TAX BREAK: Economic Packages gives Students Extra Pocket Change
Carolyn Cleveland: Muleskinner
Issue date: 2/14/08 Section: News
President Bush approved the economic stimulus package Wednesday, which would give tax filers rebates from $300 to $2,700. So, what does this bill mean for working college students?
If you made at least $3,000 in 2007 and filed tax returns, you should be receiving a check for $600 in early May. If you work and filed a tax return, but don't earn enough to pay taxes, you should get $300.
This package was designed to help the economy by putting extra spending money back into citizens' hands. They would then buy from stores and businesses, injecting the money back into the economy. Aaron Ringen, an education administration graduate student, says the package will do more harm than help.
"It will be nice to have that money in my pocket, but I don't think it will end up stimulating the economy. I really think that this bill is a ploy to help the government look better to the public by giving out money, but in the end will cost them more than they will get back," Ringen said.
The plan will cost the Federal government $168 billion.
So, what are students going to be spending the extra cash on? Credit card bills and travel seem to be at the top of some students' lists.
"Travel, possibly Washington D.C. Anything left over will go into savings," Ringen said.
Nicole Maupin, a hospitality management major, said "I'd use it to pay my bills."
Kailon Bell, a history major, said he'd use the money to "pay off credit card debt."
"I would use the money to pay bills and whatever is leftover, I can save and use on my next vacation," Kim Luzano, special education major said.
Other students see the money as an opportunity to buy new electronics or to go on a shopping spree.
"I would like to buy a new computer or maybe even a full-size (music) keyboard," Beth Harrison, athletic training major, said.
No matter how they intend to spend the cash, the possibility of the extra money excites many student workers.
If you made at least $3,000 in 2007 and filed tax returns, you should be receiving a check for $600 in early May. If you work and filed a tax return, but don't earn enough to pay taxes, you should get $300.
This package was designed to help the economy by putting extra spending money back into citizens' hands. They would then buy from stores and businesses, injecting the money back into the economy. Aaron Ringen, an education administration graduate student, says the package will do more harm than help.
"It will be nice to have that money in my pocket, but I don't think it will end up stimulating the economy. I really think that this bill is a ploy to help the government look better to the public by giving out money, but in the end will cost them more than they will get back," Ringen said.
The plan will cost the Federal government $168 billion.
So, what are students going to be spending the extra cash on? Credit card bills and travel seem to be at the top of some students' lists.
"Travel, possibly Washington D.C. Anything left over will go into savings," Ringen said.
Nicole Maupin, a hospitality management major, said "I'd use it to pay my bills."
Kailon Bell, a history major, said he'd use the money to "pay off credit card debt."
"I would use the money to pay bills and whatever is leftover, I can save and use on my next vacation," Kim Luzano, special education major said.
Other students see the money as an opportunity to buy new electronics or to go on a shopping spree.
"I would like to buy a new computer or maybe even a full-size (music) keyboard," Beth Harrison, athletic training major, said.
No matter how they intend to spend the cash, the possibility of the extra money excites many student workers.
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