Tax rebates, 600 buckaroos Options

[chook]

That is still good, but I wonder if that changes by rank. I don't know the exact details but I do know my bro-in-law who is a captain makes about 40% more while he's in Iraq.

He probably doesn't have to pay his first 85k, like any contractor in Iraq.

[impala454]

Package passed the House....now for the Senate

http://www.cnn.com/2008/POLITICS/01/29/eco...ulus/index.html

Oh well, at least it's a win-win. If it doesn't pass, good they're not wasting tax money. If it does pass, at least I snag an extra $600.

[theIncredibleEdi...]

Oh well, at least it's a win-win. If it doesn't pass, good they're not wasting tax money. If it does pass, at least I snag an extra $600.

LOL, for now....you'll pay it back later somehow.

[impala454]

yeah thats for sure

[dauss]

Senate passes it.
http://biz.yahoo.com/ap/080207/economy_stimulus.html

The Senate plan would rush rebates -- $600 for individuals, $1,200 for couples -- to most taxpayers and cut business taxes in hopes of reviving the economy. Individuals making up to $75,000 a year and couples earning up to $150,000 would get rebates.

People who paid no income taxes but earned at least $3,000 -- including through Social Security or veterans' disability benefits -- would get a $300 rebate.

Total cost, $161 billion. Only 40% of Exxon Mobil's sales for 2007.

[impala454]

good, at least they lowered the amount illegal aliens would receive.

[Spectatrix]

Rebates to come in May: http://www.cnn.com/2008/POLITICS/02/08/eco...ulus/index.html

Didn't realize this:

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.

So I wasn't a taxpayer when the 2001 rebates came around. How does that work? If I would normally get a refund of $400, would I then owe $200? Or just get no refund?

This post has been edited by Spectatrix: Feb 8 2008, 10:04 AM

[Epic]

wooooow, i was not aware of that twist either

[impala454]

Geez... you knew there had to be a catch

[Spectatrix]

I feel like I should've known, given that they've been calling it a "rebate" rather than just "hey, free money", but I'm surprised that none of the news articles before now have mentioned that. Or maybe they just didn't know the details until the plan was passed. Still, that twist makes it all the more unlikely that I'll spend any of that money. Better to stick it in my savings so I'm not caught flat-footed when I owe money next year.

That $600 sure as hell better not contribute to under-payment penalties.

This post has been edited by Spectatrix: Feb 8 2008, 10:25 AM

[Mommy]

bastards... seriously. What in the hell. thats the first I have heard about this. For me, it still kinda works out since I have a baby on the way, and I would like to have as much money around as possible right now, but still... what a way to trick us.

[Epic]

i kinda hope that this story had their facts wrong, otherwise things are going to get shitty next april as people who don't read the news get slammed with a tiny return if they get anything at all

[Mommy]

or a bill saying the owe money

[Spectatrix]

i kinda hope that this story had their facts wrong, otherwise things are going to get shitty next april as people who don't read the news get slammed with a tiny return if they get anything at all

I doubt they have their facts wrong. Did a bit of googling on the 2001 rebates and it sounds like the same deal. Only those were something like $300.

[Spectatrix]

Another article on the rebates: http://articles.moneycentral.msn.com/Taxes...TaxRebates.aspx

I may change my W-4 exemptions to 1.