Instant $800 Tax Rebate?

[Dirty Octopus™]

Does anyone have more light to shed on what i just heard?
Something along the lines of the government giving each tax paying citizen an automatic $800 to boost the economy.

Has this been set in stone? :thinking:

[mocha latte cupcake]

yes and i just ordered my VS-XX for my lucy in 16 X 8 what what! thank you US o A :D




no thats a lie but still i wish :D

[DieselNuts]

Does anyone have more light to shed on what i just heard?
Something along the lines of the government giving each tax paying citizen an automatic $800 to boost the economy.

Has this been set in stone? :thinking:

i'm wondering the same thing myself.

[JessAlba452]

http://www.nytimes.com/2008/01/20/opinion/20sun1.html

Don't know if this might help... :thinking: Hope it's in effect soon I need some $!

[Sammich]

hope we get it asap..i have something that can go to RIGHT now...and it would be beneficial..not any humdrum BS

[JDMEK18]

Man this would be just in time... I could use that money!

[Barefoot]

needs to asap im broke

[ATK_Designs]

So is it confirmed or still just "possibility"?

I'm sure can use that extra $$. Is it specified to just a certain income level?

I didn't get the previous ones :(

[con]

yea, they need to come on with it. need to pay off a couple more bills before my new steed arrives....

[DieselNuts]

So is it confirmed or still just "possibility"?

I'm sure can use that extra $$. Is it specified to just a certain income level?

I didn't get the previous ones :(

My mom works for IRS and she was saying they are seriously trying to pass the bill to make this reality. I will say there is a good possibility. :goodjob:

[ahmonrah]

that sounds like a winner.

[JR VQ 30 de]

[QUOTE=JessAlba452]http://www.nytimes.com/2008/01/20/opinion/20sun1.html

Don't know if this might help... :thinking: Hope it's in effect soon I need some $![/QUOT

i can think of a lot of things i could buy wiht $800 bucks but yea does that mean this year we will get more tax monye back???

[Thighs]

who will be eligible for the money? is it for ANY taxpaying citizen or is there requirements?

[Nismo]

I thought it was poor people who were getting this. Its the dumbest damn thing I have ever heard. Oh give poor people more money so they spend it. Instead of giving them 800 dollars to sit on their ass, why not get them a better job instead??

[superfox1]

they did the same thing in 01. Yah, they will give you the $800, the problem is you have to meet the qualifications, once you meet the qualifications, you get a nice $800 check in the mail.
Come tax time though, they take that 800 out of your refund (if your getting one) It's not free 800 to everyone, it is an advance on your refund. If you wernt getting 800 back, then you will owe the difference. if you owe any taxes right now, you wont get the 800 :tongue1:


F- the IRS....Fair-tax all the way

[SL65AMG]

they did the same thing in 01. Yah, they will give you the $800, the problem is you have to meet the qualifications, once you meet the qualifications, you get a nice $800 check in the mail.
Come tax time though, they take that 800 out of your refund (if your getting one) It's not free 800 to everyone, it is an advance on your refund. If you wernt getting 800 back, then you will owe the difference. if you owe any taxes right now, you wont get the 800 :tongue1:


F- the IRS....Fair-tax all the way

word

[Crazy Asian]

not sure how its gonna work. Have to ask my dad's CPA or my aunt. She's like the top agent for IRS? Im not sure but they chose her out of the 100 people that applied so she probably can explain in more depth.

[Stol3n]

who will be eligible for the money? is it for ANY taxpaying citizen or is there requirements?

anyone :goodjob:

[Killer]

i thought i read yesterday on yahoo it's 600 to those in the lower tax bracket and 1200 to higher tax bracket.

[Crazy Asian]

600 to the single
1200 to married couple
300 for children.

[Crazy Asian]

so killer you better have made a baby in kelly. If not, GET TO WORK!!! :lmfao:

[JR VQ 30 de]

nice i hope it is 600 for singles


600 to the single
1200 to married couple
300 for children.

[Killer]

but is this an advance on our refund or just the gov giving us money?

[Crazy Asian]

govt giving money. along with your refunds.

[Crazy Asian]

think of it, here's more money to spend to revive the economy. Thats what my aunt told me.

