Your tax rebate Dont blow it

I-luvmoney · #1 01-25-2008, 01:45 PM

Your tax rebate: Don't blow it

The economists and the politicians hope you'll buy something with this all-but-certain windfall. We've got better ideas.

By MSN Money staff The economic stimulus plan wending its way through Washington, D.C., finally appears to have the numbers Americans have been waiting for: tax rebates of as much as $600 for an individual and $1,200 for couples.
Of course, that's not final, and it's subject to a variety of limits and caveats. The only certainty is that something, somehow, will wind up in the mailboxes of most American taxpayers in a few months. The details, at least for now:

read here http://articles.moneycentral.msn.com...ourRebate.aspx

carol b · #2 01-25-2008, 04:57 PM

I keep seeing warnings that say not to spend it. Some say that they will make you pay it back. I certainly hope not. That wouldn't help the people at all and I wish someone in the government would answer that question now.

kst$ · #3 01-25-2008, 06:52 PM

I think what they are meaning by pay it back is that they are hoping that you will run right out and spend it so that it looks like the economy is doing better.. I really haven't heard of them making us pay it back.. that I believe is a rumor..

I-luvmoney · #4 01-26-2008, 11:25 AM

IMO What they are saying is that they are going to send everyone these checks and then on the following year when we file out taxes for 08 we are going to have to calim this money as income and pay taxes on it Thats what they are meaning by paying it back

kst$ · #5 01-26-2008, 05:54 PM

That makes sence ILUVmoney. Thanks for straightening that out..

javie$ · #6 01-26-2008, 08:31 PM

Thanks for clearing that up I-Luvmoney, there is so much that is being said about the rebates it’s hard to understand what is going on. On the other hand they probably like it being that way all the focus being on seeing the money and not understanding the long term affect. I can’t see how it will jump start the economy it’s only a short term fix.

carol b · #7 01-27-2008, 12:03 AM

The rebate being taxable income on next years taxes isn't going to help anyone. If they do that they may as well keep the money. It may not be alot but as income on a tax form it may hurt alot of people. When you file you may be able to get a home heating credit and with the extra bit they send it may make the income to high.