unbillievable Posted February 9, 2008 Share Posted February 9, 2008 Did I understand correctly that the rebate is actually an advance on next year's tax refund?For example; if I am supposed to get $1000 in 2009, I will only get $400 instead, because of the $600 rebate I will get in May 2008?Tell me I got it wrong because if I got it right, this has got to be one of the stupidest pieces of legislation enacted in decades. Quote Link to comment Share on other sites More sharing options...
capologist Posted February 9, 2008 Share Posted February 9, 2008 You didn't think the government was just going to give money away now did ya?:w00t:I understand it the same way you do... Quote Link to comment Share on other sites More sharing options...
Ramen Posted February 9, 2008 Share Posted February 9, 2008 WTF is this about? CNN Deletes Claim Tax Rebates are a Refund AdvancePhoto of Noel Sheppard.By Noel Sheppard | February 8, 2008 - 15:06 ETSomething rather fishy occurred within the past few hours at CNN.com.Some time Friday, the cable network's website posted a piece entiitled "Treasury chief: Tax rebate checks to go out in May" which included the following (emphasis added, h/t NB reader Chandy):The package, which passed the Senate 81-16, will send rebate checks to 130 million Americans in amounts of $300 to $600 for people who have an income between $3,000 and $75,000, plus $300 per child. Couples earning up to $150,000 would get $1,200.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.If you click on the link to the article, the above-bolded sentence is nowhere to be found. Yet, it certainly did exist, as CNN.com indicated the following blog linking to this piece asking... Quote Link to comment Share on other sites More sharing options...
unbillievable Posted February 9, 2008 Author Share Posted February 9, 2008 I officially give up on this government.I'm gonna vote to throw out every incumbent running for re-election next November. Who came up with this idiotic plan?-by the way, Hilary is taking credit for the rebates in all her ads over here. Even though I've heard Bush's name thrown out in a lot of discussions. Quote Link to comment Share on other sites More sharing options...
capologist Posted February 9, 2008 Share Posted February 9, 2008 unbillievable (2/9/2008)I officially give up on this government.I'm gonna vote to throw out every incumbent running for re-election next November. Who came up with this idiotic plan?-by the way, Hilary is taking credit for the rebates in all her ads over here. Even though I've heard Bush's name thrown out in a lot of discussions.Hence why I became a Libertarian... Quote Link to comment Share on other sites More sharing options...
Falcons Fan 4 Life Posted February 9, 2008 Share Posted February 9, 2008 so what happens if i am only to get 400 next year, but got the 1200 this year. will i owe the government 800 or do they just recoup later or ignore it Quote Link to comment Share on other sites More sharing options...
capologist Posted February 9, 2008 Share Posted February 9, 2008 Falcons Fan 4 Life (2/9/2008)so what happens if i am only to get 400 next year, but got the 1200 this year. will i owe the government 800 or do they just recoup later or ignore itFrom what I've read, they'll ignore it... Quote Link to comment Share on other sites More sharing options...
unbillievable Posted February 9, 2008 Author Share Posted February 9, 2008 The Rebate is based on your 2007 tax return. If what I read is accurate, you will not be penalized if your 2008 income cannot cover the 600 rebate. Quote Link to comment Share on other sites More sharing options...
robpanama Posted February 10, 2008 Share Posted February 10, 2008 unbillievable (2/9/2008)I officially give up on this government.I'm gonna vote to throw out every incumbent running for re-election next November. Who came up with this idiotic plan?-by the way, Hilary is taking credit for the rebates in all her ads over here. Even though I've heard Bush's name thrown out in a lot of discussions.Pull Libertarian first and then anti-incumbent, well get there eventually. Quote Link to comment Share on other sites More sharing options...
marvinthemartian Posted February 10, 2008 Share Posted February 10, 2008 One of my best friends is a CPA and runs the books for a very large corporation. I asked him if this was an advance as the article supposedly said. He answered NO. It will be viewed as taxable income on next years taxes, but other than that, it has absolutely nothing to do with your refund. Quote Link to comment Share on other sites More sharing options...
Demetrius Dew Posted February 11, 2008 Share Posted February 11, 2008 It is money to stimulate the economy, Bush did this like 5 or 6 years ago. Instead of rising tax's to help the economy the government is going to give away money to help stimulate it. Quote Link to comment Share on other sites More sharing options...
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