Tax Rebate

[Dubh Aingeal]

People have been starting to take a look at the fine print of the Proposed Bush rebate for your taxes this year. Its beginning to look like its not as free money as people first thought. Its coming to light its a credit against next years taxes:

`SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS.

`(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--

`(1) net income tax liability, or

`(2) $600 ($1,200 in the case of a joint return).

`(b) Special Rules-

`(1) IN GENERAL- In the case of a taxpayer described in paragraph (2)--

`(A) the amount determined under subsection (a) shall not be less than $300 ($600 in the case of a joint return), and

`(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $300 multiplied by the number of qualifying children (within the meaning of section 24©) of the taxpayer.

So while you might get a nice lump this year with that additional 300-1200, your gonna get hit next year.

[ttogreh]

What's really horrible, is that the whole damn thing is financed on credit. From other countries. Whose economy are we trying to stimulate here? Of course, this is not surprising in the least. The asshole has prosecuted a war on credit for the last five years. Why not this?

How the hell did the Democratic party become the gatekeepers of fiscal discipline?

[Hellion]

Anyway to screw over the taxpayer

there is never anything ever positive about this country,and its government,(sigh)

[creatureofthenyte]

I think that if I can, I will put it in the bank and leave it there till next year, so when the IRS bends me over for it then, I can just return the money to them.

[Fierce Critter]

If we get a tax "credit/rebate/whatethefuckever," it's not going to stimulate the economy. It's going to pay off bills that have nothing to do with putting money into the current economy. It's going to pay off family loans that got us through tough times in the past, or toward similar things.

JUST LIKE THE LAST FUCKING "STIMULATE THE ECONOMY" REBATE WE GOT FROM BUSH.

[Msterbeau]

I'm shocked.

[ttogreh]

"I am shocked, shocked! To find gambling going on here!"...

What? It's from "Casablanca".

[phee]

This is a great way to not only fuck us next year... but also create inflation!!! yay!!! I love election years... the laws make all of the people in the country all warm and fuzzy for a whole year... until they realize that the year after their fucked.... but no one is up for re-election so the politicians don't care...

[Dubh Aingeal]

Oh it gets better:

While Mr. Bush has refused to disclose specifics of his $145 billion plan, administration officials and Republican lawmakers favor a proposal that would offer rebates of up to $800 for individuals and $1,600 for families — but only if they paid that much in taxes last year.

Analysts estimate, a family of four with an income of $24,000 would receive no government payments at all, and families with incomes below $40,000 would at most receive partial rebates. But a household with an income of $100,000 or more could get back $1,600.

So those that need it the most will probably not see a dime and those that really don't need the money are gonna get the most.

[Msterbeau]

That's the hard-at work, family values Republicans for ya....

[phee]

That's the hard-at work, family values Republicans for ya....

In a nutshell

[Gaf The Horse With Tears]

I would like to note that as much as these are being hailed a Bush and Republican... Nancy Pelosi and senior Democrats in the house had just as much to do with these "rebates" as anyone else.

Mrs. Pelosi went to Bush with an incentive proposal from the House and negotiated what was approved by the House... and it was the Senate Democrats that wanted to add more fluff (read national debt) to these.

It is interesting to see what people plan on doing with an y rebate they might get... No, these rebates wont do as intended... just like last time. They will only work if they are spent, somewhat frivolously at that... putting them in the bank, ripping up the check or paying back family loans (sorry critter) are counter productive.

[Steven]

I would like to note that as much as these are being hailed a Bush and Republican... Nancy Pelosi and senior Democrats in the house had just as much to do with these "rebates" as anyone else.

Mrs. Pelosi went to Bush with an incentive proposal from the House and negotiated what was approved by the House... and it was the Senate Democrats that wanted to add more fluff (read national debt) to these.

It is interesting to see what people plan on doing with an y rebate they might get... No, these rebates wont do as intended... just like last time. They will only work if they are spent, somewhat frivolously at that... putting them in the bank, ripping up the check or paying back family loans (sorry critter) are counter productive.

out of concern for the economy you good democrats can serve your country by:

Spending that cash at Guitar Center purchasing a digital audio interface with 8 inputs.

Spending the money at a computer geek store buying me a new computer with enough power to work with the interface.

the economy gets saved

you all do your civic duty

I do my album

and we all love america.

