how you gonna spend it

[phathead69]

Probably spend it on something we need or put it in savings/invest it.

ok thats practical and probably where alot of people's will go. in this particular thread it's ok to wish, dream, or flat out lie.

 

[Brokenhandle]

If they multiply it by 200 it will come close to paying for an upcoming project! So maybe just alcohol... that should help!

Ryan

 

[JLeonard]

Gonna make a couple more steps on getting out of debt and trying to repair my credit a little. You know....grown up fun stuff.
Jim

 

[thirdeye]

im gonna give it to my granddaughter so she can pay my share of crap that came from my time of stupid elected decisions. nobody realizes it there money there getting .. next year when taxes go up you'll be paying it back

Good news (well maybe)...., stimulus money does not come from previously collected taxes or get repaid from next year's tax revenue. To raise stimulus monies, the Treasury Department creates bonds and Treasury securities like T-bills and T-notes, which are basically government IOU’s which are sold to individuals, institutions, or sovereign governments. These instruments have various terms (some are very long term) and some repay interest every 6 months. They are guaranteed by the US Government unlike bonds sold on the open market. What you are probably talking about is how this whole repayment thing rolls out over time.

These government IOU's are carried on the government's books, which means they drive up the national debt, and throws the budget out of balance. When the Fed has to repay interest and principle on these old IOU's, there is less money today to invest in things like infrastructure, and private ventures like factories, auto plants or other things that create jobs, raise wages and boost the economy. And this is the scenario that results in the government having to raising taxes. They need to cover the old debt that is on the books. So, you are correct in that taxes will likely go up next year but they won't be used to pay recent debt, rather the new tax revenue is used to repay old debt from 20 or 30 years ago. A 10-year child old will be the one repaying the money we get in the form of a stimulus check next week.

There is some good news however. You won't get taxed on the stimulus money you receive, and your daughter won't have to claim the money you give her as income because you can gift up to $15K to anyone with no strings attached. And, if you itemize your taxes, you can get a tax deduction for eligible donations. I realize stimulus money is meant to stimulate the economy, but we donate 1/2 to Meals-On-Wheels (taking the deduction) and stimulate with the other half.

 

[flatbroke]

ok thats practical and probably where alot of people's will go. in this particular thread it's ok to wish, dream, or flat out lie.

Well then, I’m buying certified Piedmont beef to donate to the needy.

 

[phathead69]

Good news (well maybe)...., stimulus money does not come from previously collected taxes or get repaid from next year's tax revenue. To raise stimulus monies, the Treasury Department creates bonds and Treasury securities like T-bills and T-notes, which are basically government IOU’s which are sold to individuals, institutions, or sovereign governments. These instruments have various terms (some are very long term) and some repay interest every 6 months. They are guaranteed by the US Government unlike bonds sold on the open market. What you are probably talking about is how this whole repayment thing rolls out over time.

These government IOU's are carried on the government's books, which means they drive up the national debt, and throws the budget out of balance. When the Fed has to repay interest and principle on these old IOU's, there is less money today to invest in things like infrastructure, and private ventures like factories, auto plants or other things that create jobs, raise wages and boost the economy. And this is the scenario that results in the government having to raising taxes. They need to cover the old debt that is on the books. So, you are correct in that taxes will likely go up next year but they won't be used to pay recent debt, rather the new tax revenue is used to repay old debt from 20 or 30 years ago. A 10-year child old will be the one repaying the money we get in the form of a stimulus check next week.

There is some good news however. You won't get taxed on the stimulus money you receive, and your daughter won't have to claim the money you give her as income because you can gift up to $15K to anyone with no strings attached. And, if you itemize your taxes, you can get a tax deduction for eligible donations. I realize stimulus money is meant to stimulate the economy, but we donate 1/2 to Meals-On-Wheels (taking the deduction) and stimulate with the other half.

good job splanining it out. but the jest boils down to what and why a lot people fought this so hard. we are loading up our children with tax debt to pay for today's loan. don't care which party or who or how, but the best stimulus would have been to use the tactics that took us into 2019. lowest unemployment since 69 and wage growth at 3%..
back to topic, sincerely looking at a new smoking toy, daughter a toy, and even considered using towards a newer truck. 06 still kicking with 200k, thinking a newer one 2016-18 or so low mileage for sundays and the camper and daily drive the 06. maybe the newer truck will still be newer as I close in on retirement.

 

[BGKYSmoker]

They can keep it. I dont want

 

[chilerelleno]

Hmmm, think I found a new wheelie for the wife.
Kimber K6s 3" .357mag
Under a grand, lightweight, 6 rds, 3" barrel, DASA.. Practically has my Baby's name engraved on it.

 

[thirdeye]

good job splanining it out. but the jest boils down to what and why a lot people fought this so hard. we are loading up our children with tax debt to pay for today's loan. don't care which party or who or how, but the best stimulus would have been to use the tactics that took us into 2019. lowest unemployment since 69 and wage growth at 3%..
back to topic, sincerely looking at a new smoking toy, daughter a toy, and even considered using towards a newer truck. 06 still kicking with 200k, thinking a newer one 2016-18 or so low mileage for sundays and the camper and daily drive the 06. maybe the newer truck will still be newer as I close in on retirement.

