either way, everyone sees this as the government giving them free money. It isnt. It’s giving you some of your money back. Of course, if we voted a politician into office, the government wouldnt be stealing so much of your money in the first place, it wouldnt be propping up economic bubbles, it wouldnt be devaluing the dollar, etc. But people that propose things like this are “crazy crackpots”. :ugh2:
Oh, I realize I’m just getting my own money back, at a much lower percentage than I paid, and it will do nothing to stimulate the economy. I just want to know what to expect for '08 taxes. Getting deductions correct is bad enough when you have to itemize for mortgage interest that changes each year, much less if I need to account for something new.
i wasn’t talking about you, cupcake. Just some of the other more intellectually challenged members on this board.
Not exactly. There’s a cap too. :doh:
So if you don’t qualify for the “advance” you may still receive the credit at the end of the tax year?
-TJ
The way i read it is that everyone will qualify for the advance. It will be 600 if your AGI is less then 75k. For those that are above 75K it will be less then 600 in some percentage format that I have not seen released.
$50 less per $1,000 over the limit
From a CNN article:
http://www.cnn.com/2008/POLITICS/02/08/economic.stimulus/
Article Correction
An earlier version of this report incorrectly described the federal tax rebate as an advance on 2008 tax refunds. The rebate is an additional tax credit for 2008, and it will not be taxed.
Still not getting anything. Oh well, I will still continue to stimulate the economy the same way I was before the government decided on this dumb idea.
Remember, if you spend it on a vacation outside of the US, your not helping the economy.
Haha…well I am not sure of the details…but what if i book it through Apple???..haha…either way I am still going.
lol @ anyone thinking this will do a fucking thing for the economy.
oh ok, where did you see that at… So anyone that makes 87k or more does not receive anything.
I read it somewhere…here is something I just dug up
If you have kids you get an extra $300 per kid under 17
http://crowley.house.gov/news/record.asp?id=1106
Q: Is there a maximum income limit to be eligible for rebates?
A: The rebate checks are subject to be phased out for taxpayers with an Adjusted Gross Income (AGI) in excess of $75,000 (or $150,000 married filing jointly). The phase-out is a decrease in benefits equaling approximately $50 per $1,000 in income over the threshold limit. (See charts below)
Phase-out Limits for Rebate Checks
The rebate checks are subject to be phased out for taxpayers with an Adjusted Gross Income (AGI) in excess of $75,000 (or $150,000 married filing jointly). The phase-out is a decrease in benefits equaling approximately $50 per $1,000 in income over the threshold limit.
How would the Phase-Out work in real world terms?
SINGLE, NO CHILDREN (filing alone – no children)
Adjusted Gross Income Rebate amount
$75,000 $600
$76,000 $550
$77,000 $500
$78,000 $450
$79,000 $400
$80,000 $350
$81,000 $300
$82,000 $250
$83,000 $200
$84,000 $150
$85,000 $100
$86,000 $50
$87,000 zero rebate
the 2 kids will get a portion into their savings, another third into the house, and the rest into debt…
If I calculate it right, we’re looking at 1800!
Booo, I get nothing. Wait, what the hell am I complaining about.
yea, I get 2100 back, I think.
If I had a kid this year that was not on last year’s taxes, will i still get 300 for him? If not, I guess 1800 will be just fine.
From what I have read, if you had 2 kids listed on your 2007 return you would get the extra $300 a piece for them in the check in May/June (as the “refund” is estimated from the 2007 return). If you then have another kid in 2008 which would then cause you to have 3 listed on your 2008 return you will get the extra $300 credit at that point (as technically it is a credit of sorts for 2008 taxes).
Yeah…pretty awesome eh? The people that pay the most in won’t get anything. I’m under the reduction range, so I’ll get the full amount for a single person.
lol @ Congress playing Robin Hood. lol @ Congress just making things worse. lol @ our country going to shit. lol @ no one caring.
Donate yours to Ron Paul then