Tax Rebate - America

PJPixie

This morning President Bush said each one of us would get a $600.00 tax rebate. It was previously slated to be $1200.00, but they dropped it to a $600.00 tax rebate because of various budget problems.


Now, if we spend that money at Wal-Mart, all the money will go to China, if we spend it on computers, most of the money will go to Korea or India. If we spend it on gasoline it will all go to the Arabs. None of these scenarios 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 drink beer, gamble, golf or spend it on prostitution. Currently it seems that these are the only businesses still left in the U.S.

know1

PJPixie wrote:

This morning President Bush said each one of us would get a $1200.00 tax rebate. It was previously slated to be $1400.00, but they dropped it to a $1200.00 tax rebate because of various budget problems.


Now, if we spend that money at Wal-Mart, all the money will go to China, if we spend it on computers, most of the money will go to Korea or India. If we spend it on gasoline it will all go to the Arabs. None of these scenarios 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 drink beer, gamble, golf or spend it on prostitution. Currently it seems that these are the only businesses still left in the U.S.

It's $600 each...but your point is well taken.

What people should really do is pay off debts with it.

CHANGEinWAVES

know1 wrote:

It's $600 each...but your point is well taken.

What people should really do is pay off debts with it.

that's my plan:)

PJPixie

know1 wrote:

It's $600 each...but your point is well taken.

What people should really do is pay off debts with it.

I edited

I just copied and pasted this from an email I received because I thought it was funny. Wanted to see what the peeps on this forum would DISCUSS on this subject.

edvedder913

PJPixie wrote:

We need to keep that money here in America...so the only way to keep that money here at home is to drink beer, gamble, golf or spend it on prostitution. Currently it seems that these are the only businesses still left in the U.S.

I am spending it on Pearl Jam. That's American.

PJPixie

edvedder913 wrote:

I am spending it on Pearl Jam. That's American.

WORD!

jamminpearls

edvedder913 wrote:

I am spending it on Pearl Jam. That's American.

AGREED

GreenTeaDisease

trade

Lizard

edvedder913 wrote:

I am spending it on Pearl Jam. That's American.

i'm debating doing that too.................or on my son's college tuition--that is American too! but not as fun

PJPixie

Lizard wrote:

i'm debating doing that too.................or on my son's college tuition--that is American too! but not as fun

Here is the peer pressure Lizard..........TOUR TOUR TOUR TOUR TOUR!!

wow, I suck.............trying to take away from your childs college tuition!!
:(

hodge

if i was american, i'd spend it to move to a better country
hehe

PJPixie

hodge wrote:

if i was american, i'd spend it to move to a better country
hehe

beat it!! hee hee

gregkitefan

I'm spending it on a trip to Chicago in August to see the Red Sox vs. the White Sox.

inmyrvm

i hope you know it's just an advance on your 08 return

PJPixie

inmyrvm wrote:

i hope you know it's just an advance on your 08 return

I talked to my "TAX - GUY" about that and he states that is not true.

Lizard

PJPixie wrote:

Here is the peer pressure Lizard..........TOUR TOUR TOUR TOUR TOUR!!

wow, I suck.............trying to take away from your childs college tuition!!
:(

fine.
you talked me into it.
i am so easy!!!!

PJPixie

Lizard wrote:

fine.
you talked me into it.
i am so easy!!!!

woo hoo!!!!

mca47

I'm paying a credit card with mine!

Boo. :(

rival.

got my letter in the mail from the IRS the other day saying that my $600 will be coming by the summer.

put towards college loans or PJ tickets?????

GraySaturday

I'm putting mine towards my LASIK surgery. Its just a little part of the cost but every little bit helps

shell bell

I thought that the majority of refunds wouldn"t be comming untill aug or early fall? I wish that they would have taken the money used to print the "memo letters" and put it towards getting the refunds out earlyer.I think they spent around $42 million on the memo letters.

PJPixie

shell bell wrote:

I thought that the majority of refunds wouldn"t be comming untill aug or early fall? I wish that they would have taken the money used to print the "memo letters" and put it towards getting the refunds out earlyer.I think they spent around $42 million on the memo letters.

Holy Cow! That is staggering!!

inmyrvm

PJPixie wrote:

I talked to my "TAX - GUY" about that and he states that is not true.

i am an accountant. everything i've read points to it being true. that's the word around the office. i hope it is not true in all honesty.

Lizard

you could get as early as May 2, depending on if you file your 2007 tax return electronically and based on the last 2 digits of your social....

http://money.cnn.com/2008/03/17/pf/taxes/rebates_payment_schedule/index.htm?postversion=2008031713

chevychase

In order to receive the full rebate of $600, you must have had a 2007 TAX LIABILITY of $600. Tax Liability is figured using a percentage based on your taxable income. Taxable income is basically your TOTAL INCOME (W-2s, Unemployment, Interest, etc) MINUS your DEDUCTION ($5,350 for single/$7,850 Head of Household) and MINUS your EXEMPTIONS ($3,400 each for you and any dependents).

So, say your total income was 25,000 & you are single w/no kids, your TAXABLE INCOME would be 25,000-5,350-3,400 = $16,250

That $16,250 is then used to figure your tax:

10% of the first $7,825, or 782.50
15% from $7,825 to $31,850, or $8,425 x 15% = 1263.75

1,263.75 + 782.50 = $2046.25 TAX LIABILITY
This amount is then subtracted to total fed withholding (say, $4,000), and that new amount ($1,953.75) is your 2007 TAX REFUND.

The REBATE due in May or so on is based like this:
Tax liability of:
$600 or more; REBATE of $600
Between $300 and $600; REBATE of TAX LIABILITY amount
Below $300; REBATE of $300

Basically, if your TAXABLE INCOME is greater than $6,000 then you will receive the full $600 refund.

You've got people. (R)

chevychase

the REBATE is not coming off of your 2008 return. Rather, if you received $300 say this year based on low tax liability for 2007, and your tax liability for 2008 is more than it was for 2007, you will receive the difference when you file your return next year, up to the $600 threshold.

Example:
2007 Liability = $240, so $300 Rebate received
2008 Liability = $780, so $600 threshold MINUS $300 received in 2007 = $300 extra in your REFUND next year.

GraySaturday

yeah I just read on the IRS faq site that this will not effect how much return you get or how much you owe in 2008

shell bell

Lizard wrote:

you could get as early as May 2, depending on if you file your 2007 tax return electronically and based on the last 2 digits of your social....

http://money.cnn.com/2008/03/17/pf/taxes/rebates_payment_schedule/index.htm?postversion=2008031713

I like what you posted. I have to move into a new apt at the end of April and the cash boost will be nice. I hope that they are right.

Spunkie

PJPixie wrote:

This morning President Bush said each one of us would get a $600.00 tax rebate. It was previously slated to be $1200.00, but they dropped it to a $600.00 tax rebate because of various budget problems.


Now, if we spend that money at Wal-Mart, all the money will go to China, if we spend it on computers, most of the money will go to Korea or India. If we spend it on gasoline it will all go to the Arabs. None of these scenarios 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 drink beer, gamble, golf or spend it on prostitution. Currently it seems that these are the only businesses still left in the U.S.

Cute. Even cuter. You believe the President.

know1

hodge wrote:

if i was american, i'd spend it to move to a better country
hehe

You must be a prisoner in Canada, then.

PJGARDEN

inmyrvm wrote:

i am an accountant. everything i've read points to it being true. that's the word around the office. i hope it is not true in all honesty.

I am accountant too and that's the same thing we're hearing. From the literature (accurate sources) we have received, it is an advance for a credit on your 2008 return.