I don't know all the details, but has anybody else heard that the economic stimulus package, where the government will be sending out checks of $600 individual, $1,200 for couples, plus added amounts for children, is actually just an advance against next years 2008 tax return?  That the American people aren't really getting additional money, just basically advance money against what taxpayers gets on the average in their 1040 tax refund?

I've heard about it, but was not aware that it is an advance on next years tax return.  All that does is put taxpayers in a more of a bind next year, after Bush is out of office!

I AM FEELING VERY SIMULATED RIGHT NOW>>>>>>>>> THIS THREAD WON"T GO TO PAGE 3

It's snowing so I think Ill break out the   and watch what happens

I AM FEELING VERY SIMULATED RIGHT NOW>>>>>>>>> THIS THREAD WON"T GO TO PAGE 3

It's snowing so I think Ill break out the and watch what happens

3?! How about one and a half? :

I'm not sure what I'll get back, I made more than 3K and I'm still a dependent.  Being a poor college student sucks.

Alrighty then................................

No offense guys but the original poster asked a question.  It was not political in nature.  He wanted to know if we had heard if the refund was going to count against next year.  I think one person answered the question.  One person provided an economic outlook (no offense, it was well reasoned).  And three more provided nasty comments that helped none.

To answer your question, original poster, I had not heard that.

But we won't get a real answer because this thread will be locked before the question is actually truly answered.  

I swear sometimes I feel like finding some posts and just "insert nasty comment about GWB" or some other political remark just so the other people can't talk.

End of rant.

J

Dude take it easy. Try not to take yourself to seriously. We're all friends here. If you get upset because of what people say over the internet, you might as well light your computer on fire right now.

And I haven't heard anything about this tax rebate coming off of this years tax refund. I would be pretty upset.

This has been covered up in the media.  From what I've read of the bill, this is true.  The checks will count against the 2008 refund.

I havent herd that they would take it out of next years taxes however we were talking about it in econ class today and it makes sense that they would do this because the government doesn't give away free money to everyone ;D they will ask fo it back sooner or later!!! :

HUNTER19 got it right. They will want it back at some point. Ultimately, it is believed that people will save money they receive now knowing that it will be paid back in the future. Also known as Ricardian Equivalence.

Our memories seem to be very short.  There have been two previous tax rebate checks sent out since President Bush was first elected.  One as part of his initial tax reduction proposal and a second based on 9/11.  At neither time did it take away from the next years tax return.  We do have to pay money on free money but that is about it.  This tax rebate check is exactly the same as the previous two.  

Our memories seem to be very short. There have been two previous tax rebate checks sent out since President Bush was first elected. One as part of his initial tax reduction proposal and a second based on 9/11. At neither time did it take away from the next years tax return. We do have to pay money on free money but that is about it. This tax rebate check is exactly the same as the previous two.

I have to disagree with you on this, Burley is right I did a google of this so called stimulus package and it is going to be an advance on next years refund. I would post the link but I am not sure if that is permissable.

This tax rebate check is exactly the same as the previous two.

This isn't a 'rebate'.  :-X

I didn't mean to make this political. I was just wondering if others had heard this also. I spoke to a CPA today, and he said they just attended a meeting on this. That it basically is a way of getting what the federal government plans to pay out on the normal tax returns in spring 2009, and back into the hands of individuals around 10 months earlier. The influx of cash will help stimulate the economy in May/Jun 2008 rather than Apr/May of 2009. Unfortunately if this is the case, I won't be spending the money, but rather put it into a money market for about 10 months because I keep my payment of federal income taxes close to what is actually owed, and usually get back little refund. And the really bad part will be telling the wife her plans for the money will have to be put on hold. Sorry mods if I got the blood pressure raised a few points.

Here is a link with details of the rebate:

http://www.myatltv.com/news/article_news.aspx?storyid=111181

"The rebate is a credit against your 2008 tax bill, but it will be based on your 2007 tax return."  

A tax credit is straight dollars given back to a tax payer.  Such as the "child tax credit" which gives me back $1000 per child.  

Dictionary.com defines it as:

tax credit

noun

a direct reduction in tax liability (not dependent on the taxpayer's tax bracket)  

All these fancy words mean FREE money.

I was wrong.  You don't have to pay taxes on it.

This is identical to the last two rebate checks that I have received in the last 7 years.

put it into a money market for about 10 months

I will be doing the same thing with mine.  Esp. since I'm having to pay about that much this year.  

It is amazing that our government believes it can better the U.S. economic situation by going further in debt.

Well since we aren't being political, let me announce that my response is IN NO WAY political.

Alrighty then.....

FDR got us out of the great depression by creating programs to put people to work and oh....it put the country further in debt.

and now for you Republican's  Ronald Regan got us out of the Carter deprsssion by increasing military spending and creating a massive deficit.

so it is not so amazing....it is actually tried and proven method of stimulating the economy...then just as bill Clinton did with the Regan deficit, he eliminated it by applying the increased Revenue to the debt.

pretty cool.....especially when you figure that with the US off of the gold standard our paper money is just that ....paper.

The government can print as much as it want's.

Aint it cool?   Don't you wish you could?

disclaimer:  This is ABSOLUTLEY NOT A POLITICAL POST