Tax rebates deal announced

Tax rebates deal announced

news.yahoo.com

WASHINGTON - Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.
House Speaker Nancy Pelosi said Congress would act on the agreement — hammered out in a week of intense negotiations with Republican Leader John A. Boehner and Treasury Secretary Henry Paulson — "at the earliest date, so that those rebate checks will be in the mail."

(visit the link for the full news article)

Okay, it's official! Thank God they came up with a plan to save us all...


news.yahoo.com
(visit the link for the full news article)

More info

The rebates would go to 117 million families, according to a Democratic summary. That includes $28 billion in checks to 35 million working families who wouldn't have been helped by Bush's original proposal, the analysis estimated.

Republicans, for their part, were pleased that the bulk of the rebates — more than 70 percent, according to an analysis by Congress' Joint Tax Committee — would go to individuals who pay taxes.

Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.

So I am going to get a check for $2100.00, thought there was going to be a cap of $1200.

Read Lou Dobbs, everybody, the last true genius of our troubled times!

That check from the govt won't spur our economy (because we don't produce much) but the Chinese economy! 97% of shoes sold in the States are imported. Let's face the music.

The rebate part of the plan would cost about $100 billion, aides said. The package also includes close to $50 billion in business tax cuts

The package would allow businesses to immediately write off 50 percent of purchases of plants and other capital equipment and permit small businesses to write off additional purchases of equipment. A Republican-written provision to allow businesses suffering losses now to reclaim taxes previously paid was dropped.

Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining the rebates of at least $300 for almost everyone earning a paycheck, including those who make too little to pay income taxes.

Next question is, how will this help us if we have to pay back the $100 plus billions of dollars this will cost the government. Is this a "we'll give you $600 dollars now since next year you will pay an additional $1,200 back to us."

reply to post by buddhasystem


This is a bandaid and it is going to hurt real bad when that bandaid is pulled off, might even take some skin with it.

And those on social security, which certainly hasn't been keeping up with the increases in costs, get what? Why is it that seniors are just shoved aside while the pie is carved up.

Personally, I think this "package" won't be more than a drop in the bucket. The half of it that goes for Ipods and music downloads will just fatten a few corporate wallets. They might as well make out a check to Apple and Microsucks and bypass the mailing costs.

[edit on 24-1-2008 by NGC2736]

Smoke and mirrors IMHO.

Also I fail to understand how and why peopel who pay NO taxes should get a dime :shk:

Warning:

Remember what they did the last time. Everyone thought they got a rebate from the Government BUT instead it was an advance.

Remember they took the money they gave you out of your following years tax check. So when you think you’re going to get $2000.00 back for instance don’t forget to subtract the $600.00 or whatever you think you are going to get from it. This is what they did the last time.

So in my opinion I just can’t see how this could help anything at all.

Well look at it this way, the IRS will be so busy they might skip a few audits this year, we might be able to get away with some added "deductions"

reply to post by FredT


I am trying to figure that out as well. I will be one of those people possibly receiving a check from this, and I didn't do anything to deserve it.

Of course, I can use the money, but in the long run, this seems like a very bad idea that is doing nothing more than buying off people's silence on the issues of our economy for a bit longer.

"Here America, we're giving you a check! Pay no attention to what's really going on!"

Don't spend your rebate just yet

But some experts say it could be summer before Americans see any real cash.
The goal for both Democrats and Republicans is to get the money into the hands of consumers as soon as possible.
First the Internal Revenue Service has to cut the checks. That's the tricky part.
The earliest the IRS could start mailing out checks is the end of June, since the agency is now in the middle of the 2007 tax-filing season, experts said.
"It is remarkable that the world's leading economic power can't get checks out the door faster than that," Peter Orszag, the director of the Congressional Budget Office, told the Senate finance committee on Tuesday. "But it's a reflection of the fact that the IRS's infrastructure is in a state that's under pressure and consumed, again, with the normal tax-filing season."
An IRS spokesman declined to comment.

link

[edit on 24-1-2008 by SEEWHATUDO]

reply to post by niteboy82


Exactly what I was getting at. A temporary fix that really amounts to nothing in the long run. If it were a real effort to balance out the forces of the economy, then why ignore those who paid good money into SS and yet it never catches up with the real cost of living? And seniors tend to need to spread their money around in purchases, which would seem a logical aim for such a program as this.

reply to post by NGC2736


As sad as it is, they obviously do not care about the citizens just the consumerizens.


[edit on 24-1-2008 by SEEWHATUDO]

maybe if we were not spending 100 billion a year on an unjust war the economy might be in better shape huh?


This will do nothing but drive people deeper into debt......everyone who gets that check will blow it and then the following year when you find out you have to pay it back they will nail you, foreclose on your home, repo your car and you'll be left wondering what the hell happpened ??

When I get that check I will not spend it....I will hold onto it for when the rug gets pulled out from under me...it will be my safety net.


wise up people !!

The non taxpayers will be giving it all to the corner crack dealer so it will not end up in the economy. WTF were they thinking? On the other side wtf does a 75,000 a year income family have to do with a lousy $300, that is chump change and an insult. That won't even cover the interest for a few days on all their loans and credit.

oh goody!! my mattress needs a little more padding!!!

just cant wait to get the bill for this though. I'll probably have to give them the whole mattress for that one.

Now come on america...spend that money you don't have yet!! bail out the corps and big wigs!

Originally posted by Shar
Remember what they did the last time. Everyone thought they got a rebate from the Government BUT instead it was an advance.

Remember they took the money they gave you out of your following years tax check. So when you think you’re going to get $2000.00 back for instance don’t forget to subtract the $600.00 or whatever you think you are going to get from it. This is what they did the last time.

I don't know what country you're from, but you have this a little bit wrong. The last check we got was indeed an advance, but it was an advance on a NEW tax cut, just like this one. You probably noticed when you did you tax returns that year that there was a box you could check to add $600 to your tax return...but you couldn't check it if you already got the $600 check. They didn't take anything away from your normal tax return, they just gave you the additional money early. My tax returns that year were a little higher than the year before just like they have been for the past 10 years, not $600 less as you seem to be implying.

They gave us our money early. Then they took it back out.

We were not the only ones they did this too. We even called the IRS office about it and they said its the way it is done. It was an advace and that was it.

Maybe different tax brackets are done differently. But, thats what they did too us.