Tax rebate; what a f*cking sham!

[Xipe Totec]

Turns out I made too much money to get a tax rebate, and my son too little....

If I don't claim my son as a dependent, he can get a $300 buck rebate, but it would cost us an extra $500 bucks if we don't claim him.

We're better off if we claim him as a dependent and give him the 300 bucks, than if we don't claim him, just so he can get the stupid rebate.

Net gain, a big fat zero!

Grrrrr! :grr:

[FightingIrish]

1. I'm pulling money out of my IRA to pay the taxes on

the money I had to pull out of my IRA to pay my son's tuition. My big rebate will go to my accountant. Some stimulus package.

[Xipe Totec]

4. It's all smoke and mirrors - Typical Pug scam nt

[panader0]

2. That's a bummer

I don't know yet, but I think I'll get $600. The sad truth that so many here have spoken of is that the refund is a loan our kids must repay.

[Xipe Totec]

5. There's no money to repay, if nothing is shelled out

but I hear what you're saying; overall we're spending more than we're collecting because of that stupid pointless war in Iraq.

[OffWithTheirHeads]

3. welcome to Bushworld

No matter what you think, your wrong.

[Xipe Totec]

7. That's the other thing

I earn too much to benefit from the rebates, but not enough to be a Bushie.

If you earn enough, No matter what you think, you're right...


...extreme right.

[Whoa_Nelly]

22. It's not a rebate

:hi:

If you don't get one, then that is just that much less you will have to claim as eraned/received income on next year's taxes. :hug:

I'm getting this "rebate", and am getting it whether I like it or not...would rather not have it since it will add to my tax base for 2008 x(

[wordpix]

6. however, according to Paulsen, the "stimulus package" will create thousands of jobs & put the econom

economy on track. My fist thought was, with $300?

[Xipe Totec]

8. The economy is on the tracks

And there's a train comming....

[Deja Q]

37. With $600 per person?

I see it more as a short term fix. People will spend it, repay debt, or save it. A win/win/win situation, but the larger issues will have to be addressed at some point.

We've had recessions before and we got out of them before. We will get out of this one again too; and in ways, I like to think the recession will help more than it hurts. For the long run. But I'll rationalize anyway.

[polticalpout]

9. So you made over $75000 and your son made $3000 or less

I don't think those making over 75k need $600.00.

[Xipe Totec]

10. It's not a matter of need

It's a matter of scam; making the rebate look like more than it is.

Those who end up qualifying for the rebate will end up pumping it into their gas tanks anyway.

And I wouldn't exactly say that the oil companies need tax relief.

PS: And my son made less than 10K, not 3K, so he qualified for $300, but not $600.

[polticalpout]

11. I'm poor and it helps me...

But I think it's a joke. It's like putting a few paper towels down to soak up water from a broken levee. It's not fixing the problem. But what can we expect, we have idiots running this country into the hole, stay the course!

[Whoa_Nelly]

23. And you do know you have to count it as earned income next year on your 2008 taxes

It's a HUGH!!!1! scam

[ZenKitty]

26. Not true

http://www.factcheck.org/askfactcheck/is_the_economic_stimulus_payment_taxable.html

[Whoa_Nelly]

27. Then the IRS website is doing a very good job of confusing me

When I read what is below, am reminded of the "rebate" Georgie "gave in 2001. My accountant told me I had to include that one as income back then.

Am very confused...and I apologize because you are correct, I am wrong, as shown by other info I've found, yet the IRS website makes it sound like it will be counted as income...

http://www.irs.ustreas.gov/newsroom/article/0,,id=179095,00.html

Facts about the 2008 Stimulus Payments

Notices

Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.

And then I read:
http://www.irstaxrebate.net/
The good news is the irs tax rebate will not be counted as taxable income on your 2008 tax return. If your situation changes in 2008 you may actually be eligible for a higher rebate, which you will receive in the form of a tax refund in 2008- but if the situation changes and would cause you to receive a lower tax rebate, the IRS indicates that you would not have to repay any of the rebate you received back.


And this:
http://www.obey.house.gov/index.php?option=com_content&task=view&id=518&Itemid=1#The%202001%20tax%20rebate%20checks%20were%20later%20taxed%20on%20my%202002%20tax%20returns.%20%20Will%20that%20be%20the%20case%20again%20with%20this%20rebate?
Q: The 2001 tax rebate checks were later taxed on my 2002 tax returns. Will that be the case again with this rebate?


A: NO - these rebates are all tax free. These checks will have no effect on your 2008 returns. And, these rebates will NOT be subtracted from any future tax refunds that you may be eligible to receive in future years.

