Proposed One Time Tax Rebate

LynnH

GuGee Since: 2006-09-18
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Submitted by LynnH on January 19, 2008 - 1:23pm.

Possible good news for taxpayers?

A proposal from the White House which would give single taxpayers a one time tax rebate of $800 and $1600 for married couples. Designed to help boost the economy, because the belief is, that if they give us money, we will spend it.

It is reported that the Republicans want to put money into the middle class pocketbooks, help out business owners and the Democratic leaders agree with this plan, but also want to see help aimed towards the poor and the unemployed.

Naturally, views on the proposed package have drawn positive and negative feedback. Good, because personally, I could use the extra money as I have recently become unemployed due to budget cuts. But the other view is that it is only temporary and where will this money come from, hence, the United States will get deeper in debt.

The money I would receive will more than likely not be spent buying a luxury item, but instead will go to utilities to keep the heat on in my home.

LynnH

GuGee Since: 18-Sep-2006
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Re: Proposed One Time Tax Rebate

July 9, 2008 - 5:21pm

We finally received our letter from the IRS that our rebate check would be delivered by July 11, 2008.

We were at the tail end of the mailings, so everyone should have theirs soon.

Hubby is going to get a new computer which will be nice!

Hot2na

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Re: Proposed One Time Tax Rebate

July 9, 2008 - 5:31pm

my daughter & bf received their letters yesterday as well. now, ours were months ago. last name thing?

Tuna ><((((*> the other white meat!

Stevie

GuGee Since: 03-Dec-2006
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Re: Proposed One Time Tax Rebate

July 9, 2008 - 5:38pm

It was based on the soc sec # of the filer, first filer if joint. My wife got ours in June. I think she blew it on male strippers.

smartmom

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Re: Proposed One Time Tax Rebate

July 9, 2008 - 5:43pm

Stevie wrote:

My wife got ours in June. I think she blew it on male strippers.

OMG Stevie you kill me - too funny! We also got ours in the first round. It was spent before it hit the bank account.

LynnH

GuGee Since: 18-Sep-2006
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I am: The walrus koo koo kachoo

Re: Proposed One Time Tax Rebate

July 9, 2008 - 8:25pm

lol at Stevie's wife!

Yes, last two numbers of your social security. If we'd gone by mine, we'd had it first.

LynnH

GuGee Since: 18-Sep-2006
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Last Seen: 08/24/2008 - 3:50pm

I am: The walrus koo koo kachoo

Re: Proposed One Time Tax Rebate

February 18, 2008 - 11:22am

Wanted to point out to everyone that it seems that if you WANT your rebate and want it quickly, you need to file your 2007 income tax return on time. If you use direct deposit, you will receive your money sooner.

Information from your 2007 tax return will be what the IRS uses to determine if you are eligible for the rebate along with the amount of rebate you should receive.

Don't have much income or no income? You might want to file anyway.

Click here for current details: IRS Rebate Information

If I was standing on a fish, I'd slip and fall......

nickywilde

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Re: Proposed One Time Tax Rebate

February 29, 2008 - 4:23pm

Hi Lynn! Sorry I posted about this I didn't see the post already started!

LynnH

GuGee Since: 18-Sep-2006
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Last Seen: 08/24/2008 - 3:50pm

I am: The walrus koo koo kachoo

Re: Proposed One Time Tax Rebate

February 29, 2008 - 10:31pm

That's okay nicky!

If I was standing on a fish, I'd slip and fall......

SleuthWannaBe

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Re: Proposed One Time Tax Rebate

January 29, 2008 - 1:23am

well, the rebates are supposed to be a stimulus to the economy because the govt is banking on us running to the mall to shop shop shop.

I know many people will be more than happy to accept the tax rebates, and will make good use of it (i.e., by NOT going to the mall, but using it more intelligently). But the downside of this economic measure cannot be overlooked:

1) A bigger deficit than the one we already have;

2) it's highly likely that most people will not be going shopping with this money, but rather will pay off some of their debt (like some of you guys have already mentioned). So in effect, this rebate will produce an insignificant economic stimulus, if any;

3) if I , and other like-minded people, are right, this will be mostly irresponsible fiscal policy exactly because of the deficit aspect of this measure, which have some complicated national-international effects;

4) This economic stimulus leaves out the long-term unemployed and the retired, two of the demographic groups that need this help the most.

5) it doesn't at all address more long-term solutions to the coming recession.

So, while the proposed tax rebates will be a god-sent to many (including ME!!!), I think that in the long-term, this will prove to be meaningless and perhaps even damaging to an already delicate economy.

And ya know, recessions come and go. It's a normal part of the economic cycle of capitalism (economics 101!!). Bust follows boom, especially if the growth was based too much on credit and paper money, like it was this time. And lets remember that the US economy didn't even get a chance to fully work out its past bubble (tech bubble) before the govt successfully interfered to prevent a major recession. BUT, the way the Fed went about preventing the tech-led recession was to facilitate the creation of a brand new bubble, and set up the conditions for incredible speculation in housing AND Wall Street.

So, not to get doomy on all of you guys, but I think we're looking at a recession that this time will not be stopped by neither the White House, Congress or the Federal Reserve.