[ebkmike]

http://www.yahoo.com/s/791632

[hondadriver]

http://articles.moneycentral.msn.com/Taxes/Advice/HowBigWillYourTaxRebateBe.aspx

[allmotoronly]

600 to the single
1200 to married couple
300 for children.

I was watching msnbc today and they said $800 for singles, $1600 for couples, and nothing extra for children. They showed a clip of pres bush talking about it. Chances are that it won't pass through both houses of congress without some stipulations added. It also only applies to individuals who make less than something like $45k/yr and couples who make less than $80k/yr. So pretty much the people who make more money (who are already the highest taxed :2up: ) don't get anything out of this. Fvcking bullsh1t. I mean ****, if both people work and have decent jobs, of course you are going to make more than $80k/yr. It should be across the board regardless of what you make. I deserve the $800 just as much as anybody else.

[RISKYB]

please pass da cheddar

[JennB]

I was watching msnbc today and they said $800 for singles, $1600 for couples, and nothing extra for children. They showed a clip of pres bush talking about it. Chances are that it won't pass through both houses of congress without some stipulations added. It also only applies to individuals who make less than something like $45k/yr and couples who make less than $80k/yr. So pretty much the people who make more money (who are already the highest taxed :2up: ) don't get anything out of this. Fvcking bullsh1t. I mean ****, if both people work and have decent jobs, of course you are going to make more than $80k/yr. It should be across the board regardless of what you make. I deserve the $800 just as much as anybody else.

Agreed completely. It's like people are penalized for getting a good education or working hard to get ahead. I can barely believe what I pay in taxes. Not to mention, places where the cost of living is much, much higher than here and a $70,000 a year job is pretty normal. Those people deserve it as much as anyone else. I think it's pretty ridiculous to give money to people who don't even pay federal taxes and not to people who pay tons. I know, people say "If you make $200,000 a year, you don't need another $600 or whatever". Well, those people are going to spend it just like anyone else.

Looks like the final plan took both extremes of income into consideration though and some people at both end won't get full refunds. It's a middle class tax program.


Here are the details of the plan

http://money.cnn.com/2008/01/24/news/economy/stimulus_package/index.htm?postversion=2008012421

[Killer]

Agreed completely. It's like people are penalized for getting a good education or working hard to get ahead. I can barely believe what I pay in taxes. Not to mention, places where the cost of living is much, much higher than here and a $70,000 a year job is pretty normal. Those people deserve it as much as anyone else. I think it's pretty ridiculous to give money to people who don't even pay federal taxes and not to people who pay tons. I know, people say "If you make $200,000 a year, you don't need another $600 or whatever". Well, those people are going to spend it just like anyone else.

Looks like the final plan took both extremes of income into consideration though and some people at both end won't get full refunds. It's a middle class tax program.


Here are the details of the plan

http://money.cnn.com/2008/01/24/news/economy/stimulus_package/index.htm?postversion=2008012421


i'm not married... and i only make 30,000 a year.... so i guess by your standards i'm retarded and i don't work hard.... :goodjob:



my guess for the reason they are targeting those who pay less in taxes is because most of them will be younger people like me... i'm 22 and a male... my logic is... "FREE MONEY!!!!!!!!!!! I'M GONNA SPEND THAT ****!!!!" (theoretically speaking).... older people tend to make more, and save more... they know any smarter person that gets free cash is gonna save it for a rainy day or pay off some debt... not put it back into the economy....

[Mr. Clean]

i'm not married... and i only make 30,000 a year.... so i guess by your standards i'm retarded and i don't work hard.... :goodjob:



my guess for the reason they are targeting those who pay less in taxes is because most of them will be younger people like me... i'm 22 and a male... my logic is... "FREE MONEY!!!!!!!!!!! I'M GONNA SPEND THAT ****!!!!" (theoretically speaking).... older people tend to make more, and save more... they know any smarter person that gets free cash is gonna save it for a rainy day or pay off some debt... not put it back into the economy....

