Tax Rebates? What does this mean guys?

[duece212 5,000+ posts]

If you file taxes, you will get a check between 300 to 600 bucks depending on how much tax you pay. If you have kids you will get 300 for each one. Thats if all this makes it through the senate without any hold ups.

I think this is stupid, all they are doing is giving us money that we will have to pay in via taxes in one shape or another. Everybody see's it as free money...but it is not free.

 

[bonesninja 5,000+ posts]

this isn't the first time...bush did when he first took office. Its a check seperate from your tax refund, they will start mailing them in June. thats an extra $1800 for me.

 

[2002XLT 5,000+ posts]

She pays taxes do0d. She just doesn't have to file at the end of the year.

Some, yes. About 150 bux last year. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[2002XLT 5,000+ posts]

If you file taxes, you will get a check between 300 to 600 bucks depending on how much tax you pay. If you have kids you will get 300 for each one. Thats if all this makes it through the senate without any hold ups.
I think this is stupid, all they are doing is giving us money that we will have to pay in via taxes in one shape or another. Everybody see's it as free money...but it is not free.

More money then i have now without doing anything = free to me.//content.invisioncic.com/y282845/emoticons/veryhappy.gif.fec4fed33b4a1279cf10bdd45a039dae.gif

 

[konechiwa 10+ year member]

if the government just kept the 150 billion and payed it toward our national debt, wouldn't that be a better idea?

 

[2002XLT 5,000+ posts]

if the government just kept the 150 billion and payed it toward our national debt, wouldn't that be a better idea?

Shutup with your logic.

 

[Flipx99 5,000+ posts]

Indeed it is an economic stimulus...and it will work...but not until perhaps Oct/Nov.

In reality, I think this was a response to the stock market rather than to the American economy. Like I said in early Jan, the name of the game is going to be liquidity. People ran out of things to tap to extend credit, so the govt is going to give it them. I didn't predict the rebate, but I was very curious how it would end up playing out.

Yes, it means you will get an extra check from the govt. And I think it is a good thing because few if any people will spend exactly $600. They will spend $800, $1000 if not more. The point is to get people to blow their money...that is how the American economy works...people spending money. If we had half the savings rate of Japan, our economy would be seriously hurting.

Long term effects? More taxes in the future. The only people that get this $600 clean are people that die shortly after spending the check.

 

[Flipx99 5,000+ posts]

if the government just kept the 150 billion and payed it toward our national debt, wouldn't that be a better idea?

No.

The idea is to promote spending. Paying off the national debt does not meet this requirement.

 

[audioarsonal 10+ year member]

It will be funny when everyone keeps the **** thing and doesn't buy shit.Then what all that money that was earmarked for refunds was expected to flood back into the economy and didn't.Then watch out for the tax increases to make back all the money they just paid out.Probably do that right around christmas.

 

[cheesehead 10+ year member]

Where is flipx99 at? Maybe he can answer what exactly this means. Is this in addition to our income tax? Or is this going to be our income tax return? Because in this article it says nothing about tax returns, only tax rebates and says that the income tax will be going on at the same time which means we wont get these until june. So..does this mean im getting an extra check from the gov't?//content.invisioncic.com/y282845/emoticons/veryhappy.gif.fec4fed33b4a1279cf10bdd45a039dae.gif


http://news.yahoo.com/s/ap/20080124/ap_on_go_co/economy_stimulus

From what I understand the stimulus package as it stands right now will give every taxpayer a rebate over and above your personal tax return. The amount of the checks depends on your income and how many (if any) children you have. Also if you file single or jointly. The amount of the returns will range from $300.00 - $1,200.00 or more depending income level and children.

The package is still not final. It has to be approved by either the senate or house. I'm not sure which.//content.invisioncic.com/y282845/emoticons/crazy.gif.c13912c32de98515d3142759a824dae7.gif But they are looking to have it finalized by next week sometime. And the checks probably won't be mailed until April at the soonest.

Here is a link to some more info.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a87tJUlwK7Ws&refer=home

 

[2002XLT 5,000+ posts]

Thanks flip, was waiting for your answer.

 

[Tiger Bass 5,000+ posts]

Tax refunds/rebates really aren't that great for jack shit in the long run...

That money has to come from somewhere, whether it was a surplus from increased taxes in the past, or they plan on taxing harder in the future, it does nothing but create an imbalance. As for trying to stimulate the economy, the US has an incredibly low savings rate per capita as it is. Giving them a little bit more money isn't going to change this.

A better idea would be to, instead of giving lots of people a little bit of money, take that large amount of money and spend it on things that would help the people who are having trouble financially as a whole. More money equates to more purchasing power and this would allow you to help more people at one time with just as much money.