OT-possible tax rebates for us Americans.

[momof3littlelilos]

Is this an advance tax refund or just flat out free money? If it's an advance tax refund it's not free money.

My memory of 2001 was that they deducted the money from the following years tax refund...does anyone remember it differently?

ETA - and, no, we wouldn't "spend" it on anyting either, we'd pay off part of our heating bill. The money would be slightly helpful, but it wouldn't make any major difference to us...Although if it's paying for fuel I guess in the end it would benefit Bush's business buds?

 

[trip]

Yup...looks like the the $85/$110 cap put us just out of the running (unless the $110 is the adjusted gross income) for this. CNN is reporting that the exact details will be released at some point today.

I wonder what tax year they are basing the caps on?

 

[Tnkrbelle565]

My thought is that they'll be basing it on our 2007 taxes.

 

[harleyquinn]

Bush is on ABC right now

 

[Schachteles]

Bush is on ABC right now

Let us know what he says, if we can get more specifics that would be nice.

 

[sarahlovesmickey]

Not to start an outrage, but this reminds me of what happened with Mitt Romney here in Massachusetts a few years ago. The state was almost bankrupt. Literally. So..he came in, cut things ....a lot of services, etc., that made people furious. BUT....it worked. It got MA out of all that debt...turned it into a surplus. But people are still mad about it. I don't get it. (And I'm not necessarily voting for him, just using this as an example.)
HeatherC

I agree with this thinking! Again not to start an outrage, but why don't we make some cuts to some of these welfare programs, etc?? I've seen people on foodstamps that eat better than my family. Or how about we stop paying for medical care and welfare for illegals??? Just a thought... If this whole "payout" does happen, I do not think that people on welfare or any assistance should receive it. But I don't think that they should get tax returns anyway, but that is another whole debate.

 

[harleyquinn]

Okay, he basically said, "Congress get something done."

At least that's what I got.

George Stephanopolis said that the rebates would probably be for people that make less than $150K (he didn't say individual or married). He also said they will most likely do everything , from incentives for business growth to the rebates to extending unemployment benefits. He also said the Dems want to make sure that "people too poor to pay income tax get a rebate too."

You can get more at www.abcnews.com

 

[disneyjunkie]

I agree with this thinking! Again not to start an outrage, but why don't we make some cuts to some of these welfare programs, etc?? I've seen people on foodstamps that eat better than my family. Or how about we stop paying for medical care and welfare for illegals??? Just a thought... If this whole "payout" does happen, I do not think that people on welfare or any assistance should receive it. But I don't think that they should get tax returns anyway, but that is another whole debate.

What about families on welfare that working their way off?

Some people work full time, yet still qualify for medicaid, housing and/or food stamps.

I don’t think these families should be lumped with the people who are too lazy to get out and work.

 

[jenr812]

I hope that they extend umemployment bennies. My DH lost his job in June and still cannot find a job that wouldn't put us in the hole after childcare. His unemployment bennies ran out 2 weeks ago and it is hitting us very, very hard. Of course, with our luck, we wouldn't qualify since they ran out already He is still within his benefit year, so who knows? Sorry, just rambling.

 

[momof3littlelilos]

I've seen people on foodstamps that eat better than my family. Or how about we stop paying for medical care and welfare for illegals??? Just a thought... If this whole "payout" does happen, I do not think that people on welfare or any assistance should receive it. But I don't think that they should get tax returns anyway, but that is another whole debate.

Anyone who works should, of course, file taxes and get refunds if they qualify for them.

 

[disneysteve]

Assuming I qualify for whatever they send out, I hope it isn't an advance refund. I don't get a refund. I don't believe in loaning the IRS money interest-free all year, so we owe in April. This would mean we'd owe even more I suppose. That would really be lousy.

 

[dvcgirl]

Assuming I qualify for whatever they send out, I hope it isn't an advance refund. I don't get a refund. I don't believe in loaning the IRS money interest-free all year, so we owe in April. This would mean we'd owe even more I suppose. That would really be lousy.

On CNBC they're "guessing" that this would be based on income taxes, not payroll taxes. However, I can't imagine that there will be some cap income-wise though. Remember, this is an election year, and the politicians running for the presidency won't want to see *anyone* left out of this gig....even those of us who make some decent $$$$. I don't care how much money you make, deep down, most people will be slightly peeved if just about every American is getting a check and they aren't. That's just human nature.

