The Senate passed the tax cut.....

iVillage Member
Registered: 03-31-2003
The Senate passed the tax cut.....
8
Fri, 05-23-2003 - 12:50pm
and on the news they said families with children that make less than $130,000 per year will get about $400 per child in the form of a check sometime in the summer. This is because the child tax credit is going up from $600 to $1000. Usually when we get unexpected money, I put it in the bank and then its chipped away until it's all gone and then we feel like we never even *received* extra money.

Well, since I have 3 kids and *unfortunantly* we make *less* than $130,000 per year:-( we should be receiving around $1200.00, but this time I'm going to spend it (which is what the president is hoping people will do). But I will use it for school clothes for the kids next year. We probably spend almost that much anyway once you add in shoes (everyday, gym and dress) and other *incidentals*.

So, what will you guys do with your *found* money?

iVillage Member
Registered: 03-26-2003
Fri, 05-23-2003 - 1:01pm
What??? Is this true? Even I had to owe $$ I will receive $400 per child!

Not sure yet what I will do with the $$, but we have a vacation trip planned so I guess it will go to funding that trip.

iVillage Member
Registered: 03-26-2003
Fri, 05-23-2003 - 1:09pm
no kids here so I wont be getting any money, but good for all of you! you guys deserve it, kids have got to be worth *at least* a $1000 deduction!!!

Meg

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 05-23-2003 - 1:22pm
Really???? Hmmm...now does this mean we are going to have to count it on our taxes next year like we did the $600 one?

I'm not complaining...I will take any money anyone wants to give me. LOL!! Just our taxes are going to be so screwed up this year as it is between the pay he got for severence, unemployment (no taxes taken out), if he actually sells some real estate this year (then we owe the 14% SS taxes and who knows what else but then can write stuff off). Plus a new baby added on...LOL!!! Wheee!!! Next April should be interesting. LOL!!!!!!!!

I have no clue what I will spend it on if anything...because the way our life is right now, we may need it to just stay in the house. :( (I know, not what they are hoping for but I can't see spending it on anything at the moment). Especially since we are going to have probably about $1000 start-up fees for DH with the Real Estate.

I won't be counting on it though until I have the check in hand and cashed ;)

Becky

iVillage Member
Registered: 03-25-2003
Fri, 05-23-2003 - 1:45pm
Are you sure you heard this right?? What state are you in?? cause I cant imagine the government giving everyone that makes less than $130,000. $400 per child. Why would they do this??
iVillage Member
Registered: 03-26-2003
Fri, 05-23-2003 - 2:06pm
Just remember that if didn't have a tax liability for 2002, you won't get any additional money back.. People who qualified for earned income credit.. got back all of their withholding.. that type of thing.. Generally even with the tax credit, they won't get the full $400 back per child or may just get a part of it.. Sorry if I burst anyone's bubble..
Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Fri, 05-23-2003 - 2:15pm
Thanks for the good news. I didn't hear anything on tv.

Avatar for akirez
iVillage Member
Registered: 03-26-2003
Fri, 05-23-2003 - 2:25pm
Here's a link to a full story on it. On top of the $400 check for people with children, the rest of us should have less taken out of each paycheck starting @July.

http://www.bankrate.com/brm/itax/news/20030523a1.asp

iVillage Member
Registered: 03-31-2003
Fri, 05-23-2003 - 3:29pm
Becky,

I'm not sure if the withholding will be already taken out or not. That's why I was sure to use the words "around" and "about" in my OP. Either way, the government will get their share. LOL

But, I'm with you, I'll take it either way!!

I heard it again on CNN....yep, 25 million households will get this. The guy on CNN said it will be in "early summer", although I have heard from other news sources just as "sometime in the summer". But starting July 1, less taxes will be taken out of everyone's check.

I sure hope it does stimulate the economy, though.