U.S. tax return bill

[stopthekilling77]

check it out! http://money.cnn.com/2008/02/08/pf/taxe ... tm?cnn=yes

looks like those extra returns should be heading your way May-July if you qualify!

good news indeed

[vicaphit]

So they plan on everyone spending this rebate and putting it back into the economy? I may use it for that reason

[stev]

Let's see ...

1,200 tax return for me
1,200 tax return for wife
2,100 tax return kids = 300x7

4,500 total return to stimulate the economy!

[bubba]

600 per person or 1200 per couple, 300 per kid.

This means I'll I have 1800 coming my way. I see a new fridge and stove in my future, already looking to get a dishwasher and couple recliners with the normal tax return.

married life, real exciting

[vbironchef]

Just listening to you guys with kids tells me my rebate is going into the stock market. Hold on! I forgot, I just a new bedroom set. Cash already spent.

[hnzw_rui]

Let's see ...

1,200 tax return for me
1,200 tax return for wife
2,100 tax return kids = 300x7

4,500 total return to stimulate the economy!

That's actually 1,200 combined for you and your wife. Unless both of you are also married to other people and are married filing jointly with the other two. With the number of kids you have though, that's still 3,300 total.

By the way, weren't they planning on changing the 600/person (for those who paid income tax) and 300/person (for those who didn't have to pay/are exempt) to 500/person across the board? Did Congress finally agree on the 300/600?

*sigh* Initially, it was supposed to be a rebate of 800/person for those who paid income tax. None for those who are exempt. Oh well, at least we're all still getting something.

[DMB2000uk]

Reminds me of that Futurama episode where everyone gets a $300 return from the government.

mmm... coffee...

Dan

[KnightRid]

Let's see ...

1,200 tax return for me
1,200 tax return for wife
2,100 tax return kids = 300x7

4,500 total return to stimulate the economy!

That's actually 1,200 combined for you and your wife. Unless both of you are also married to other people and are married filing jointly with the other two. With the number of kids you have though, that's still 3,300 total.

I think he would have to live in Utah for that to apply

Will be nice - I KNOW I should be getting a nice 56-65" 1080p dlp projection tv!!! Wife already said with her bonus from work we will snag one

Mike

This is what SUCKS about it

Do I have to pay the rebate back?

No. And here's why.

Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.

"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."

basically it will come off of your 2008 tax return, just like they did the other year with the so called rebates - it is just an advance on the money you would get from a refund! You wont have to pay it back, but they sure as hell will take that much off the rebate for 2008 - the bastards.

[FZ1]

I might not see anything

[The gonz]

$600 Per person with $300 for a child.

I'll grab $900. I'll drop it on my bills. That's all I can afford.

Until gas prices drop and inflation slows down I can't see spending this on anything else.

Besides, if I go get a TV from Best Buy like Uncle Sam wants. Some japanese company will wind up with my money.

[Tim Burton]

Guys, this is just a scam so politicians don't get kicked in the nuts in November. To kick start the economy for the long term, we need tax cuts, not one time rebates.

Part of this has to do with the economy requiring investment and since this is only going to lower end of the income people (like me), I will just spend it (for me, it will be going to the deductable on my surgery to rebuild my elbow) so will most.

[stopthekilling77]

Guys, this is just a scam so politicians don't get kicked in the nuts in November. To kick start the economy for the long term, we need tax cuts, not one time rebates.

Part of this has to do with the economy requiring investment and since this is only going to lower end of the income people (like me), I will just spend it (for me, it will be going to the deductable on my surgery to rebuild my elbow) so will most.

i agree wholeheartedly, but i'm glad i do get some cash in a few months anyhow.
i like the idea of paying off our national debt in under 5 years by taking about $5 from people who's tax return is over $50 and putting it in an account towards payments to our debts

but thats neither here nor there. more returns are good for me.

[T-Shirt]

Guys, this is just a scam so politicians don't get kicked in the nuts in November.
.

You got that right!
This is an emergency rescue for the last few years of mismanagement of the economy by the government and too many knee jerk reaction by the fed.
It may be too little too late by the time it gets sent out.
I disagree with the idea that more tax cuts are needed, what is needed is to rescind the "Bush" tax cuts (his idea, but alot of people smart enough to know they were a bad idea in the long term, jumped on board) and begin to pay down the national debt.
Right now the first 12% of taxes go to interest alone, nothing toward principal, and we are spending far more then we take in.
End the war, stop giving breaks to companies that "off-shore" jobs, and begin rebuilding the domestic economy.

[FZ1]

The problem with this is that people will spend it (on credit cards) before they get the checks thinking they will pay the credit card bill when they get the checks. The checks arrive and they spend on other pressing needs and just go deeper in debt.
Everyone should have 3-6 month's worth of pay saved up for emergencies. If you don't, my suggestion is start an account with this money and build it to at least this point or further. What if you lost your job? Think about it.

[Bio-Hazard]

The problem with this is that people will spend it (on credit cards) before they get the checks thinking they will pay the credit card bill when they get the checks. The checks arrive and they spend on other pressing needs and just go deeper in debt.
Everyone should have 3-6 month's worth of pay saved up for emergencies. If you don't, my suggestion is start an account with this money and build it to at least this point or further. What if you lost your job? Think about it.

Now what job would that be...............

I haven't worked a regular job in years............

Nothing like early retirement, forced or not.

[T-Shirt]

i like the idea of paying off our national debt in under 5 years by taking about $5 from people who's tax return is over $50 and putting it in an account towards payments to our debts

.

a nice idea, but the number don't add up.
Every US citizen/resident "owes" $30,387.70, at birth.
The National Debt has continued to increase an average of $1.48 billion per day since September 29, 2006!

[ibleet]

I don't work a regular job either, but I do pay income tax every year. According to what I'm reading here, I should receive $1500.

I'll believe it when I see it.

[stopthekilling77]

i like the idea of paying off our national debt in under 5 years by taking about $5 from people who's tax return is over $50 and putting it in an account towards payments to our debts

.

a nice idea, but the number don't add up.
Every US citizen/resident "owes" $30,387.70, at birth.
The National Debt has continued to increase an average of $1.48 billion per day since September 29, 2006!

well of course the details wouldnt work, but the concept stands

[Sporg]

Mine is probably going straight into savings or perhaps used toward paying something off. Since I'm trying to switch companies and my last day of work at this company is May16th, then this would come at a great time.

[DLErickson08]

What about me? I work part time and made 5,500 last year, i turned 17 last june, so should i get back how much? My friend, same age said he got a mailing today from the IRS saying he gets 600 from them?