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MInx

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This is a link to find out about your stimulus check if anyone still hasn't gotten it which includes Carl and I, says we're getting about half of what we thought! Same with my niece and daughter..what the hey! Ours says reduced due to 2007 qualifying income, (whats that? We're retired and on SS and a pensions!) Also says due to the amount of our 2nd income tax liability! I've not worked for years nor has Carl, retired since 1998!

Good luck you all...Maxine https://sa1.www4.irs.gov/irfof/IRServlet?ap...lectLanguage=en
 
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Jill

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I'm sorry, because I think a lot of you Maxine, but this is a sore spot with me.

Do you really think with these stimulus checks "the rich get richer"?

Because I pay a lot into the tax system, but because I earn "too much", I do not qualify for a rebate -- despite the fact that I pay more than most in taxation.

Seems like the "best customers", those with high incomes who pay SO MUCH in taxes, which helps to fund all the social programs going on along with "everything else", are actually those who got the short end of this particular stick.

And, for what it's worth, this goes right along with my perspective on the tax system and rebates...

The idea of our progressive tax system (where the more you earn, the higher percentage you pay in taxation) is based on the fact that those who benefit the most from living in this Nation contribute the most in taxation.

In our Nation, the top 25% of tax payers pay for 84% of the total Federal Tax burden. If your family's adjust gross income is only around $58,000/year, YOU are in the top 25%. How does it feel to be paying most of the taxes?

Anyway, a client sent this to me and I like it so am going to share it (again)


---------------------------------------------------------

Bar Stool Economics

Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:

The first four men (the poorest) would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7. The eighth would pay $12. The ninth would pay $18. The tenth man (the richest) would pay $59. So, that's what they decided to do.

The ten men drank in the bar every day and seemed quite happy with the arrangement, until on day, the owner threw them a curve. "Since you are all such good customers," he said, "I'm going to reduce the cost of your daily beer by $20."Drinks for the ten now cost just $80.

The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men - the paying customers? How could they divide the $20 windfall so that everyone would get his 'fair share?' They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer.

So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay. And so:

The fifth man, like the first four, now paid nothing (100% savings). The sixth now paid $2 instead of $3 (33%savings). The seventh now pay $5 instead of $7 (28%savings). The eighth now paid $9 instead of $12 (25% savings). The ninth now paid $14 instead of $18 (22% savings). The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings. "I only got a dollar out of the $20,"declared the sixth man. He pointed to the tenth man, "but he got $10!" "Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got ten times more than I!" "That's true!!" shouted the seventh man. "Why should he get $10 back when I got only two? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!" The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.
 

minimule

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We don't get one at all either. I was on a medical leave for 2 years, lost that job because of it. We had the least amount of income last year than we have ever had. But because of circumstances and what we had to do to survive it all.....we made too much money last year
so we don't qualify.
 

Pepipony

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Our entire taxation system is broken. No doubt about it. I do not see why people get breaks, like this stimulus check, because they have kids. I have none and I pay school taxes, I think I deserve a break for that. There is a point to income when you pay above a certain amount, that your tax jumps a lot, so much so it sometimes doesnt pay to work more to earn that extra. Then there is that whole welfare deal, man, now that thouroughly ticks me off. Hand UP, not hand OUT. Cant afford to live where you want? Tough tookie, do like most people that work do, MOVE to where you can afford to live.

One thing that irks me ( ok, maybe its the tenth thing) about the stimulus check, if you are on SSD/SSI you get $300. Hallloooo wouldnt those people actually need that stimulus check more?

I would have preffered if they took the money from this program, and actually figured out WHY fuel is so dang high ( well, ok, so maybe they know but dont want to tick off their friends) Bet we wouldnt need to stimulate the economy if prices were lower. To me, this isnt a case of the rich getting richer, but of the government being so completely out of touch, they think we are stupid and dont get whats happening.
 

Charley

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I guess the reasoning is that they wanted the money to go into peoples pockets who would spend it and not save it or invest it...so it would stimulate the economy....
. Just remember that nothing is free. I can't complain about it...not getting a check is a good thing if I don't get a check because our income is too high :DOH!
 

Jill

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I guess the reasoning is that they wanted the money to go into peoples pockets who would spend it and not save it or invest it...so it would stimulate the economy....
. Just remember that nothing is free. I can't complain about it...not getting a check is a good thing if I don't get a check because our income is too high :DOH!
I'd rather have the good income I've busted my butt to earn than not, but how good does it feel to really know nothing's free because you and others like you financed this latest "free" windfall? It's the principal of it that bothers me, not the actual check.
 
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MInx

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OK OK, I have to say after some retrospect I have to agree..first of all no one "owes" us this money at all, and I know it's not free...nothing is. (our 3rd grandson left for the Army just today), so I thought I should get one and retract my statement.

I think I just jumped on before I let my brain set in..Carl and I have been Blessed in SO many ways .I ashamed to have gotten on here with even a hint of complaint..just like many, having a very hard time right now..not money, other stuff.

So that's end of it, I stand corrected and bow out. Maxine
 

RainSong

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Can't comment either way here, but I have got to say- the "Barstool Economics" thing really did put it in laymen's terms and made it all clearer! Thanks for posting that.
 

Keri

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We got one. I was so thankful to get it since we can have a little money in the bank. I can say, we're not rich and we didn't get richer.
Just gets us by with some extra padding and we don't plan on spending it!
 

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