<p>I wasn’t sure where to put this…it might belong in the cafe…but here goes.</p>
<p>I’m quite annoyed by the “economic stimulus package” as it relates to children who are over 17. Simply put…these kids are not eligible to receive any stimulus money IF they are declared as dependents on their parents’ (or anyone elses) tax returns.</p>
<p>So…that means that my two kids…who both earned in excess of $3000 last year don’t get included as “children” on my taxes, thus no rebate for me (we DO support them…and in college believe me their costs are well in excess of what it cost us per year when they were under 17). They can’t get the rebate themselves because we declared them as dependents.</p>
<p>Help me understand this. This creates a large group of wage earners and/or children who cannot receive even the smallest rebate package. </p>
<p>Did the writers of this program think that these wage earners really aren’t contributing to the economy? Did they think these folks wouldn’t spend that money on consumable goods? What was their thinking?</p>
<p>Haha, they are seriously nuts. That age group is THE MOST LIKELY to spend their stimulus money on consumable goods!! Likely this was some sort of weird oversight I guess. It is the strangest thing though…</p>
<p>The economic stimulus package is based on the same thinking as tax credit for children 17 and up. College kids are eligible for Hope tax credits ($1800 in 2008) for the first 2 years of college. That’s far more than the $300 the economic stimulus rebate provides. There is a gap of 1 year for kids who turn 17 and are not going to college, (not many 17 year olds are.) I have never understood the reasoning behind picking 17 as the magic number. It seems like 18 is a better cut off point.</p>
<p>It was done by the same minds who are pushing ethanol which has increased corn prices nices, hence virtully all food prices, so that we now are literally driiving the price of our food up. Oh, congress just figured out there may be a connection last week. Most of this is always hype. If you have followed the lastes news it seems that they are thinking this stimulus will go to pay for gas and higher food prices (not game machines, big tv, and what ever else the government thought.</p>
<p>some kids are eligible for the Hope credit. Our kids are not (our AGI is too high). We did get a college deduction on our taxes and yes, it was higher than $300. BUT my KIDS got nothing…and they had earned income in excess of what many other (low income) folks had…and mucho more in expenses. </p>
<p>Honestly…I think the government does precious litte to help college students. A rebate of $300 per student would have been a nice thing. Geez…it would have bought my daughter 1 1/2 books.</p>
<p>Thumper, I agree with you 100%. We are getting $300 for our younger son since he is under 17, but we are not for our college student. We are also not elibible for the hope credit, and we got the college deduction. Frankly, our government is not doing enough to help college students or their parents afford school. The pricing of schools have just hit an astronomical amount of money, and more than a $300 check in the mail, I would like to see colleges more affordable for all families, whether rich, poor, or somewhere in the middle. I realize that the $300 is for stimulating the economy and not for giving a hand to parents and students paying for college, but the students could use that $300 much more than many 6 year olds, IMO (I guess that also depends on the economic satus of the family with the 6 year old).</p>
<p>I totally agree. The parent doesn’t get the child tax credit when doing taxes (should go up to age 22 if you have a child in college IMNSHO) parent doesn’t get the $300 extra tax rebate and kid doesn’t get it either. </p>
<p>The people in government (politicians, military and civilians) are so far removed from reality it isn’t funny. As a Dod federal employee for 17 years (way down in the food chain hierarchy), I speak from experience.</p>
<p>Ah…but if they gave that $300 to my KID, <em>I</em> wouldn’t have to give it to them and maybe <em>I</em> would spend it on something to stimulate the economy. OR they could allow students to be included as “children” in the mix and give the PARENTS (who are paying the college bills in most cases…and have precious little left with which to stimulate the economy) and we could use it to stimulate the economy.</p>
<p>Like I said…my 20 and 23 year old college students are costing me quite a bit more than they did when they were under 17.</p>
<p>I agree with you, thumper. You got ripped off 2x on this one. I am missing $300 for my one son, and am getting it for the other kid. </p>
<p>Sueinphilly, I agree that some people are far removed from reality. If they understood your bills at NYU, or other people’s college bills (including those for instate publics, come of which are upwards of 20k today), somebody would be doing something to help. Sue, I know your son got a great deal at NYU, but I have also read about with that deal in place, how you still have forgotten about a new winter coat for years, drive a an older car, pray that nothing goes wrong in your house (ala the toilet recently) and just stretch a dollar to somehow make NYU happen for your son. Why can’t there be any kind of breathing room for hard working parents like yourself? Why does it have to be SO tight, that you cannot breathe while getting him through? Suppose you need that root canal? Suppose you had a major plumbing problem or roofing issue? Life happens. Most kids don’t even get the deal that your son got at NYU. There should be some kind of breathing room. This issue is bigger than the $300 or $600 for 2 in college, even though that would have helped.</p>
<p>northeastmom, I fixed the toilet myself for $10!</p>
<p>and I pay extra for vision and dental insurance so I can only pay 50% for that root canal I hope I don’t need and I put $1500 into a flexible spending account to pay my deductibles and other out of pocket expenses that the $3000 in insurance premiums don’t cover (and i’m getting a ‘good’ deal on insurance as a federal employee!)</p>
<p>I was just watching “Wall Street”. I had to lol when I heard Bud’s father say “you made 50K last year and you still can’t pay off your NYU student loans”. Greed is Good. Is that the motto of our government?</p>
<p>How old and ugly is my car? I had someone in a ‘we buy junk cars for cash’ truck offer me $500 for my car today. he literally got out of his truck at a light and walked over to my car and tried to buy it from me.</p>
<p>About that car, well many kids like my own would love your car for $500 too! </p>
<p>Sue, I guess you have it all covered, except for that winter coat. Hey, you can always sell your car for a coat. It is just that you’d have to walk or take the bus then. Look at this way, your kid would still be walking around in his newish pea coat (was that what he bought) while at NYU. Perhaps you could borrow his pea coat, or he’d let you have his, if you’d hand him the money for a newer one. I remember that story well too.</p>
<p>sueinphilly-
I am right there with you!
Last year I ‘upgraded’ to a 6 year old station wagon. It replaced the 13 yr old minivan that had no paint left so my college age son used HOUSE PAINT on it’s roof! Is your car uglier than that?? I WISH that that ‘we buy junk cars’ man had approached me…it was a pain to ditch that old clunker.</p>
<p>Meanwhile, I too have good health insurance. BUT the $2500 premiums, the $3000 I deposit in my FSA and the 50% required dental copay are still a big challenge. Thankfully, my husband’s upcoming surgical admission is covered since I work at the hospital…a reason to be happy to have surgery???</p>
<p>Although I disagree with the premise of the tax rebate plan, I will say that people with college kids were totally screwed. Our “dependents” are 20 and 22–none under 17.</p>
<p>It’s almost ironic–now that they’re costing me more than ever, we aren’t eligible.</p>
<p>I didn’t qualify. Since my D is a dependent, she did not qualify either. I spent some money anyway. I bought a camera (made in Japan) with a telephoto lens (Japanese brand, made in Malaysia), and a camera bag (made in China). I wonder whose economy I am stimulating.</p>
<p>Time to stand up and protest - that’s what I say.
My youngest is a high school senior - 17 years old. No child tax credit or rebate for her. I also have two kids in college - yes I got a Lifetime learing credit for one but no tax credit for the other.<br>
No rebate even though they are my dependents. UGH.</p>
and I put $1500 into a flexible spending account to pay my deductibles and other out of pocket expenses that the $3000 in insurance premiums don’t cover (and i’m getting a ‘good’ deal on insurance as a federal employee!)</p>