[ttogreh]

As long as that guitar and computer were made in America by American companies...

[Fierce Critter]

As long as that guitar and computer were made in America by American companies...

A-hahahahahahahahahahahaha-haaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!

[GARGOYLE FUSIC]

I like how people blame Bush for the stimulus package and the democrats only increased the amount of the rebates. I also like how people blame Bush for the credit problems (and no doubt Bush is a major problem in terms of debt and credit) when Clinton was the one who first let his federal reserve chairman create TWO bubbles (tech and housing) and let anyone and everyone get free money. Ron Paul is the only one addressing these issues and gues what: he ain't a democrat.

[ttogreh]

Gargoyle, I am affectionate to Ron Paul's message, however, domestic bubbles in the absence of a war... they can be managed.

Bush... has prosecuted two! One, Two! Wars on credit, AND allowed a mortgage bubble. That just ain't cricket.

[jadnifer]

How is this working??? I only had one job in 2007 due to medical problems and I didnt even make $300 dollars. Will I just get back what I would have originally or will I get $300 dollars like everyone else and get screwed with it next year and end up owing money to the government....like they need more anyway.

[Gaf The Horse With Tears]

I'm not sure anyone really knows yet. Full details have yet to be released to the public, prolly wont be till it's voted on and signed.

[Gaf The Horse With Tears]

OK, A couple of things after spending the day reading it, reading analysts of it by economists...

1. If you didn't make at least $3000 in 2007, you are not getting a rebate.

2. It is NOT a Pre-Bate. You will not be paying it back next year. "SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS" Many people are misunderstanding that statement and don't understand the corresponding body of txt that goes with it. It's all in tax jargon. It's called a Recovery Rebate because it is meant to help us recover from the economic downturn.

3. Blow it on stupid shit. preferably on american made products from locally owned stores. Putting it in the bank, investing it, paying off bills does NOT help the economy. Infact, they kinda go against it. I can't stress this enough... If you want our economy to get better, we HAVE to spend money HERE. Blow this money on stuff you would not normally be able to afford. Stuff you want, just please, do you best to buy Local and American made.

[DeadBurgerKing (10)]

My grandpa was telling me of this. What about those on disability?

[Gaf The Horse With Tears]

Did you pay any form of taxes?

[n0Mad]

3. Blow it on stupid shit. preferably on american made products from locally owned stores. Putting it in the bank, investing it, paying off bills does NOT help the economy. Infact, they kinda go against it. I can't stress this enough... If you want our economy to get better, we HAVE to spend money HERE. Blow this money on stuff you would not normally be able to afford. Stuff you want, just please, do you best to buy Local and American made.

Might I recommend a Smith & Wesson.

[DeadBurgerKing (10)]

Did you pay any form of taxes?

Well, SSI ans Social Security are tax free incomes from the state. The only thing I paid taxes for where bills and whatnot...

[Fierce Critter]

3. Blow it on stupid shit. preferably on american made products from locally owned stores. Putting it in the bank, investing it, paying off bills does NOT help the economy. Infact, they kinda go against it. I can't stress this enough... If you want our economy to get better, we HAVE to spend money HERE. Blow this money on stuff you would not normally be able to afford. Stuff you want, just please, do you best to buy Local and American made.

Ummm... No.

Just because the powers-that-be in this country are bad at handling finances, doesn't mean I have to follow their bad example to bail out this sinking ship of an economy.

We borrowed money to get through some tough, tight times over the past 5 months or so. I'm paying $400 a month out-of-pocket for prescriptions right now, and that's going to continue until the end of February. We're looking at trying to move into a better home in the next 3 months or so, and will need money for down payments and the like.

I want a fucking new DVD player. I could get one at Wal-Mart for about $28.00. I need my hair done. Jon needs shoes. Jon will be getting his shoes this week, but my hair and that DVD player have to wait.

Oh, and I have a dozen cats and a dog who need vet visits desperately.

Fuck it. Just fucking fuck it. That's all I feel.

Oh, by the way - isn't the major difference between Republicans and Democrats supposed to be Republicans want Americans to have their own money and manage it themselves, and Democrats want to manage our money FOR us?

So, we're all fucked in debt right now. And Republicans want us to take a windfall and blow it on stupid shit, instead of doing something sensible with it?

Again - fuck it.