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        Daily Chat >> General Posts >> Tax Rebate Checks
        
(Message started by: BarbaraD on Mar 12th, 2008, 9:39am)
Title: Tax Rebate Checks
Post by BarbaraD on Mar 12th, 2008, 9:39am
As you may have heard the Bush Administration said each one of us would now get a nice rebate.  If we spend that money at Wal-Mart, all the money will go to China.  If we spend it on gasoline it will all go to the Arabs, and neither will help the American economy.



We need to keep that money here in America, so the only way to keep that money here at home is to buy beer or spend it on prostitution, since those are the only businesses still in the U.S.

Hugs BD
Title: Re: Tax Rebate Checks
Post by fubar on Mar 12th, 2008, 10:02am
Somehow, I don't think my wife is going to buy that argument.
Title: Re: Tax Rebate Checks
Post by Guiseppi on Mar 12th, 2008, 10:16am
If I approach Christy with the "Buy American" argument......... ::)

Guiseppi
Title: Re: Tax Rebate Checks
Post by Ray on Mar 12th, 2008, 10:26am
Is Smith&Wesson an american company?   ::)


Ray
Title: Re: Tax Rebate Checks
Post by PollyPocket on Mar 12th, 2008, 10:49am
We have to give them $1351.00 in taxes this year before we can get our $1200.00 rebate....

then we have to claim the $1200.00 as income for next year so we can get taxed on it again..

I'm starting to think I need to buy Vaseline in bulk.  >:(
Title: Re: Tax Rebate Checks
Post by Guiseppi on Mar 12th, 2008, 10:51am
Remember....they're from the goverment, they're here to help you! (God I love using that line!) ;;D

Guiseppi
Title: Re: Tax Rebate Checks
Post by fubar on Mar 12th, 2008, 12:23pm

on 03/12/08 at 10:49:54, PollyPocket wrote:
We have to give them $1351.00 in taxes this year before we can get our $1200.00 rebate....

then we have to claim the $1200.00 as income for next year so we can get taxed on it again..

I'm starting to think I need to buy Vaseline in bulk.  >:(


Uh... not quite.

It's more like I have to pay taxes (I make too much money, according to the tax 'relief plan) so that somebody ELSE can get a check.

Wealth redistribution, it's the Democratic way.
Title: Re: Tax Rebate Checks
Post by Melissa on Mar 12th, 2008, 12:26pm
It's an F'ing little teeny weeny drop in the bucket.  

Sorry, po'd here because we find out tomorrow if Jesse still has a job or not. :(
Title: Re: Tax Rebate Checks
Post by echo on Mar 12th, 2008, 1:32pm

on 03/12/08 at 12:23:47, fubar wrote:
Uh... not quite.

It's more like I have to pay taxes (I make too much money, according to the tax 'relief plan) so that somebody ELSE can get a check.

Wealth redistribution, it's the Democratic way.




Could you just make my check out directly to me and eliminate the middle man.  It's much more efficient that way.

Thanks Pal.
Title: Re: Tax Rebate Checks
Post by Redd on Mar 12th, 2008, 1:46pm

on 03/12/08 at 12:26:32, Melissa wrote:
It's an F'ing little teeny weeny drop in the bucket.  

Sorry, po'd here because we find out tomorrow if Jesse still has a job or not. :(


???

This is crazyness, as I know for a fact that NewPage is advertizing to hire another 50 people.  
Title: Re: Tax Rebate Checks
Post by Melissa on Mar 12th, 2008, 1:55pm

on 03/12/08 at 13:46:39, Redd wrote:
???

This is crazyness, as I know for a fact that NewPage is advertizing to hire another 50 people.  

That is for the Point and Rapids divisions Redd.  

There is a meeting tomorrow to see if they'll keep Jesse's machine running or not.
Title: Re: Tax Rebate Checks
Post by Jonny on Mar 12th, 2008, 5:22pm
The rebate is taxed?.......WTF!!!!!! >:(
Title: Re: Tax Rebate Checks
Post by echo on Mar 12th, 2008, 5:33pm

on 03/12/08 at 17:22:18, Jonny wrote:
The rebate is taxed?.......WTF!!!!!! >:(


Makes perfect sense to me.  We made it, they taxed us on it, we paid it to them, they gave it back as secondary income of our own money, and will tax us on the windfall that was ours to begin with.

edited because I'm an idiot.
Title: Re: Tax Rebate Checks
Post by Charlie on Mar 12th, 2008, 6:55pm
I don't remember the exact figures but the Bush Administration has sent letters to us explaining that although a little late, our checks will be in the mail. The price tag on this little thing is something like 40 million dollarshttp://www.netsync.net/users/charlies/gifs/slap.gif

Charlie
Title: Re: Tax Rebate Checks
Post by deltadarlin on Mar 12th, 2008, 8:39pm
I want mine in Euros (or any other currency besides US), the American $ ain't worth a plugged mule right now.