agreed. im 20 and right now we are in a time where the economy is hurting. i am a student and work as much about 40 hours a week and go to school about 15 hours a week which means i dont even have the OPPORTUNITY to make the money that i would like to. yes you guys have done well for yourselves... bravo. but that also means that your cost of living is higher by choice. you werent forced into a large home or forced into a nice car or anything like that. if taxes are killing you then you should not let so much of your wages go out the door. i live in a mediocre apt and drive a car that is payed off and pay for minimum insurance on my car/apt/health/dental... and so on. i have a discounted cell phone plan and half my groceries with my g/f. now i am still not poor by any means but for me to get a moral boosting check of $600 would be phenomenal. that means i could buy something for my car that would perhaps make me wake up and say hey... i dont mind going to work and school because i just purchased something nice for myself and im still not hurting to pay the bills. now that i am in a positive mood theres no telling what i may do. i might say hey... lets go out and eat. now from one check i have put money into the economy in 2 small ways that i would not have before. now times that by about a a 1/4 of a billion people and were talking some serious economy boosting. if you make over $75,000 dollars a year you are putting plenty of money into the economy anyway and if you need a $600 check to make you spend a little money then you are obviously of the jewish culture. AND... if you guys do your taxes right then you are getting plenty...PLENTY back on returns already. yes they take a lot and you will never fully get it back but as far as im concerned its pretty fairly proportioned.

bottom line on taxes: you got an education and found a good paying job and made a sh*t ton more money than i did. so therefore you are reaping the benefits of your well paying job. its called "adjusted gross income" for a reason. because its what you actually made. think of it as you not paying taxes but your company pays them for you if it makes you happier.



now im sure somewhere along the lines i missed a point i was trying to make or something but i think the gov't is on the right path by limiting the group of people who will receive a check. granted i will get a check if this is passed so i have no reason to complain. but you will have a far better chance of having $600 in expendable cash in this "recession" than i will.

[Z33_kid]

**** hopefully i get something il put it to good use :)

[SPOOLIN]

agreed. im 20 and right now we are in a time where the economy is hurting. i am a student and work as much about 40 hours a week and go to school about 15 hours a week which means i dont even have the OPPORTUNITY to make the money that i would like to. yes you guys have done well for yourselves... bravo. but that also means that your cost of living is higher by choice. you werent forced into a large home or forced into a nice car or anything like that. if taxes are killing you then you should not let so much of your wages go out the door. i live in a mediocre apt and drive a car that is payed off and pay for minimum insurance on my car/apt/health/dental... and so on. i have a discounted cell phone plan and half my groceries with my g/f. now i am still not poor by any means but for me to get a moral boosting check of $600 would be phenomenal. that means i could buy something for my car that would perhaps make me wake up and say hey... i dont mind going to work and school because i just purchased something nice for myself and im still not hurting to pay the bills. now that i am in a positive mood theres no telling what i may do. i might say hey... lets go out and eat. now from one check i have put money into the economy in 2 small ways that i would not have before. now times that by about a a 1/4 of a billion people and were talking some serious economy boosting. if you make over $75,000 dollars a year you are putting plenty of money into the economy anyway and if you need a $600 check to make you spend a little money then you are obviously of the jewish culture. AND... if you guys do your taxes right then you are getting plenty...PLENTY back on returns already. yes they take a lot and you will never fully get it back but as far as im concerned its pretty fairly proportioned.

bottom line on taxes: you got an education and found a good paying job and made a sh*t ton more money than i did. so therefore you are reaping the benefits of your well paying job. its called "adjusted gross income" for a reason. because its what you actually made. think of it as you not paying taxes but your company pays them for you if it makes you happier.



now im sure somewhere along the lines i missed a point i was trying to make or something but i think the gov't is on the right path by limiting the group of people who will receive a check. granted i will get a check if this is passed so i have no reason to complain. but you will have a far better chance of having $600 in expendable cash in this "recession" than i will.



Im sure he meant people that have a higher cost of living, a "mediocre" as you say apartment in places like san francisco or hell even buckhead are around 1500$ a month, and thats a one bedroom. Around where i live, a 2 bedroom apartment is 525-550 a month. Same concept goes for housing, a house like mine goes for 250,000-350,000 in california EASILY.

[skillzilla]

You have to realize that the majority of the people in the US make under $75,000 a year, which is the cap on the tax incentive, not $45,000. Also, if you make more than that chances are you have enough disposable income to spend money in the economy (although i do agree it depends completely on where you live). That ios supposedly the whole purpose of the incentive, to stimulate a stagnant economy and keep us out of a recession. Heres my take:

We are going down hard, thats a fact. The indicators are clear, a recession is in our future, the only thing that is in question is how bad will it be, and how long will it last. This whole idea of a tax incentive to get the economy back on its feet is freakin retarded, considering most people that will receive the money are going to pay bills or their mortgage. Its not going anywhere but into the pockets of banks.