Brace yourselves!!! And remember that the action of one individual has potential consequences for the aggregate...

-------------------------

"Thanks for the mac badge, Hubby!"

LynnH

GuGee Since: 18-Sep-2006
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Last Seen: 08/24/2008 - 3:50pm

I am: The walrus koo koo kachoo

Re: Proposed One Time Tax Rebate

January 29, 2008 - 11:13am

I couldn't have said it any better than you did.

If I was standing on a fish, I'd slip and fall......

LynnH

GuGee Since: 18-Sep-2006
GuG-Points: 1236
Last Seen: 08/24/2008 - 3:50pm

I am: The walrus koo koo kachoo

Re: Proposed One Time Tax Rebate

January 25, 2008 - 5:20pm

I hear the magic numbers are $600 and $1200 and sometime in May. Will check it out as soon as I can.

If I was standing on a fish, I'd slip and fall......

iceprincess

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Re: Proposed One Time Tax Rebate

January 28, 2008 - 1:33pm

I heard it was 600, 1200 and then 300 per kid? The local government here also gave a small refund on the november property taxes and said the same thing "if you are using to pay your bills it is not helping the economy..blah...blah...blah.." I agree with that but then they need to hit up the wealthy people for the help with the economy cuz I know this single income family doesn't have it to put back....besides are they going to pay my disconnects or utilities if i choose not to be the responsible adult and go shopping??? I don't think so! lol

LynnH

GuGee Since: 18-Sep-2006
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Re: Proposed One Time Tax Rebate

January 29, 2008 - 11:12am

You are correct about the $300 per child.

I haven't opened up my property tax bill that just came in. I'd be quite surprised if we got a break, because it just keeps going up and up each year. We live in a very, very modest home, but having a front or back yard around here is a slice of heaven if you are lucky, but you pay for it. So, we have property that could hold 2 homes, with a front and back yard, but, alas, instead of building another home and receiving rent monies, my front yard is a flower garden and my back yard is my vegetable garden and my neighbors are still too close for my comfort. Besides, I need a new roof that I cannot afford.

Quite a statement about the responsible adult part. So, to be responsible,we are supposed to go buy something that we really do not need instead of paying bills. My opinion, is that I am being more responsible by paying my bills. What else can I say, except that I agree with you. I could go on and on about what I have received from the government, but that's not a good idea.

The last tax rebate we received actually bought clothing for our children and food.

We moved here in 1997 from another state where we farmed wheat and cattle and the "bank" decided to take our 3500sq ft home, our farms, our cattle, our farming equipment even though we had paid every bill on time. They allowed us to buy our truck from them. We filled an airplane hangar with our household stuff, moved here, and everything we owned in the hangar was stolen. Having $12 to our name after moving (with 2 children), we know what hard times are, and you can sure bet I'll be paying my utility bill instead of filling someone else's already fat wallet. Ahhh, see......... I should not have started.

If I was standing on a fish, I'd slip and fall......

critterkeeper

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Re: Proposed One Time Tax Rebate

January 24, 2008 - 9:06am

Paying down debt I inherited in my divorce.... that's how I'd spend mine. Or heat, its' a toss up.

jason

GuGee Since: 28-Apr-2008
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Re: Proposed One Time Tax Rebate

June 3, 2008 - 12:40pm

i'd do both pay down debt and a bit of utilities here and there, i just moved to a new house that i can actually afford and still save money while paying bills i just used some mortgage calculator spoke with some pros and got something below what i was able to afford i love having my own house now much better then renting.

LynnH

GuGee Since: 18-Sep-2006
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Re: Proposed One Time Tax Rebate

June 4, 2008 - 12:11am

Hi Jason,

It's a nice feeling isn't it. I don't know if you can do this or not, but if there is anyway you can add even $25.00 each month to your mortgage payment it will most definitely help in the long run.

Lynn

If I was standing on a fish, I'd slip and fall......

LynnH

GuGee Since: 18-Sep-2006
GuG-Points: 1236
Last Seen: 08/24/2008 - 3:50pm

I am: The walrus koo koo kachoo

Re: Proposed One Time Tax Rebate

January 25, 2008 - 10:33am

I went down the inherited divorce debt road once. My ex decided he wanted the brand new home, the brand new truck, the brand new boat, the brand new Harley, so the judge gave them to him with my consent. He also ordered him to pay for them. I wondered how he would pay for it, because I was the one with the job.

All I asked for was my daughter and our clothes. I didn't even ask for the vehicle that I had already paid for.

About 6 months later, my check was being garnished to pay for all that new stuff, so I was forced to file bankrupcty. He had managed to destroy everything and take off.

If I was standing on a fish, I'd slip and fall......

critterkeeper

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Re: Proposed One Time Tax Rebate

January 28, 2008 - 1:21pm

I feel for you. I bought my house when I was 18 and got an awesome job that doubled every dollar I put into my 401 K, needless to say I wanted to keep my house. He managed to rack up a TON of credit card debt in BOTH our names, and demanded half of my 401k. My only choice was to keep all the debt and pay him a little over $10,000 cash, or stay married. I chose debt. Sad I hate debt.