Yep, we are. I'll probably never grasp the concept either. In '69 /'70 my part time job paid around $1.20/hour.

They can keep it. I dont want

It's too bad we can't refuse it and get a straight across the board tax break or something else for doing so.

 

[Brokenhandle]

good job splanining it out. but the jest boils down to what and why a lot people fought this so hard. we are loading up our children with tax debt to pay for today's loan. don't care which party or who or how, but the best stimulus would have been to use the tactics that took us into 2019. lowest unemployment since 69 and wage growth at 3%..
back to topic, sincerely looking at a new smoking toy, daughter a toy, and even considered using towards a newer truck. 06 still kicking with 200k, thinking a newer one 2016-18 or so low mileage for sundays and the camper and daily drive the 06. maybe the newer truck will still be newer as I close in on retirement.

I still love my 06 gmc duramax, 220,000 miles on it! Had the choice of New truck or new skidloader 2 years ago... wife and I both agreed... keeping the truck, bought the new skidloader.

Ryan

 

[TNJAKE]

Yep, we are. I'll probably never grasp the concept either. In '69 /'70 my part time job paid around $1.20/hour.


It's too bad we can't refuse it and get a straight across the board tax break or something else for doing so.

Yep gonna get it. We have no choice. Might as well spend it. I don't agree with how the spending has been. I haven't been financially impacted by covid and honestly most people I know haven't either. Some have though and they should receive money but not everyone. It's what we've been dealt though and you can do with it what you want. I'm fully aware of the consequences of "free money"

 

[thirdeye]

Hmmm, think I found a new wheelie for the wife.
Kimber K6s 3" .357mag
Under a grand, lightweight, 6 rds, 3" barrel, DASA.. Practically has my Baby's name engraved on it.
View attachment 488772

Ooooo, 3". This looks like a nicer fit and finish than the Cobra. Please don't ask why I suspect this.

 

[chef jimmyj]

Tough choices...
Got some " Toys " on layaway.
A Shootin Steel Speed Rack and assorted size targets to upgrade my Backyard Range, would be nice.
My dear Wife deserves a Dishwasher installed.
I could use a new Smokin-It but would love a Pellet grill.
We need to put Pen to Paper and see the best way to Stimulate the Economy...JJ

 

[forktender]

Gonna kill an Elk and a few Antelope in the fall or maybe a Buffalo if the stars align for me.

 

[SmokyMose]

Hmmm, think I found a new wheelie for the wife.
Kimber K6s 3" .357mag
Under a grand, lightweight, 6 rds, 3" barrel, DASA.. Practically has my Baby's name engraved on it.
View attachment 488772

Too much recoil for me! I'll stick with 38spl and 40s&w....

 

[JLeonard]

I still love my 06 gmc duramax, 220,000 miles on it! Had the choice of New truck or new skidloader 2 years ago... wife and I both agreed... keeping the truck, bought the new skidloader.

Ryan

I had a '05 Chevy D'Max. Loved that truck. 250,000 miles on it. used it to pull my 5th wheel while I was travel nursing. Only reason I traded it was it was starting to have a lot of little problems (mostly electronic crap) that would put it down for a day or two. Wife was scared of getting trapped out west in the desert somewhere with no way to get the 5'er and us to a civilization.
Jim

 

[phathead69]

I still love my 06 gmc duramax, 220,000 miles on it! Had the choice of New truck or new skidloader 2 years ago... wife and I both agreed... keeping the truck, bought the new skidloader.

Ryan

mine chevy, lbz. love it. one water pump had changed out. I've done thermostat and glow plugs, knock on wood but that's been it. just knowing it will die one day and wife and I love camping and plan on continuing into retirement. figure if current truck will make it as Dailey for another 100k I'll be in retirement.

 

[Inscrutable]

If they multiply it by 200 it will come close to paying for an upcoming project! So maybe just alcohol... that should help!

Ryan

I‘m with you Ryan! Given how heavily alcohol is taxed, just transferring it back to the govt. coulda eliminated the middleman and just sent me Tanqueray.

Yep gonna get it. We have no choice. Might as well spend it. I don't agree with how the spending has been. I haven't been financially impacted by covid and honestly most people I know haven't either. Some have though and they should receive money but not everyone. It's what we've been dealt though and you can do with it what you want. I'm fully aware of the consequences of "free money"

Yeah, I would prefer means tested and help the folks that really needed it. Social insecurity probably needs to head same way.

 

[Steve H]

Hold on to it. Like the other one. I don't trust, or believe things will get better soon. Christ, gas went up 60 cents in a short while. I'm just going to weather the bad decisions until somebody can figure out how things need to be. Maybe after they ban a couple more cartoon characters things will get better.

 

[smokin peachey]

They can keep it. I dont want

Yeah I would like to return to sender. I am not interested it taking it.