Tax Rebate Check Coming?

[owbc]

For now it's "free money".

 

However, the uncontrolled government spending, inflation, and the declining value of the dollar will continue to make $500 much less valuable than it used to be.

[JJHardy7]

This will be based off of 2007 income, right?

 

This is something I haven't been able to find either, but it'll be interesting to see what they base it off of. If you file an extension for 2007 your return won't be due until this October. My guess is they'll do it off of the most recent return they have -- this will force some to do their taxes sooner and in turn will force those who owe money to pay sooner.

[blatzlight]

If you are claimed as a dependent you DO NOT get a check. Your parent / guardian who is claiming you will get the $300 / child credit.

[RyDogg66]

Actually, in pure irony, I will be using the rebate to pay my property taxes. Nice.

[gypcasino]

Why do they call it a rebate when some potential recipients don't pay any income tax?

[mothershipconnection]

Why do they call it a rebate when some potential recipients don't pay any income tax?

 

Sounds better. It's framed as "we have plenty, here's some back", rather than "we're cutting taxes at a time when we have budget problems".

[Bikeage77]

So I think I'm screwed because I get paid under the table...which I spose is like getting the extra money straight up all the time. However, I'm also a homeowner, and maybe that can help to some extent...I might have to see if my boss can file paperwork or something for me, however, I don't know how possible that is at this point...I could do so much with 300-600 dollars its stupid, especially since every dime I'm making is pretty much goin into a morgage payment for a house I'm trying to sell, and don't even live in anymore...guh.

[PeaveyFury]

Why do they call it a rebate when some potential recipients don't pay any income tax?

 

For them it's a rebate of the payroll tax that we all pay.

[davego]

We all pay about 6% in payroll and then SS tax on top of it. Wisconsin income tax actually covers more peopel then the Feds do.

[rluzinski]

Here's how I see it. We are all basically just taking a loan out from ourselves and will have to pay interest on what we get in June. Since the rich pay at a higher tax rate, they'll have to pay back a higher percentage of the collective loan. Is that about right?

[sgtcluels]

Lets put this into terms I can relate to.. how much blow and hookers is 600 dollars worth?

[SZBrewerFan]

Not sure who asked the question earlier, but yes this will indeed be based off of your 2007 tax filings....so in essance your 2007 reported income.

[gypcasino]

I might have to see if my boss can file paperwork or something for me,

I'm pretty sure that wouldn't be in your boss's best interest.

[Blazer25]

It's not really "free money". It's our money to begin with.

I'd rather it go to a bunch of families that paid it in, rather than to have it spent by the government on some national bike trail or wax museum.

To suggest the government doesn't have the money is laughable. They just need to cut some of the ridiculous wasteful spending and we could see reductions in the tax rate on a permanent level.

The only way this is free money is if you're in the 20% of people getting a check who don't pay income tax. That's free money or wealth redistribution. To the majority of us it's our own money to begin with.

Bring on the $600...Daddy needs a new shotgun!

[Team Canada]

June seems awfully irrelevant to what's going on now, but I would certainly take the check if/when it comes..

[berniebrewer4life]

Lets put this into terms I can relate to.. how much blow and hookers is 600 dollars worth?

 

Not enough. That's for sure.

 

[davego]

sgtcluels...all depends upon what you shoot for...quantity or quality.

[davego]

Everyone (who draws a paycheck) pays SS and payroll taxes before they pay income taxes. To exclude those would be unfair at best.

 

Since the Feds are something like 1/2-trillion in debt (on the books) and another 2-trillion (off the books for the war effort)..."laughable" would not be the term I'd use in relation to current economics.

 

I'm just going to throw this out there...if it is 'our money'...isn't it also 'our debt'?

[igor67]

The Rebate is far from a Panacea, but in principle its the right kind of solution for the right kind of economic problem. It's a short term problem so borrowing short term money on the governments parts to offset declines in consumer spending makes sense. Much more sense then a stimulus package that gives long term modest tax cuts and increases structural deficiets.

[aracko]

For divorced families who alternate claiming their kids on their taxes - Id like to know how this works. I would imagine it goes to their perminant residence.

[davego]

From what I understand, whatever parent claimed the child on their 07 taxes would recieve the tax rebate...

[JJHardy7]

So I think I'm screwed because I get paid under the table...which I spose is like getting the extra money straight up all the time. However, I'm also a homeowner, and maybe that can help to some extent...I might have to see if my boss can file paperwork or something for me, however, I don't know how possible that is at this point...I could do so much with 300-600 dollars its stupid, especially since every dime I'm making is pretty much goin into a morgage payment for a house I'm trying to sell, and don't even live in anymore...guh.

 

If you're not paying income taxes, I don't see why you really should get a tax rebate.

[aracko]

I really wish we could talk politics in teh offseason.

[patrickgpe]

for those that call this free money, its not really free money. Its a rebate. It is our money. I'd rather have them issue the checks than allow politicians to use it how they see fit. The one thing that confuses me is how can they call this a tax rebate if people that do not pay taxes get one.As far as talking politics i have said this before, this is not only the message board on the internet, go find a political one and talk or call in a radio program and talk all the politics you want. I do like the off topic section but first and foremost this is a baseball website.

[Team Canada]

I really wish we could talk politics in teh offseason.

 

Well, you can't. Too many people here couldn't handle it.

 

As it is, let's be sure to keep the discussion from straying too far from this specific proposal.

 

The article in the WSJ today makes it sound like they actually going to get these out in the spring, which is good. I will look forward to my $1200. http://forum.brewerfan.net/images/smilies/smile.gif