I dont need $600 (yes, it is $600 not $800) to go buy wheels or a new blender, I need the government to put this money back into our reserves. Thats impossible, though, seeing as how this will total over $100 BILLION in NEW money, further increasing the deficit and dragging the U.S. Dollar through the gutter.

What I do need is a good night's sleep without worrying about how bad we are fukking up the world's economy. That in and of itself is worth way more than 600 measly bux.

Oh, BTW, with tax season right around the corner, if this does get approved you wont be looking at the first checks being cut until May or June, then 4-8 weeks to receive the money from that point. Don't be counting on it anytime soon :)

[Barefoot]

personally i dont give a ****. if this goes thru i get my $600. i dont care about the rich i got mine. an at the end of the day thats all that matters to.

[ahabion]

From what I understand too, I don't think you have to pay the full amount back if the following year if you get a refund... from what i "heard" (haven't read up on it) they just include it as income and you'll be taxed on it next year... I'm glad I work the crap job and my wife has the better one... we fall under that 80k... unfortunately for us, it just goes to diapers and formula... :(

[Nismo]

This just in, KFC stock quadrupled......

[JennB]

i'm not married... and i only make 30,000 a year.... so i guess by your standards i'm retarded and i don't work hard.... :goodjob:



.

wow, way to COMPLETELY distort what I said.




#2 - I'm not a he
#3 - I'm an accountant, I understand taxes and finance quite well.



SPOOLIN actually got part of my point. $75,000 a year may sound like a TON if you live in the suburbs of Atlanta, but in LA, the average home cost is nearly $600,000 and in San Fran, it's over $800,000. Plenty of large cities around the country have median housing prices and cost of living that are multiple times ours.

http://www.kiplinger.com/tools/houseprices/index.php?db=housing2007&sortby=state&orderby=normal&action=Submit

$75,000 is far from rich especially if you live in an expenive area or have a family to take care of.

I just think it's wrong to not give something back to people who pay taxes just like those making a little less than them. I don't believe that people who actually pay no taxes should get money when people who pay a very big share get nothing. As was said above, wouldn't lower income people be more likely to use this money to pay bills while people who are not rich, but just a little better off would more likely spend it on frivolous items that will actually help the economy? People who are truly suffering from hard times aren't (or at least shouldn't) going to take this money straight to the mall, they are going to be groceries and pay bills to keep a roof over their heads.

[Barefoot]

wow, way to COMPLETELY distort what I said.




#2 - I'm not a he
#3 - I'm an accountant, I understand taxes and finance quite well.



SPOOLIN actually got part of my point. $75,000 a year may sound like a TON if you live in the suburbs of Atlanta, but in LA, the average home cost is nearly $600,000 and in San Fran, it's over $800,000. Plenty of large cities around the country have median housing prices and cost of living that are multiple times ours.

http://www.kiplinger.com/tools/houseprices/index.php?db=housing2007&sortby=state&orderby=normal&action=Submit

$75,000 is far from rich especially if you live in an expenive area or have a family to take care of.

I just think it's wrong to not give something back to people who pay taxes just like those making a little less than them. I don't believe that people who actually pay no taxes should get money when people who pay a very big share get nothing. As was said above, wouldn't lower income people be more likely to use this money to pay bills while people who are not rich, but just a little better off would more likely spend it on frivolous items that will actually help the economy? People who are truly suffering from hard times aren't (or at least shouldn't) going to take this money straight to the mall, they are going to be groceries and pay bills to keep a roof over their heads.
so your sayin to be point blank with yah. **** the poor they are going to pay bills. but i on the other hand am going to buy a big screen. u got money u can buy a big screen with or without money.

[JennB]

Um, no.

I'm not saying eff the poor, that's stupid. I'm saying that if they are truly hurting, it's going to be a great thing for them to be able to pay bills but they aren't as likely to go out and spend it on the items that boost our economy, that make consumer confidence grow. I'm also saying that there is this whole "eff the rich" mentality when "rich" is a relative term.



I guess we'll see though. I think it is most important to boost our economy as it relates to the rest of the world, the dollar is in pretty pitiful shape right now but your average person doesn't seem to worry about that at all.

