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So, about these economic stimulus rebate thingies...
Ed_McCarron:
No, this isn't intended to go all PNR'y...
I read somewhere that this money gets treated as an advance rebate for the next tax year.
Does that mean if owed a refund next year, it will be LESS the rebate amount this year?
Taxes laugh at me. :dunno
ChadTower:
That would be the first I've heard of it that way. It is supposed to be a refund of taxes paid, which means they're just giving us back some of what we've already given them. Not an advance of next year's rebate.
Unless of course they've done a bait and switch on us which would not surprise me.
Basically what we're doing now is borrowing $2 from our kids for every $1 they give us now.
shardian:
It is officially "an advance on 2008 taxes". It will not cause an additional tax liability or anything like that - it is considered a gift and not taxable income. It is based on 2007 tax forms though.
ChadTower:
Ah. So now they're saying it "will be a refund of taxes paid by the date of the refund".
It's still a bad idea.
shardian:
--- Quote from: ChadTower on February 14, 2008, 10:37:09 am ---
It's still a bad idea.
--- End quote ---
http://www.cnn.com/2008/US/02/12/beck.stimulus.package/index.html
Still just as pointless in the long run, but would have guaranteed pointless spending.
Bad idea or no, I will enjoy my $1500 check. ;D
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