So are we or are we not getting the tax rebates (ie 1600 dollars for families w/children) thing

[Krazy4Real]

I wouldn't mind the money.

 

[Saga]

Even after reading about this I really don't understand why it's called a rebate. Can someone possibly explain the basis for this entire fiasco?

 

[Queasy]

Originally posted by: Izusaga
Even after reading about this I really don't understand why it's called a rebate.

Because it sounds good.

Can someone possibly explain the basis for this entire fiasco?

Vote buying.

 

[FoBoT]

Originally posted by: Izusaga
Even after reading about this I really don't understand why it's called a rebate. Can someone possibly explain the basis for this entire fiasco?

technically, they are changing the lowest tax rates from 10% to 0%, thus the term "rebate"
all the other trickery must be other IRS/tax code changes to allow for all the exceptions and for those that don't actually pay any income tax

 

[imported_Lothar]

Originally posted by: Queasy

Originally posted by: Throckmorton

Originally posted by: Queasy
The Senate tried to lard up the bill with another $50 billion or so in spending. Pushing the bill to over $200 billion.

Senate Republicans blocked it. Now the Senate leaders have to decide if they want to try again or just pass the original Congressional bill.

Frankly, I wish it would just die. The majority of the bill is nothing but a vote buying measure that will do nothing to stimulate the economy.

Somehow dollars going to unemployment benefits don't stimulate the economy as much as tax rebates??

Where did I even say that. Neither will do anything worthwhile to stimulate the economy.

The only part of the package that will do anything to stimulate the economy is the $50 billion in tax deductions for new business/equipment investment. This is actually re-instituting a portion of the Bush tax cuts (forget which) that recently expired.

http://biz.yahoo.com/cnnm/0801...lus_analysis.html?.v=2

 

[Saga]

Originally posted by: FoBoT

Originally posted by: Izusaga
Even after reading about this I really don't understand why it's called a rebate. Can someone possibly explain the basis for this entire fiasco?

technically, they are changing the lowest tax rates from 10% to 0%, thus the term "rebate"
all the other trickery must be other IRS/tax code changes to allow for all the exceptions and for those that don't actually pay any income tax

This I follow, but I don't understand who is eligible, and how these will be issued.

Sorry if these questions are stupid, documentation online raises more questions than it does answers and I haven't watched cable for as long as I can remember.

 

[Goosemaster]

Originally posted by: Izusaga
Even after reading about this I really don't understand why it's called a rebate. Can someone possibly explain the basis for this entire fiasco?

it's bullshit.

 

[pontifex]

Originally posted by: episodic
I just want it cause I owe 1200 dollars this year. The fact that I owe that much sucks.

doesn't that mean that your employer is not taking out enough from your paycheck for taxes?

 

[Capt Caveman]

Originally posted by: pontifex

Originally posted by: episodic
I just want it cause I owe 1200 dollars this year. The fact that I owe that much sucks.

doesn't that mean that your employer is not taking out enough from your paycheck for taxes?

Not necessarily. If you made any income that had no tax withholdings (ie. investments, stocks, etc), you're more than likely owing Uncle Sam.

 

[moshquerade]

This tax rebate bill is stuck in the Senate right now. It seems the Dems want to beef (pork?) up the package.

 

[Xavier434]

Originally posted by: Izusaga
Even after reading about this I really don't understand why it's called a rebate. Can someone possibly explain the basis for this entire fiasco?

There are a lot of details to fill in on the explanation, but the the core of it surrounds the idea that the American people will use the extra money to buy taxable stuff rather than save it or pay off debt which has already been taxed. The more the American people circulate money, the more the economy is stimulated even if that money happens to be given to us by the government. The lack of circulation is one of the major reasons we are having problems right now.

I am not too worried though. Eventually, people will not be able to resist the low stock prices and they will start buying them a lot. The news media will then focus the spotlight on how everyone is starting to buy which will then convince many more people to follow suit. At least, I hope it turns out that way.

 

[ahurtt]

Originally posted by: pontifex

Originally posted by: episodic
I just want it cause I owe 1200 dollars this year. The fact that I owe that much sucks.

doesn't that mean that your employer is not taking out enough from your paycheck for taxes?

Only if your employer/job is your only source of taxable income.

 

[Xavier434]

Originally posted by: ahurtt

Originally posted by: pontifex

Originally posted by: episodic
I just want it cause I owe 1200 dollars this year. The fact that I owe that much sucks.

doesn't that mean that your employer is not taking out enough from your paycheck for taxes?

Only if your employer/job is your only source of taxable income.

That or the way he set up his W-2 resulted in him requiring to pay taxes.

 

[slag]

What's needed are more tax cuts for the rich. Tax cuts for the rich make the rich want to spend more money which in turn puts more money into the peasants hands like yours and mine and stimulates the economy.

Its simple trickle down economics.

 

[imported_Lothar]

Originally posted by: slag
What's needed are more tax cuts for the rich. Tax cuts for the rich make the rich want to spend more money which in turn puts more money into the peasants hands like yours and mine and stimulates the economy.

Its simple trickle down economics.

:roll:

 

[JeffreyLebowski]

Originally posted by: RossMAN

Originally posted by: FoBoT

Originally posted by: Queasy
...a vote buying measure ...

98% of legislation is that
with or without earmarks

pork is Congresses favorite meat


bread and circuses is all americans want

they should just skip this stupid check thing, and just contract directly with best buy to ship a LCD HDTV to everyone's house and have geek squad set it up for us

No thanks, we already have 3 HDTV's and 1 is still in the box (Sharp AQUOS 40" 1080p LCD).

PIF???

 

[TallBill]

Originally posted by: her209
Most people are probably going to use it to pay off their credit card debt.

Whats that?

 

[JeffreyLebowski]

The only way for this to stimulate the US economy is everyone that got one of these checks used the money and bought goods made in the US by US owned and operated companies.

If I get it I plan on buying a Colt AR15

 

[BKLounger]

with 600 dollar rebates 2008 is gonna be the year of the HDTV.

 

[Ns1]

The wheels are moving

text

 

[Modelworks]

I also read somewhere that its enough money to run fios to every home in the USA.
That would seem to be a better choice than a one time check, atleast that would have long term benefits.

 

[Modelworks]

Originally posted by: slag
What's needed are more tax cuts for the rich. Tax cuts for the rich make the rich want to spend more money which in turn puts more money into the peasants hands like yours and mine and stimulates the economy.

Its simple trickle down economics.

I don't think the current economy is a trickle, more like a drop every now and then .

 

[FeuerFrei]

Originally posted by: Flammable
do you have to pay it back?

YES. I just discovered it's an advance on next year's refund and will be deducted next year from any refund.
Weak.:frown:

CNN story
Now I don't really want the money ...

 

[moshquerade]

Originally posted by: FeuerFrei

Originally posted by: Flammable
do you have to pay it back?

YES. I just discovered it's an advance on next year's refund and will be deducted next year from any refund.
Weak.:frown:

CNN story
Now I don't really want the money ...

well crap. : /

but what if you don't get a refund next year?

 

[FeuerFrei]

Originally posted by: moshquerade

Originally posted by: FeuerFrei

Originally posted by: Flammable
do you have to pay it back?

YES. I just discovered it's an advance on next year's refund and will be deducted next year from any refund.
Weak.:frown:

CNN story
Now I don't really want the money ...

well crap. : /

but what if you don't get a refund next year?

Yeah. Good question. Pay more taxes?