16, 2020, 06:29 PM

7. I had a disabled neighbor with Downs that was all fired up about that Bush check. He and his

wife with Downs actually. No one bothered to tell them that as a tax rebate, if I remember right, they wouldn't get one. That was pretty rough on them. The $600 they thought they were going to get was a hell of a lot of money to them. I figured they got all that back out of me and then some with the high gas prices.

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Response to Bengus81 (Original post)

Mon Mar 16, 2020, 06:41 PM

9. There was a tax rebate in 1975 for 1974 income tax.

https://www.govtrack.us/congress/bills/94/hr2166

Per Wikipedia: https://en.wikipedia.org/wiki/Tax_Reduction_Act_of_1975

The United States Tax Reduction Act of 1975 provided a 10 percent rebate on 1974 tax liability ($200 cap) and created a temporary $30 general tax credit for each taxpayer and dependent. The bill became public law 94-12 on March 29, 1975 when it was signed by President Gerald Ford.

Note: $200 in 1975 is $961.63 in 2020 dollars, adjusted for inflation.

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