Bushanomics at work. Be sure to recordify your actions or the whole thing will go nucular, if'n you folks don't. Do the thing with the taxi, that is which you will if you do.
What people are not hearing is that this could be an advance on you 2008 tax refund. What this means is that when you file your taxes next year, you will be paying back this advance. When you get the check, plan accordingly...
From your own links above:
To produce this cash, Congress created a one-time tax credit to reduce taxable income for most taxpayers this year.
Normally, you wouldn’t see that cash until the spring of 2009, when you filed your 2008 return. But Congress wants to speed that money to you now, so checks will start going out in May.
If it turns out that you're entitled to a bigger tax credit than the checks you receive, you'll be able to claim that when you file your return next year. If you got too much, you won't have to pay back the excess.
But you'll have to account for any rebate checks you receive this year when you fill out next year's taxes. That doesn't mean you'll get less than what you would have if there were no tax credit and rebate check --- but accounting for the checks on your next return will ensure you don't get the tax credit twice.
I agree, people should realize the government isn't just "giving away free money"... they don't have any money to give but what we are forced to send them. But at the same time, telling folks it's just gonna be taken away from next year's tax return isn't exactly the truth, either.
I think this is a wonderful idea and Bush should be commended for his wisdom and foresight.
It'll really stimulate the chicom economy as Americans march, en masse, to Mao Mart to buy the Chinese goodies.
Does your sarcasm reflect your willingness to forego said rebate this year?
And here I thought it was WALMART where we could get the best deal on extruded plastic in various shapes made in Chinese factories... shows what I knew!
btw, anyone see the link on Drudge to news of massive impending unemployment in CHINA? :blink:
Does your sarcasm reflect your willingness to forego said rebate this year?
And here I thought it was WALMART where we could get the best deal on extruded plastic in various shapes made in Chinese factories... shows what I knew!
btw, anyone see the link on Drudge to news of massive impending unemployment in CHINA? :blink:
More likely than not, I'll just stick it in a savings account and deem it untouchable until I understand the tax issues involved. If I end up having to send it back, then I'll have it to send back and maybe enough interest accrued to buy a sno cone or something.
I'll thank the beneficent largesse of the all knowing gubmnt for my wonderful blessing when I enjoy the sno cone...who knows, I may end up with enough for a pack of smokes.
The gumment (I think that's how Garth pronounces it), is putting a band-aid on an open major wound.
If *serious economic stimulation* is the "goal" ---
do something SERIOUS to achieve that end. NOT what is being offered.
I guess if they (the gumment) want to seriously do something -- it's outta their league to think of;
Oh -- say --- something like --- hmmmmm, let's see --- getting rid of federal tax on gasoline?
Naw --- that won't work. Too practical. Makes sense. Can't have that.
Actually, that's too IMpractical and certainly, IF implemented, would NOT work.
What MIGHT help is to put some serious incentives in place to bring JOBS back to the US... be they tax breaks for hiring, for business capital investment ONLY in the US, or trade tariffs, just SOMETHING that would stem the flow of our jobs to China, India and the Phillipines.
for States whose State income tax rate is calculated as a percentage of the Federal income tax a person pays, this Federal stimulus packeage hurts. For Colorado, it will mean approximately $74 million less in income tax revenues, offset by only about $24 million in sales tax revenues, based on the anticipated percentage of those who will actually go out an purchase something instead of just paying down debts.
Most likely here that will mean less for higher education and capital construction projects. Its bad enough that the Federal government will fund this thing with more debt, but they are also gonna hamstring a number of states.
According to my state senator, 10% f our tax dollars goes to pay interest on this monstrous debt, now at around $9.1 trillion dollars, roughly double what it was 7 years ago. Yikes.
The sad thing as that it won't even pay for one heating oil delivery here - it will help, but we're paying $3.40/gal for home heating oil this year and hubby is year 2 with no teaching contract (pay frozen). I'm with Rocky - I'd rather see more jobs kept in the USA.
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waysider
deja vu.
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socks
Bushanomics at work. Be sure to recordify your actions or the whole thing will go nucular, if'n you folks don't. Do the thing with the taxi, that is which you will if you do.
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notinKansasanymore
Socks, you have a way with words. And so am I.
How's about a little "Change We Can Believe In?"
Yes, we can.