I highly doubt that we'll qualify if there's a cap, but I really don't care. I'd just stick it in the bank if I got a check anyway.

There's also talk of there being tax breaks for small businesses who invest in equipment this year.

I don't think we'll know that details until Tuesday when Bush meets with Pelosi.

I do keep hearing $800 per worker ($1600) per family being bandied about.

 

[tbrenk73]

On CNBC they're "guessing" that this would be based on income taxes, not payroll taxes. However, I can't imagine that there will be some cap income-wise though. Remember, this is an election year, and the politicians running for the presidency won't want to see *anyone* left out of this gig....even those of us who make some decent $$$$. I don't care how much money you make, deep down, most people will be slightly peeved if just about every American is getting a check and they aren't. That's just human nature.

I highly doubt that we'll qualify if there's a cap, but I really don't care. I'd just stick it in the bank if I got a check anyway.

There's also talk of there being tax breaks for small businesses who invest in equipment this year.

I don't think we'll know that details until Tuesday when Bush meets with Pelosi.

I do keep hearing $800 per worker ($1600) per family being bandied about.

If passed, did they mention when the rebates would be sent out?

 

[dvcgirl]

If passed, did they mention when the rebates would be sent out?

No. Reporters have tried to get Paulson to answer that question by asking it ten different ways.

They don't have the plan hammered out yet. So, I'm sure we'll hear more next week on this....

Just feel assured that they'll give everyone as much as they can and get it out to them as fast as they can. This is an election year.

Pay no mind to the mushrooming deficit behind the curtain.....

 

[cats mom]

Really stupid idea IMO, but I'm guessing there's no stopping it now.

It will be interesting to see what they do with the income limits.
If we do qualify I guarantee ours would be diverted into savings or investments.

Too bad the powers that be decided to turn this into a media event before cooler heads even had a chance to prevail.

I agree with Rep. Ryan:

"There are several key principles that we need to keep in mind. First, do no harm. I'm concerned that in our rush to help, we talk ourselves into a quick, feel-good hit today that will leave us with a bigger budgetary hangover tomorrow," said Rep. Paul Ryan (R-Wis.).


Edited to add:

Looks like we were posting basically the same message at the same time. I defer to dvcgirl.
I like her deficit behind the curtain allusion even better than Rep. Ryans' budgetary hangover reference.

 

[mom2cinderella]

Pay no mind to the mushrooming deficit behind the curtain.....

Like my Penguin friend from Madagascar likes to say "You didn't see anything...".

Really stupid idea IMO, but I'm guessing there's no stopping it now.

I'd say it's a done deal.

Michele

 

[disneysteve]

Really stupid idea IMO

As they say, the opposite of Progress is Congress.

 

[WendyisDarling]

No. Reporters have tried to get Paulson to answer that question by asking it ten different ways.

They don't have the plan hammered out yet. So, I'm sure we'll hear more next week on this....

Just feel assured that they'll give everyone as much as they can and get it out to them as fast as they can. This is an election year.

Pay no mind to the mushrooming deficit behind the curtain.....

I think we were watching the same press conference. No details were given. But what I heard was there are two key components : fast and simple.
Someone asked if those on SS would get it and the reply didn't really answer the ? but was something to the effect of the plan is to stimulate the economy. Although many people have legitimate needs, the plan isn't to address those needs its pupose to get more money flowing which will create jobs, etc.
Did others who saw it get the same message?
The articles I have read label it a rebate and said it will work like the a few years ago.
I really haven't decided if this is a good idea or not. I think we really need to cut government spending and get oil prices down, but that is going to take time. The few articles I've read indicate that both parties are working together now and this is going to get passed in a few days. Too bad other government issues can't be handled with the same cooperation.

 

[Schachteles]

Assuming I qualify for whatever they send out, I hope it isn't an advance refund. I don't get a refund. I don't believe in loaning the IRS money interest-free all year, so we owe in April. This would mean we'd owe even more I suppose. That would really be lousy.

I am with you on this, I DON'T want an advance...I would rather NOT have it then have that.

 

[JodiR]

Here's a new article. Looks like checks wouldn't be sent until June

http://money.cnn.com/2008/01/18/news/economy/rebate_how_it_works/index.htm?postversion=2008011812