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Old 01-24-08, 03:52 PM   #1
ManBearPig
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Tax Rebate Checks

On those wealth redistribution...er..."tax rebate" checks they are talking about, they say the will be capped at 75k income (or 150k family). Does anyone know if that is a clean cut-off point, or just that the rebate is phased out above that point? Also, are we taking AGI, taxable, or gross income?

I've been daydreaming about a new set of wheels, but I don't want to get my hopes up.
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Old 01-24-08, 03:55 PM   #2
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I'm ****ed either way, if it is .. "phased out." I'm middle class dammit. I hurt at the gas station too! And I am in pain now trying to decide between SRAM Red or something else ..
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Old 01-24-08, 03:55 PM   #3
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This is just an advance on your tax refund.
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Old 01-24-08, 03:57 PM   #4
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LOL

he said refund.

ROTFL
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Old 01-24-08, 03:57 PM   #5
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From CNN

"Those who earn up to $75,000 individually or up to $150,000 as a couple will be eligible for the payments, said Republican and Democratic sources familiar with the tentative deal. "
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Old 01-24-08, 03:58 PM   #6
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This is just an advance on your tax refund.
What's your source? This is contrary to all I've heard.
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Old 01-24-08, 03:59 PM   #7
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LOL

he said refund.

ROTFL
or, put another way, you are borrowing from youself.
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Old 01-24-08, 03:59 PM   #8
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This is just an advance on your tax refund.
Not true. This is basically a bonus, and it's based on the amounts in your 2007 tax returns. Aint gonna happen this week or anything. As for the OP's question, the amount you get will go down by 5% for each $1000 over the $75k/150k amounts.

I don't know if it's based on AGI, gross, or what, but would expect AGI.

In any case I think it's a bad idea.
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Old 01-24-08, 03:59 PM   #9
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so am I going to have to sign an "IOME"?
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Old 01-24-08, 04:00 PM   #10
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From CNN

"Those who earn up to $75,000 individually or up to $150,000 as a couple will be eligible for the payments, said Republican and Democratic sources familiar with the tentative deal. "
That's it. I'm voting for Ron Paul!

*Well, I'll ask my wife to vote for Ron Paul*
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Old 01-24-08, 04:00 PM   #11
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What's your source? This is contrary to all I've heard.
'swhat they did last time....
had to take it out of the refund the following year.
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Old 01-24-08, 04:02 PM   #12
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In any case I think it's a bad idea.
I'm with you there. The rich will save it (although, the "rich" may not get much of anything anyway). The middle class will use it for bills. It won't do anything. Is this an effort to buy republican votes?
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Old 01-24-08, 04:05 PM   #13
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Not true. This is basically a bonus, and it's based on the amounts in your 2007 tax returns. Aint gonna happen this week or anything. As for the OP's question, the amount you get will go down by 5% for each $1000 over the $75k/150k amounts.

I don't know if it's based on AGI, gross, or what, but would expect AGI.

In any case I think it's a bad idea.
I agree it's a bad idea, but that answers my question (phased-out), thanks.

Even though it's a bad idea, I am planning to keep mine (if I get any).
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Old 01-24-08, 04:06 PM   #14
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Not true. This is basically a bonus, and it's based on the amounts in your 2007 tax returns. Aint gonna happen this week or anything. As for the OP's question, the amount you get will go down by 5% for each $1000 over the $75k/150k amounts.

I don't know if it's based on AGI, gross, or what, but would expect AGI.

In any case I think it's a bad idea.
I could be wrong, but I bet they will take it back...
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Old 01-24-08, 04:09 PM   #15
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I'm with you there. The rich will save it (although, the "rich" may not get much of anything anyway). The middle class will use it for bills. It won't do anything. Is this an effort to buy republican votes?
I can't figure out where it's coming from politically. I mean it seems to have originated in the White House, but obviously Bush isn't running. Fiscal conservatives (like myself) don't believe that the government should be redistributing wealth, and let's face it, the money is going to eventually come from taxpayers. Of course the government is in a deficit, so they are giving away money they don't have?

Now if you look at it strictly as a economic stimulus effort like they are saying, I would think that somebody smarter than me would be able to come up with a way to inject that kind of money into the economy than shoving it into a fiscal canon and firing it out across the country, hoping that it makes something happen in the big picture.

I'm not gettin' it. (meaning that I don't understand it)
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Old 01-24-08, 06:40 PM   #16
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Our government will be borrowing money, probably from foreign investors to a large extent; and then, rather than spending it on something useful (like perhaps repair and renovation of all our decaying bridges), it'll just give the money away to us, with the hope that we'll spend it and boost the economy. But we're the ones who'll have to pay the interest and pay back the principal on that borrowed money...or will our government just borrow more????
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Old 01-24-08, 06:44 PM   #17
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Ha ha. This reminds me of the PG and E rebates. You get a rebate if you are conserving energy a certain percent from last year. But what if you already are lighting candles around the house???

And then they raise the rates the following year.

Pffft.
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Old 01-24-08, 07:02 PM   #18
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I'm with you there. The rich will save it (although, the "rich" may not get much of anything anyway). The middle class will use it for bills. It won't do anything. Is this an effort to buy republican votes?
Ding, ding, ding!!! We have a winner! Time for a move to to P&R.

Don't expect to see anything until June or July according to a news report I saw on Yahoo!
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Old 01-24-08, 07:06 PM   #19
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the individual tax deduction is 5000 right? for AGI computation that is.
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Old 01-24-08, 07:27 PM   #20
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I live in Canada. When I heard this idea I thought it was the stupidest thing the Bush administration has done. With the subprime mortgage causing major financial problems, people are not going to spend the money on goods and services. The money will go to paying bills. People who do not use it to pay bills, did not need it.
$75,000 cut off point? WTF If you are making $50,000/yr, let alone 75k, you should not need a handout. People in the low - middle income should be outraged. After all, it is this group who can not "hide" money to avoid paying taxes. Therefore it is the low income group who will eventually be the ones to pay it back.
This whole idea just gave the US a bigger deficit with no value for it.
One more black eye for the Bush administration!
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Old 01-24-08, 07:47 PM   #21
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You're just jealous that you don't get FREE MONEY.

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Old 01-24-08, 08:08 PM   #22
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You're just jealous that you don't get FREE MONEY.

Yeah, no one listens to Canadians anyway.
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Old 01-24-08, 08:33 PM   #23
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The money will go to paying bills.
I keep hearing this over and over. You obviously don't know the average american. They are going to use it to buy the most frivolous crap available. Ipods, wii's, flat panel tv.s, you name it. But the majority ain't saving it and the majority ain't paying bills with it. Uncle Sam knows his nieces and nephews better that anyone.
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Old 01-24-08, 08:40 PM   #24
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I keep hearing this over and over. You obviously don't know the average american. They are going to use it to buy the most frivolous crap available. Ipods, wii's, flat panel tv.s, you name it. But the majority ain't saving it and the majority ain't paying bills with it. Uncle Sam knows his nieces and nephews better that anyone.
Yep. Between this money and the subsidies to help poor folk buy new TVs and converter boxes after they shut down and sell off the analogue band, the television industry must be wetting itself with excitement these days.
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Old 01-24-08, 08:41 PM   #25
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So if the Dems are "tax and spend" I guess this makes the Reps "borrow and spend." What a loony idea this rebate thing is. Oh wait- that's right... it's an election year! Go figure.

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