The Tax Rebate is a Fraud???

Im still here

blackredyellow wrote:

^
|
|_ At least that "!" symbol is there to alert us that something ridiculous is to follow.

hi, i was missing your dumbass.....

is the gang all here, I'm ready for you today

at least come with an intelligent debate, not just snide remarks

oh, that's right, that's all you know how to do

SilverSeed

Im still here wrote:

hi, i was missing your dumbass.....

is the gang all here, I'm ready for you today

at least come with an intelligent debate, not just snide remarks

oh, that's right, that's all you know how to do

pot... kettle... black?

blackredyellow

Im still here wrote:

the Ron Paul shit, huh?

no respect........

none

I respect Ron Paul as a representative, and as a person, but I don't respect this crazy, conspiracy loving "revolution" following that he has.

And I tend not to respect presidential candidates who keep on asking for people's money and their volunteer time to help him campaign, when it is WELL past the point of having ANY chance whatsoever to win the nomination.

Im still here wrote:

hi, i was missing your dumbass.....

is the gang all here, I'm ready for you today

at least come with an intelligent debate, not just snide remarks

oh, that's right, that's all you know how to do

Thanks for thinking of me

I do try to contribute to intelligent debate when there is one in the first place.

Im still here

blackredyellow wrote:

I do try to contribute to intelligent debate when there is one in the first place.

why don't you comment on the original post?

or not comment at all?

that might be a good start

sponger

Im still here wrote:

and if you think about it long enough

the $500 tax credit i normally get was taken away this year

x3 kids = $1500 i was shorted this year

so -$1500 + $600 (so you say, for next year)

= $900 i'll be shorted in the "big picture"

right?

The child tax credit is still available. So, how was it that you lost it?

Im still here

sponger wrote:

The child tax credit is still available. So, how was it that you lost it?

you tell me

honestly, I don't know

sponger

Im still here wrote:

you tell me

honestly, I don't know

You don't know what you're talking about is more like it.


edit: I just compared the 2006 & 2007 child tax credit worksheets included with the 1040 instructions and they are exactly the same.

The question mark at the end of the title was the only bit of dignity this thread had. Why strip that away with these futile arguments?

jlew24asu

SPEEDY MCCREADY wrote:

ya know i could just rip up this $600 check they are going to send me...


but i have decided to just deposit it in my checking account instead.....

I love you man, I really do.

Mrs.Vedder78

Im still here wrote:

and if you think about it long enough

the $500 tax credit i normally get was taken away this year

x3 kids = $1500 i was shorted this year

so -$1500 + $600 (so you say, for next year)

= $900 i'll be shorted in the "big picture"

right?

child tax credit is $1000 per kid and it wasn't taken away this year, I got $3000 tax credit for my kids..

Im still here

sponger wrote:

You don't know what you're talking about is more like it.


edit: I just compared the 2006 & 2007 child tax credit worksheets included with the 1040 instructions and they are exactly the same.

The question mark at the end of the title was the only bit of dignity this thread had. Why strip that away with these futile arguments?

well i dont really feel the need to explain to you why i didn't get it

but that's besides the point, the point is i didn't get it

bootlegger10

Alright kiddies. Three scenerios people, two with this new rebate, and one without. You will see in Scenerio 1 the tax is $5,000 if no rebate law was in effect. Scenerio 2 and 3 are with the new rebate law, and separate whether the rebate check was cashed or non cashed. You will see that in each scenerio the net cash flow was $3,800, which proves that the rebates result in $1,200 of cash savings.

Scenerio 1 (without rebate)

2008 Tax 5,000
Rebate Credit 0
Tax Due 5,000

Net Cash Flow = $5,000

Scenerio 2 (With Rebate Cashed in May 2008)

2008 Tax 5,000
Rebate Credit (1,200)
Rebate Cashed 1,200
Tax Due 5,000

Net Tax Cash Flow = 5,000 cash paid - 1,200 Rebate Cashed = $3,800

Scenerio 3 (With Rebate, Rebate Not Cashed in 2008)

2008 Tax 5,000
Rebate Credit (1,200)
Tax Due 3,800

Net Cash Flow = $3,800

sponger

bootlegger10 wrote:

Alright kiddies. Three scenerios people, one with this new rebate, and one without. You will see in Scenerio 1 the tax is $5,000 if no rebate law was in effect. Scenerio 2 and 3 are with the new rebate law, and separate whether the rebate check was cashed or non cashed. You will see that in each scenerio the net cash flow was $3,800, which proves that the rebates result in $1,200 of cash savings.

