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Tax Rebate is a credit Advance?


unbillievable
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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.

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WTF is this about?

CNN Deletes Claim Tax Rebates are a Refund Advance

Photo of Noel Sheppard.

By Noel Sheppard | February 8, 2008 - 15:06 ET

Something 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...

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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.

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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...

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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.

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