Tax Rebate: Uh, Not Exactly
Chris Mihos
"The checks are an advance on next year's refunds, and most, if not
all of the money, will be deducted from taxpayers' refunds in 12
months' time."
In other words it's not a rebate, it's a loan that will need to be
paid back next year.
So don't spend it, people. Bank it and earn the interest.
James Gibson
So if you're a good planner, and have your taxes deducted equal to
your taxes owed, then you'll be penalized and owe the IRS $1200 (for
couple) plus penalites? Sounds like a good plan.
I wasn't going to spend mine anyway - was planning on saving it for a
big stimulus of the economy when I finally place a down payment on a
house.
Jon Enslin
Uh...wow!
That is the first, and still the only place, where I have read that.
That makes it not a rebate, but an advance. Fiscally more
responsible, but people better figure that out quickly or next spring
there will be hell to pay.
Jon
Chris Mihos
> On Feb 8, 11:01 am, Chris Mihos <cmi...@gmail.com> wrote:
>
> >http://www.cnn.com/2008/POLITICS/02/08/economic.stimulus/index.html
>
> > "The checks are an advance on next year's refunds, and most, if not
> > all of the money, will be deducted from taxpayers' refunds in 12
> > months' time."
>
> > In other words it's not a rebate, it's a loan that will need to be
> > paid back next year.
>
> > So don't spend it, people. Bank it and earn the interest.
>
> Uh...wow!
>
> That is the first, and still the only place, where I have read that.
>
That's exactly what they did a few years ago with the tax rebate, so I
have been waiting and waiting for that other shoe to drop, in small
print at the bottom of the press release. And there you go!
> That makes it not a rebate, but an advance. Fiscally more
> responsible, but people better figure that out quickly or next spring
> there will be hell to pay.
Yep. And as Gibson says, for those of us who pay what we owe and dont
get refunds, we have a big tax bill coming down the pipe next year if
we're not careful....
Dennis J
songs and you had to say????...
the people that gave us this won't care, they'll be re-elected by then
or out of office and won't care.
---
"the Democrat and Republican parties are destroying our country right now,They're destroying our political process." Jesse Ventura
"Education is the progressive discover of our own Ignorance" Will Durant
"people who read the Tabloids deserve to be lied to" Jerry Sienfeld
"One can't have a sense of perspective without a sense of Humor"
"the Glass is not only half full, it has been delicious so far!!" -- ME
To reply, SCRAPE off the end bits.
Ben Stewart
"Chris Mihos" <cmi...@gmail.com> wrote in message
news:4032106f-0270-4e7a...@p69g2000hsa.googlegroups.com...
| http://www.cnn.com/2008/POLITICS/02/08/economic.stimulus/index.html
|
| "The checks are an advance on next year's refunds, and most, if not
| all of the money, will be deducted from taxpayers' refunds in 12
| months' time."
Hmmm. It looks like that particular verbiage has been removed from the CNN
aritcle. I haven't been able to find any other info.
I thought it was a pre-fund the last time they did it so I won't be
surprised, but I don't quite know how a an early loan from one's 2008 taxes
helps anyone long term.
Ben
Chris Mihos
> "Chris Mihos" <cmi...@gmail.com> wrote in message
>
> news:4032106f-0270-4e7a...@p69g2000hsa.googlegroups.com...
> |http://www.cnn.com/2008/POLITICS/02/08/economic.stimulus/index.html
> |
> | "The checks are an advance on next year's refunds, and most, if not
> | all of the money, will be deducted from taxpayers' refunds in 12
> | months' time."
>
> Hmmm. It looks like that particular verbiage has been removed from the CNN
> aritcle. I haven't been able to find any other info.
Holy shit, you're right!
That quote was a direct cut-n-paste from the article when i pulled it
up. I don't know what it means that it's gone now....
interesting.
Peach
>
> - Show quoted text -
Indeed....I had my withholdings perfectly planned. I have tweaked it
so I can put more into my 401K and get a bigger paycheck. I get just
enough of a small refund to pay a yearly enrollment fee at my
daughter's school, which is all I need. Which means...I'd owe next
year.
Peach
Goro
Can we OPT OUT of it? I'd rather they NOT go and fuck with my
withholdings, thank you very much....