Scenerio 1 (without rebate)

2008 Tax 5,000
Rebate Credit 0
Tax Due 5,000

Scenerio 2 (With Rebate Cashed in May 2008)

2008 Tax 5,000
Rebate Credit (1,200)
Rebate Cashed 1,200
Tax Due 5,000

Net Tax Cash Flow = 5,000 cash paid - 1,200 Rebate Cashed = $3,800

Scenerio 3 (With Rebate, Rebate Not Cashed in 2008)

2008 Tax 5,000
Rebate Credit (1,200)
Tax Due 3,800

Scenario 2 needs the part where the cashed rebate effectively reduces taxes paid in 2007 in terms of cash flow.

bootlegger10

sponger wrote:

Scenario 2 needs the part where the cashed rebate effectively reduces taxes paid in 2007 in terms of cash flow.

The rebates do not lower what you pay on your 2007 tax return in 2008. These are checks mailed out separately. Your 2007 tax is only used to compute what your advance rebate check should be.

bootlegger10

Proof below that the rebate is not required to be repaid, regardless of whether the credit on the 2008 return is less than what you were eligible for.

By making the rebate a refundable credit on the 2008 return, Congress is actually HELPING taxpayers. Since the rebate checks are computed based off of your 2007 return filings, some individuals (like college students who are claimed as dependents on their parents' returns) would not be eligible for the credit because their income is too low or they are dependents. Well, the credit computed on the 2008 return is computed based off 2008 income, so, a person who was a dependent in 2007 but now has a job in 2008 and claims himself/herself, would be able to take advantage of the credit on the 2008 return.

So, this is a good thing people. Not a fraud. And if the 2008 credit is less than what the rebate was, there is no requirement to pay it back. So, once you cash your rebate, you will not have to pay it back (it is in the Committee Reports).


"Taxpayers will reconcile the amount of the credit with the payment they receive in the following manner. They would complete a worksheet calculating the amount of the credit based on their 2008 tax return. They would then subtract from the credit the amount of the payment they received. For many taxpayers, these two amounts would be the same. If, however, the result is a positive number (because, for example, the taxpayer paid no tax in 2007 but is paying tax in 2008), the taxpayer may claim that amount as a credit against 2008 tax liability. If, however, the result is negative (because, for example, the taxpayer paid tax in 2007 but owes no tax for 2008), the taxpayer is not required to repay that amount to the Treasury. Otherwise, the checks have no effect on tax returns filed in 2009; the amount is not includible in gross income and it does not otherwise reduce the amount of withholding."
-Joint Committee on Taxation Report — JCX-8-08
http://www.house.gov/jct/x-8-08.pdf (page 6)

Im still here

bootlegger10 wrote:

By making the rebate a refundable credit on the 2008 return, Congress is actually HELPING taxpayers. Since the rebate checks are computed based off of your 2007 return filings, some individuals (like college students who are claimed as dependents on their parents' returns) would not be eligible for the credit because their income is too low or they are dependents. Well, the credit computed on the 2008 return is computed based off 2008 income, so, a person who was a dependent in 2007 but now has a job in 2008 and claims himself/herself, would be able to take advantage of the credit on the 2008 return.

So, this is a good thing people. Not a fraud. And if the 2008 credit is less than what the rebate was, there is no requirement to pay it back. So, once you cash your rebate, you will not have to pay it back (it is in the Committee Reports).

source?

Im still here

SPEEDY MCCREADY wrote:

ya know i could just rip up this $600 check they are going to send me...


but i have decided to just deposit it in my checking account instead.....

yeah, that's it bail out the banks for making fraudulent loans

that will help alot

so next time they think about making fraudulent loans they'll say

"I'm sure the Government will bail us out, go ahead."

bootlegger10

Im still here wrote:

source?

It is now in my post. I look forward to reading your response. Your source is a Russian, my source is the congressional committee reports. You cannot just look at the Code for tax law. There are Regulations to the Code (written by the IRS), legislative intents, court rulings, etc....

Im still here

bootlegger10 wrote:

It is now in my post. I look forward to reading your response. Your source is a Russian, my source is the congressional committee reports. You cannot just look at the Code for tax law. There are Regulations to the Code (written by the IRS), legislative intents, court rulings, etc....

source means a link......

where's the link?

I don't trust my Government

what makes you think I trust you?

Im still here

how many times are you gonna edit that?

when you get through let me know, ok?

Im still here

I don't do pdf

those can be malicious