Hell, I guess I can start smoking again, cigarettes are still made here in the US.
Title: Re: Tax Rebate Checks
Post by brewcrew on Mar 12th, 2008, 8:41pm

on 03/12/08 at 18:55:27, Charlie wrote:
I don't remember the exact figures but the Bush Administration has sent letters to us explaining that although a little late, our checks will be in the mail. The price tag on this little thing is something like 40 million dollarshttp://www.netsync.net/users/charlies/gifs/slap.gif

Charlie

It's the IRS that's sending the letters, and I believe the pricetag is $48 mil.
Title: Re: Tax Rebate Checks
Post by Jonny on Mar 12th, 2008, 8:43pm

on 03/12/08 at 20:41:40, brewcrew wrote:
It's the IRS that's sending the letters, and I believe the pricetag is $48 mil.


Excellent point.....and in how many languages?
Title: Re: Tax Rebate Checks
Post by brewcrew on Mar 12th, 2008, 9:35pm

on 03/12/08 at 20:43:52, Jonny wrote:
Excellent point.....and in how many languages?

Don't know. Probably two.

Because we have one official language.

$48 mil to let people know that their money is on the way. Instead of adding a buck to everyone's check.
Title: Re: Tax Rebate Checks
Post by crftymom on Mar 13th, 2008, 11:09pm
From the IRS website of frequently asked questions

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

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.

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
Title: Re: Tax Rebate Checks
Post by nani on Mar 13th, 2008, 11:55pm

on 03/12/08 at 21:35:31, brewcrew wrote:
Because we have one official language.


Actually, we don't have an official language.

http://www.usconstitution.net/consttop_lang.html
Title: Re: Tax Rebate Checks
Post by Kevin_M on Mar 14th, 2008, 12:36am

on 03/12/08 at 12:26:32, Melissa wrote:
It's an F'ing little teeny weeny drop in the bucket.  

Sorry, po'd here because we find out tomorrow if Jesse still has a job or not. :(





I remember getting a rebate in '75 from Pres. Ford.  While happy to get it, the economy was not good at the time and steady employment problems seemed more pressing than to attach much importance to the rebate's effectiveness.



Quote:
The 1975 rebate had very little impact on spending and much less than a permanent tax cut -- which would change peoples' concept of their permanent income -- of similar magnitude.
http://www.cbsnews.com/stories/2008/01/20/politics/animal/main3732898.shtml




Quote:
Former President Gerald Ford's administration tried to "stimulate the economy" in 1975 by giving every American a tax rebate. This plan's failure...

It appears that individuals of all income levels understand that tax rebates do nothing to change the long-term outlook for their personal budgets.  For example, when someone is unsure about his or her job-stability, a one-time tax rebate does nothing to change that insecurity.
http://www.heritage.org/Research/Taxes/wm192.cfm




Quote:
During his January 1975 State of the Union address, President Ford declared the state of the national economy wasn't very good.

At the time, the economy was in a deep recession - a period of unemployment and negative economic growth - and many people didn't spend the rebates that year. Most people saved it or used it to pay down debt instead. The economy didn't dramatically improve until the early 1980s and after another tax cut, signed into law by President Reagan.

The Reagan tax cut and another large cut signed by President Kennedy in the 1960s are often cited as examples of successful tax reduction programs, because both were followed by economic expansion and an increase in new jobs.
http://www.pbs.org/newshour/extra/features/july-dec01/tax_rebate.html
Title: Re: Tax Rebate Checks
Post by ccbiggsoo7 on Mar 14th, 2008, 2:59am
Tax rebate in May, 5.00 a gallon gas in June ! Give it right back in about 4 fillups!
Title: Re: Tax Rebate Checks
Post by chewy on Mar 14th, 2008, 8:01am
My rebate just gets applied to my back taxes.

Still cant replace the 13" black and white with the coat hanger antenna with a plasma.
Title: Re: Tax Rebate Checks
Post by Sandy_C on Mar 14th, 2008, 12:43pm
No, the rebate is not taxable as income.

I, will gladly accept my rebate, but, with apologies to every taxpayer, I will not use it to stimulate the economy.  I will put my rebate into my saving account, where I will earn 1 to 2% interest, and save it for a rainy day.  This rainy day should be hitting around June 30th this year, which is the date bossman announced he is retiring and shutting down the corporation.

Sandy
Title: Re: Tax Rebate Checks
Post by brewcrew on Mar 14th, 2008, 1:28pm

on 03/13/08 at 23:55:13, nani wrote:
Actually, we don't have an official language.

http://www.usconstitution.net/consttop_lang.html

Oops. Mi error. Acepte por favor mis apologías.

We do in Wisconsin. It just got passed. Maybe that's why I was thinking along those lines.
Title: Re: Tax Rebate Checks
Post by superhawk2300 on Mar 16th, 2008, 9:08pm
YES! Don't spend that whopping 600 bucks in one place.

I think the USA still makes some stuff. In WI we make toilets, toilet paper, and bathroom fixtures. Go figure........

The kicker is people who don't really need the money usually just save it and it further weakens the dollar when they do.


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