I've talked to other financial professionals about this and have heard varying opinions.... someone I know who is a trader said "It's just another day on the market" meaning it's not that big of a deal, just normal ups and downs. He told me to be happy that my 401K was buying cheap right now, it will pay off in the long run. But others say we're on the edge of a recession. I'm not sure, a lot of it may be just fear because it's such a big item in the news right now and it's an election year.

[Mr. Clean]

well i just read in the AJC that it is indeed just an advance on our tax return for next year. and since thats the deal... i dont really even get back much more that $600 anyway so basically i will get nothing back next year on taxes... maybe a couple hundred bucks vs. $1000 or so.

i think a lot of people will get a check in the mail and be like "holy sh*t this is awesome" then when they file for taxes next year they will forget to add this money to their income and not be taxed for it and then get audited. but i am kinda on the side of most of the political advisors right now that we need to focus on a long term solution such as the fair tax and not on a quick fix that will not really help because the relief check is not even going to come until june. if the gov't would give america scott-free money within the next week to maybe even a month then this would be an extreme boost in moral and eventually the economy but i think the gov't is a day late a dollar short if you will.

[Mr. Clean]

But others say we're on the edge of a recession. I'm not sure, a lot of it may be just fear because it's such a big item in the news right now and it's an election year.

thats exactly what a recession is... it is the people being "afriad" that our economy is going down hill so we save our money and sell our houses for smaller ones and so all sorts of things that will allow us to retain as much money as possible and it stops flowing. if we are not confident that our economy is doing well it starts a steep slope of no money moving.

now "no" money flowing is metaphorical of course because we are still paying just as much on our bills and such but the money gets stuck in businesses and doesnt make its way back to many consumers' pockets. we stop speding on frivilous items that keep america in business.

i think we could be in or going into a recession because there are plenty of people out there right now who are scared that they will lose their job or get hours cut because companies are realizing that people arent spending any money so they are "trimming the fat". the slope is starting, now we just have to see where it goes. if it gets better then we obviously are in the recession now. if it gets worse then we were headed toward it as of today.

[Barefoot]

well i just read in the AJC that it is indeed just an advance on our tax return for next year. and since thats the deal...
thats the info ive been waiting to hear.

[skillzilla]

This is NOT an advance on your 2008 tax return, although I can understand how someone could construe it that way. Don't take the AJC's word for it, read it for yourself:

"In 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers and the first $12,000 of taxable income for couples. Taxpayers could receive rebates of up to $600 for individuals and $1,200 for couples. A minimum of $300 per person and $600 per couple would be available to those with at least $3,000 of earned income. This relief would be available to everyone with adjusted gross income less than $75,000 for singles and $150,000 for married couples filing jointly. It will be phased out for taxpayers above those income thresholds."

http://www.whitehouse.gov/news/releases/2008/01/20080124-4.html

What this means is you will not be paying taxes on the first $6,000 you make in 2008, but instead of not taking it out of your check, the government will be giving you a rebate check for the taxes you paid. This differs from a tax refund in that a refund comes from you paying in too much tax over the previous year, taxes that you didnt owe, causing the government to owe you money (which no one should get anyways if you play your cards right). The tax rebate is the government waiving taxes on some of your wages and giving you the taxes you paid, that you OWED, back. Just because your tax return may be smaller next year does not make it the same thing, as most people have to PAY taxes at the end of the year.

Don't get me wrong though it is still crap and I am 100% against it.

[skillzilla]

Think about it like this, if you have no kids and claim 0, and make only $6,000 a year, then this will be your entire tax return for next year. If not, then your'e good to go.

For someone making, say, $40,000 this year, $34,000 will still be taxed like normal, and you will probably pay more in taxes on that $34k than you should, and will still get a big return back in 2009.

It is only the g-o-v waving taxes on your pay, not advancing the taxes you havent paid yet.

[Mr. Clean]

hmm... ok well that sounds a little more beneficial but i still think its just not going to happen soon enough to have the desired effect. but hey... they're trying i suppose... this could be Bush's big folley or a moment of greatness in his leaving office

[Barefoot]

this could be Bush's big folley or a moment of greatness in his leaving office
na big folly is troops coming home. ill get up the $600 for that hell might even give them extra money to bring them home asap.