Question about the tax rebate

[TXHokie]

If I recall correctly, the check that was sent back in 2001 which amount to $300 per person ended up as being deducted from my tax refund when I filed tax in 2002. So say I have two kids and I claimed $1000 child credit per kid for $2000 total, I had to subtract the $600 and ended up with $1400 when I did my tax. Technically it's more of an advance. Is this how this "tax rebate" going to work for this upcoming round as well when I do my tax next year?

 

[Toasthead]

I dont think they have decided on all that yet.

 

[FoBoT]

that point hasn't been clarified, but i would bet it is the same, they just want to give you part of your refund early, not "Free" money so to speak

 

[mugs]

I've been wondering the same thing. If it is, then I don't care if I get it or not.

 

[AMCRambler]

It'll probably be like that tax rebate on Futurama. $300 clams in the form of Tricky Dick Fun Bucks. AROOOOOO!!!!!

 

[Queasy]

They're still negotiating it but now it sounds like it is going to be $300 up to $1200 and it doesn't matter if you actually paid income taxes in 2006 or not.

Basically, it's a bunch of populist BS that really won't do anything for the economy. Cut out the middle-man and just let people keep more of their own money, cut corporate taxes to keep business in the USA and to spur growth, and cut out all the BS spending in Congress.

edit: Here's the deal

WASHINGTON (AP) - Democratic and Republican congressional leaders reached a tentative deal Thursday on tax rebates of $300 to $1,200 per family and business tax cuts to jolt the slumping economy.

Congressional officials close to the negotiations said House Speaker Nancy Pelosi and Republican Leader John Boehner of Ohio reached agreement in principle in a telephone call Thursday morning.

The officials, speaking on condition of anonymity, said the two wanted key members of their parties to sign off on the accord before any announcement.

The accord came as the White House said Thursday an agreement was imminent.

Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes.

Families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.

 

[Jeff7]

Originally posted by: AMCRambler
It'll probably be like that tax rebate on Futurama. $300 clams in the form of Tricky Dick Fun Bucks. AROOOOOO!!!!!

The loot! The loot! The loot is on fire!


Give everyone free money, and suddenly that money isn't worth quite as much.

 

[vi edit]

Originally posted by: mugs
I've been wondering the same thing. If it is, then I don't care if I get it or not.

So if my taxes due are around $0 (matched up my deductions well) and I accepted the "rebate" I'd actually have to pay in next year?

Lame.

I can't remember much about the '01 rebate. And it was only $300. They were rumbling about $1600 for a couple so that's a little more sizeable and concerning.

 

[Fingolfin269]

Awesome. So, since I pay taxes and pull my own weight I may actually get the same amount of 'refund' back as someone who hasn't paid a dime. OH, and then I will potentially pay part of it back the next year when I have to count it as income against myself. SIGN ME UP!


To the poster above me, it really has nothing to do with your tax refund being $0. That just means you paid the proper amount to the government throughout the year. However, you DID indeed pay them money... they're just giving some of that money back to you.

 

[BlahBlahYouToo]

Tax rebate approved

$75k cap - is that what you report as income for 2007, or salary at the end of 2007?

my salary in early/mid 2007 was well less than $75k, but by late-2007 made substantially more due to a job change, but still not enough to report more than $75k for the all of 2007.

 

[EagleKeeper]

Seeing how the timing is for june, it may be based on the numbers in your 2007 tax return.

If you do not file, you may not see anything.

A rebate is not an advance.

 

[FoBoT]

update, yo

one source is now reporting

Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said.

of course, someone that earned $3,000 obviously pays no income taxes, so it is still free money to millions of people

 

[spidey07]

Originally posted by: FoBoT
update, yo

one source is now reporting

Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said.

of course, someone that earned $3,000 obviously pays no income taxes, so it is still free money to millions of people

This is so screwed up socialist bull crap. A 75K cap? WTF.

So essentially people that don't pay much taxes are getting money while people that pay the lions share get nothing. Pure marxist thinking there.

