Rebate Checks Question?

[bandit]

So basically if it is a 1 time tax cut this year, everyone is getting it. So why not pre-rebate everyone and not just those under $75K?

Because that would break the bank:biglaugh:

Seriously, most of the guys I know are doing exactly what I'll do with this...if we get it...paying down debt. This is a laughable way to 'stimulate' the economy and is really nothing more than political games to make the voters love politicians in the months leading to the fall election.

 

[redrocker]

The whole tax system is based on punishing those who do well in life......

:yes: and :yes:

 

[brianhos]

Because that would break the bank:biglaugh:

Seriously, most of the guys I know are doing exactly what I'll do with this...if we get it...paying down debt. This is a laughable way to 'stimulate' the economy and is really nothing more than political games to make the voters love politicians in the months leading to the fall election.

But if they are lowing the 10% bracket to 0%, we are ALL getting this break no matter if you make $10k or $10M, so the people over $75k are just going to get a bigger rebate next year.

 

[mclatch]

Why does this type of game work for politicians?

...It's an uninformed electorate.

Ignorance will be this countries demise. These antics ought to result in a 100% turnover in the House and 33% turnover in the Senate in 2008. But most people don't think. How does this get fixed? or does it?

 

[brianhos]

No this will not get fixed, people will still pander to the stupid uninformed electorate. And yes I use the word stupid because most people I talk to are excited about this, they think it is free money!

 

[MrGreg]

So this is just an advance on the 2008 tax return? If you have a big tax return in 2008, then you simply get the amount less the rebate? Lame.

But you won't have to repay the rebate...so the key is to adjust your withholdings so your 2008 tax return is $0, correct? That way the "rebate" is a bonus

Am I interpreting this correctly?

Edit: Never mind, after a good nights sleep, I read the article again and it makes sense now.

 

[balken]

So will this be backed up with a tax cut? My guess is no, so it is really going to **** Joe 6 pack off next year when he has to PAY the government.

Except Joe Six Pack doesn't pay taxes in the first place. But to your overriding point, yes everyone gets &*%$ in the end.

 

[brianhos]

It is backed up by a tax cut. The 10% rate has been reduced to 0% for this one time only.