-goro-
Goro
So does it have to be declared as taxable income? What about for the
people that get the $300?
-goro-
Ben Stewart
Oh, the CNN article still comes up on top when you search google for the
deducted phrase, but the article has changed. I hope this means I get the
fat $2400 check again!
I'm not too proud to take it. We were already planning on taking the kids to
Disney in June.
Ben
Carl Banks
I'm inclined to doubt it. The cost of the plan is $168 billion, which
corresponds roughly to $600 per taxpayer for 120 million taxpayers
over 2 years.
If the plan was merely an advance on next year it wouldn't cost so
much.
Carl Banks
Peach
>
> - Show quoted text -
That's just crap if it's taxable income. You're getting taxed on a
refund that was given to you early?
Peach
James Gibson
The latest from CNN:
http://tinyurl.com/3ypexx
seems to say that it is a prepayment of a tax credit from 2008. That
is, most of us get a one-time credit on our 2008 returns that we fill
out now. Supposedly, if you don't qualify based on 2007, but do in
2008, you get to claim this credit on your '08 returns. If you
qualify according to your 2007 tax forms, then you get the credit even
if you wouldn't qualify in 2008.
Carl Banks
Here's a better idea: don't trust some second-hand pop media
journalist for financial news. The writer probably doesn't even know
the difference between a credit, an advance, and a deduction.
Carl Banks
John Rogers
those walls have to be guarded by men with guns. Whose gonna do it?
You? You, Chris Mihos <cmi...@gmail.com>?
>http://www.cnn.com/2008/POLITICS/02/08/economic.stimulus/index.html
>
>"The checks are an advance on next year's refunds, and most, if not
>all of the money, will be deducted from taxpayers' refunds in 12
>months' time."
That quote isn't in the article... or am I just missing something?
John Rogers
AU Class of 1985
The Al Del Greco of Atlanta
"All that remains is the faces and the names
Of the wives and the sons and the daughters."
Chris Mihos
> Chris Mihos <cmi...@gmail.com>. we live in a world that has walls, and
> those walls have to be guarded by men with guns. Whose gonna do it?
> You? You, Chris Mihos <cmi...@gmail.com>?
>
> >http://www.cnn.com/2008/POLITICS/02/08/economic.stimulus/index.html
>
> >"The checks are an advance on next year's refunds, and most, if not
> >all of the money, will be deducted from taxpayers' refunds in 12
> >months' time."
>
> That quote isn't in the article... or am I just missing something?
>
The article got edited a few hours after it was originally posted, and
that line was removed.
John Rogers
Tanks.
John Rogers
AU Class of 1985
The Al Del Greco of Atlanta
"You say that it is your custom to burn widows. Very
well. We also have a custom: when men burn a woman alive,
we tie a rope around their necks and we hang them. Build
your funeral pyre; beside it, my carpenters will build a
gallows. You may follow your custom. And then we will
follow ours." (General Sir Charles Napier)
Trevor Zion Bauknight
Uh, how's that going to bail out the economy?
Why do you hate America?
Trev
Trevor Zion Bauknight
You can take the check and make money with it. Put it in an
interest-bearing account, short some futures, sink it into lottery
tickets...you know, MAKE it work for you.
Trev
James Gibson
wrote:
> Goro wrote:
> > On Feb 8, 10:01 am, Chris Mihos <cmi...@gmail.com> wrote:
> >>http://www.cnn.com/2008/POLITICS/02/08/economic.stimulus/index.html
>
> >> "The checks are an advance on next year's refunds, and most, if not
> >> all of the money, will be deducted from taxpayers' refunds in 12
> >> months' time."
>
> >> In other words it's not a rebate, it's a loan that will need to be
> >> paid back next year.
>
> >> So don't spend it, people. Bank it and earn the interest.
>
> > Can we OPT OUT of it? I'd rather they NOT go and fuck with my
> > withholdings, thank you very much....
>
> You can take the check and make money with it. Put it in an
> interest-bearing account,
Of course, all the interest-bearing accounts are well below the
inflation rate these days, so your real savings will be negative.
Tom Enright
Rebate:
Enright Family Pays Taxes -> Enright Family Gets % Of Taxes Back
Redistribution:
Enright Family Pays Taxes -> Some Family We Never Met Gets % Of Our
Taxes Back
-Tom Enright