[Dorian Gray]

36. No you don't...

[tammywammy]

40. No you don't

Q. Is my Stimulus Payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.


http://www.irs.gov/newsroom/article/0,,id=179181,00.html#Other

[Demobrat]

17. Depends where they live.

In Oklahoma, no. In New York or San Francisco, yes.

[greenbriar]

12. is there a website to find out how much you are getting and when?

I think we are going to get 1600.00 and are going to put it on our future cruise

[polticalpout]

15. here's one...

http://www.kiplinger.com/tools/rebate/

First rebates go out May 2nd (Direct Deposit. When you get yours is based on the last 2 digits of your SS# May 2nd 00-20

[Whoa_Nelly]

16. Right here

http://www.bargaineering.com/articles/2008-tax-rebate-stimulus-package-explained.html

You also should have already received an info notice in the mail from the IRS explaining it all...
got mine last week

[tammywammy]

19. Here is the IRS Calculator

http://www.irs.gov/app/espc/

[Whoa_Nelly]

13. And it's not a rebate

A rebate is money back you get to keep and you don't have to claim that money as income on next year's tax return.
The tax stimulus "rebate" will have to be reported the following year as income.

A real rebate would be such as buying a lawn mower with a rebate "savings" of 10% off the price after the sale by sending in the receipt or getting it immediately at the register. That rebate goes into your pocket, and the government has no business or right to claim that rebate as earned/received income.
The gov't. "rebate" will have to included as income on your 2008 taxes.

<snip>
Notices

Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.
http://www.irs.ustreas.gov/newsroom/article/0,,id=179095,00.html

The whole media (via the creeps in the WH) has put such a fucked up spin on this stimulus package by purposely giving it the misnomer of "rebate"...it's total sham, and is costing taxpayers almost $42 million to just inform about it all.
(more on that cost here:http://www.msnbc.msn.com/id/23525100/)

[Political Heretic]

25. Bernie Sanders said on Thom Hartment you would NOT have to claim the rebate as income next year

[Maggie_May]

14. I am getting a rebate check but it still and sham

gas has gone up my food has gone up and all my electric bill home heat car insurance have gone up. No spending my rebate on a new TV or some other new gadget its going for bills food and gas.

[Whoa_Nelly]

20. It's not a rebate

:hi:

[stillcool]

18. I wish they'd give a rebate..

to our accountant, so she could deduct it from our bill.

[backscatter712]

21. You're not missing much by not taking the rebate.

You'll have to pay it back next year. That's right, they're not giving the money to you, they're just taking it out of next year's tax rebate. You're getting a net zero dollars in free money from Bush's .gov.

[Political Heretic]

24. The only problem with the rebates is the minimum cap.

the maximum cap is totally understandable as a stimulus package.

[SuperDuperSocialist]

29. Yea, its makes sense. Of course...

...you'd want to make sure there is a way that someone who contributed absolutely nothing at all is also able to get a check.

...You know, since there aren't any other aid programs in place for persons of that income level.

[magellan]

30. Yeah, you're a super duper socialist, all right

:eyes:

[SuperDuperSocialist]

32. Yea, and you circumnavigated the globe.

:)

[magellan]

33. Unlike you

...I didn't write anything that reflected one way or another on my handle.

Enjoy your time here, I sense it will be super short.

[SuperDuperSocialist]

34. How 'bout we go back to the content of my initial post to which you replied.

Do you not agree that there are already programs available for those that fall below the minimum cut-off? Just to clarify, that cut-off is $3k annual.

Would you say that those same individuals contributed more, or less, via taxes than those who are above the cut-off?

[greenbriar]

39. I doubt you stay long

so enjoy

[Xipe Totec]

35. I agree totally

That's the point I wanted to make but failed to stress adequately.

[Contrary1]

28. My Republic sister-in-law paid us a visit yesterday...

She is having a rough time financially. She just started working a temp job after being out of work for six weeks. She actually acknowledged that we were already in recession and that this administration had screwed us all royally.

She said that the rebate is a pathetic joke for people like her. Maybe there is hope for her yet.

[magellan]

31. Fits the pattern

They don't care until it affects them. Then suddenly they're all like, "Hey, this isn't enough help!"

One can only hope that experiencing the business end of their politics turns them into lifelong members of the reality-based community.

[Demobrat]

38. Well you know when others need help it's because they're lazy.

When they need help it's due to circumstances beyond their control.

[SuperDuperSocialist]

41. It seems quite possible...

...since she was recently laid-off, possibly due to the economy. Up until this point, sounds like the person in the story was very much not lazy.