tax rebates new twist
Remember, this is your money you're getting back, and the rebate checks are basically an advance on your 2009 refund. When similar rebates were sent out in 2001, said tax expert Mark Luscombe, "a lot of people were upset to see their (next) refund reduced."
The only people for whom this really is free money are low-income folks (those who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits) who won't end up owing any taxes for 2008. If that's your situation, or you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.
http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx
The only people for whom this really is free money are low-income folks (those who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits) who won't end up owing any taxes for 2008. If that's your situation, or you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.
http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx
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I believe it was P.J. O'Rourke who said "democracies fail once the majority figures out they can vote to give themselves all the money." Or words to that effect. 0 -
quote:Originally posted by River Rat
I believe it was P.J. O'Rourke who said "democracies fail once the majority figures out they can vote to give themselves all the money." Or words to that effect.
The U.S. is not a democracy, it is a republic.0 -
quote:Originally posted by pistoljim
quote:Originally posted by River Rat
I believe it was P.J. O'Rourke who said "democracies fail once the majority figures out they can vote to give themselves all the money." Or words to that effect.
The U.S. is not a democracy, it is a republic.
We are actually a Constitutional representative Republic. The Federal Government ignores the Constitutional part and has done so for well over a century. [V] Giving borrowed money away is not a constitutional function of the federal government. [:(!][:(!]
As usual they are trying to fix problems they themselves created with money that is not theirs.0
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