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washn'wear
UYUP -- I sent those links to the my Mom the HR Block Lady...wanted to see what they told them.
Thanks
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ckeer
the LARGE PRINT giveth and the fine print taketh away
Blessed be the politicians and tax lawyers
Same trick.... different recession
must be an election coming up or something
be sure to vote for those who give you back your own money
before the election --- then take it away again after.
will we get fooled again?
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oldiesman
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TheHighWay
From your own links above:
To produce this cash, Congress created a one-time tax credit to reduce taxable income for most taxpayers this year.
Normally, you wouldn’t see that cash until the spring of 2009, when you filed your 2008 return. But Congress wants to speed that money to you now, so checks will start going out in May.
If it turns out that you're entitled to a bigger tax credit than the checks you receive, you'll be able to claim that when you file your return next year. If you got too much, you won't have to pay back the excess.
But you'll have to account for any rebate checks you receive this year when you fill out next year's taxes. That doesn't mean you'll get less than what you would have if there were no tax credit and rebate check --- but accounting for the checks on your next return will ensure you don't get the tax credit twice.
-------------------------------------------------------------------------------------------
I agree, people should realize the government isn't just "giving away free money"... they don't have any money to give but what we are forced to send them. But at the same time, telling folks it's just gonna be taken away from next year's tax return isn't exactly the truth, either.
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batcave
That'll be a nice wedding present from the government!
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markomalley
I just wish there was a way I could give it back. Unfortunately, I could do so and still have it counted against me for tax next year.
Thanks Congress.
Thanks Shrub.
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Rocky
Yes, we can!
Please let us know, Washn'wear, what you're Mom tells you! Thanks. :)
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Ron G.
I think this is a wonderful idea and Bush should be commended for his wisdom and foresight.
It'll really stimulate the chicom economy as Americans march, en masse, to Mao Mart to buy the Chinese goodies.
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Rocky
Does your sarcasm reflect your willingness to forego said rebate this year?
And here I thought it was WALMART where we could get the best deal on extruded plastic in various shapes made in Chinese factories... shows what I knew!
btw, anyone see the link on Drudge to news of massive impending unemployment in CHINA? :blink:
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dmiller
The gumment (I think that's how Garth pronounces it), is putting a band-aid on an open major wound.
If *serious economic stimulation* is the "goal" ---
do something SERIOUS to achieve that end. NOT what is being offered.
I guess if they (the gumment) want to seriously do something -- it's outta their league to think of;
Oh -- say --- something like --- hmmmmm, let's see --- getting rid of federal tax on gasoline?
Naw --- that won't work. Too practical. Makes sense. Can't have that.
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Ron G.
More likely than not, I'll just stick it in a savings account and deem it untouchable until I understand the tax issues involved. If I end up having to send it back, then I'll have it to send back and maybe enough interest accrued to buy a sno cone or something.
I'll thank the beneficent largesse of the all knowing gubmnt for my wonderful blessing when I enjoy the sno cone...who knows, I may end up with enough for a pack of smokes.
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Rocky
Actually, that's too IMpractical and certainly, IF implemented, would NOT work.
What MIGHT help is to put some serious incentives in place to bring JOBS back to the US... be they tax breaks for hiring, for business capital investment ONLY in the US, or trade tariffs, just SOMETHING that would stem the flow of our jobs to China, India and the Phillipines.
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HAPe4me
for States whose State income tax rate is calculated as a percentage of the Federal income tax a person pays, this Federal stimulus packeage hurts. For Colorado, it will mean approximately $74 million less in income tax revenues, offset by only about $24 million in sales tax revenues, based on the anticipated percentage of those who will actually go out an purchase something instead of just paying down debts.
Most likely here that will mean less for higher education and capital construction projects. Its bad enough that the Federal government will fund this thing with more debt, but they are also gonna hamstring a number of states.
According to my state senator, 10% f our tax dollars goes to pay interest on this monstrous debt, now at around $9.1 trillion dollars, roughly double what it was 7 years ago. Yikes.
~HAP
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ChasUFarley
The sad thing as that it won't even pay for one heating oil delivery here - it will help, but we're paying $3.40/gal for home heating oil this year and hubby is year 2 with no teaching contract (pay frozen). I'm with Rocky - I'd rather see more jobs kept in the USA.
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