 

[Queasy]

Originally posted by: spidey07

Originally posted by: FoBoT
update, yo

one source is now reporting

Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said.

of course, someone that earned $3,000 obviously pays no income taxes, so it is still free money to millions of people

This is so screwed up socialist bull crap. A 75K cap? WTF.

So essentially people that don't pay much taxes are getting money while people that pay the lions share get nothing. Pure marxist thinking there.

$75k for individuals, $150k for couples.

Totally f'd up.

 

[FoBoT]

yes, many of the politicians in power today are socialists and most of the candidates running for POTUS this year are also socialists

bread and circuses

http://en.wikipedia.org/wiki/Bread_and_circuses

 

[vi edit]

Originally posted by: Queasy

Originally posted by: spidey07

Originally posted by: FoBoT
update, yo

one source is now reporting

Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said.

of course, someone that earned $3,000 obviously pays no income taxes, so it is still free money to millions of people

This is so screwed up socialist bull crap. A 75K cap? WTF.

So essentially people that don't pay much taxes are getting money while people that pay the lions share get nothing. Pure marxist thinking there.

$75k for individuals, $150k for couples.

Totally f'd up.

Is this "pure" gross income, or after I take away any pretax deductions?

Example: If I made $76,000 last year, but I put in $10,000 to my 401k, my actual taxible income is only $66,000. Do I still get the check?

 

[dainthomas]

Originally posted by: Queasy

Originally posted by: spidey07

Originally posted by: FoBoT
update, yo

one source is now reporting

Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said.

of course, someone that earned $3,000 obviously pays no income taxes, so it is still free money to millions of people

This is so screwed up socialist bull crap. A 75K cap? WTF.

So essentially people that don't pay much taxes are getting money while people that pay the lions share get nothing. Pure marxist thinking there.

$75k for individuals, $150k for couples.

Totally f'd up.

It is f'ed, but at least my wife and I made under 150 total. Whew.

 

[spidey07]

Originally posted by: vi_edit

Originally posted by: Queasy

Originally posted by: spidey07

Originally posted by: FoBoT
update, yo

one source is now reporting

Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said.

of course, someone that earned $3,000 obviously pays no income taxes, so it is still free money to millions of people

This is so screwed up socialist bull crap. A 75K cap? WTF.

So essentially people that don't pay much taxes are getting money while people that pay the lions share get nothing. Pure marxist thinking there.

$75k for individuals, $150k for couples.

Totally f'd up.

Is this "pure" gross income, or after I take away any pretax deductions?

Example: If I made $76,000 last year, but I put in $10,000 to my 401k, my actual taxible income is only $66,000. Do I still get the check?

Everything I've read so far say "earning". NO CHECK FOR YOU! YOU GIVE TO THE POOR! NOW! Do it rich man! GIVE!

 

[FoBoT]

it should be taxable income, $75K/$150K for taxable income is pretty generous, unless you live in a high cost of living area, like the blue coasts or you have few deductions/not a home owner

 

[PingSpike]

So, is this free money or am I just going to end up taking a loan from myself next year like last time?

 

[Queasy]

Originally posted by: PingSpike
So, is this free money or am I just going to end up taking a loan from myself next year like last time?

You'll either be taking it from yourself or from somebody else or both!

 

[Vette73]

Originally posted by: PingSpike
So, is this free money or am I just going to end up taking a loan from myself next year like last time?

Theres no FREE money, someone has to pay it. I guess Bush is going for 10 trillion before he leaves office.

I don't see any of this helping long term.

 

[Queasy]

Originally posted by: Marlin1975

Originally posted by: PingSpike
So, is this free money or am I just going to end up taking a loan from myself next year like last time?

Theres no FREE money, someone has to pay it. I guess Bush is going for 10 trillion before he leaves office.

I don't see any of this helping long term.

It's not just Bush. Ever politician on the hill has their hands in the cookie jar. Chuck Schumer just came out saying he wants a second stimulus package.

 

[FoBoT]

the deficits will not slow down after bush leaves office, no matter who "wins" in november

 

[Queasy]

Originally posted by: FoBoT
the deficits will not slow down after bush leaves office, no matter who "wins" in november

Not as long as Congress keeps spending our money the they have been.