Bush's Tax Refund...Is it a Ploy?

Quick question....I have heard that the tax refund will just be taken out of everyone's pocket next year. This is a potential myth that has been circling in my social circle recently and it doesn't make sense to me, but then again, I can't call myself an economic expert.

What are your thoughts on this...?

I would like to think that its not true but I really don't rule out anything these days. Especially considering the amount of debt this nation is in.

I will say this though, if they are planning on getting it all back from us next year, its gonna take one heck of an increase in taxes in order for them to regain the amount they're giving out in these rebates.

Have the people in your social circle said anything about where they may have gotten this information? Or are they just speculating?

Like I said, I would like to think that its not true. But I wouldn't rule it out either.

I think they are just speculating...my understanding is that taxes are based on an annual income. A 'gift' such as this is denotes above and beyond an annual income. I keep racking my brain, and my thought is that this is just an economic tactic to dissuade from Bush and his war.

The government has been known to spend millions on a toilet....symbolic as it is, I think that they can afford this....

The difference I see between now and when it happened with Bush's first months' is that we were economically solvent then...not so much now.

I hold that it is a myth.....I really want opposing viewpoints though...

Well if the Democrats get in office, they will get it back and then some...

The genius idea of repealing the tax cuts will not only sink the economy further, put many many small businesses out of business and create havoc in the market...

But of course every Lib that wants wealth redistribution, ie Socialism, will always argue against tax cuts....

So, if they are talking about the repeal of tax cuts and reestablishment of the higher percentage of things like the "Death Tax", then I would say your friends are correct...

Semper

I think that you may have answered the question....they are not talking about an overt repeal....they are talking about a manipulative use of the tax law on a personal level...which I can't agree with.

Well I did some digging and I found this little Q and A at the ABC news website. Here is a little snippit from the Q and A. Looks to me like someone asked an honest question and got the run-around for an answer. Take a look for yourself and then you decide.

How Will This Affect My Tax Refund Next Year?
Question: "Have I understood this wrong? Is the tax rebate in all actuality an advance on our refunds next year? Does it mean that if we spend this money now that we won't get the money back next year?" Colleen in Liberty, Miss.
McPherson: Colleen, it is unclear to me exactly what the impact will be on our 2008 tax returns, but clearly there will be some effect. I can tell the proposal as outlined so far calls for the rebates to result from a cut in 2008 taxes even though the rebates will be based on 2007 tax figures.

Here is the link for those who wish read further...although it looks like a bunch of nothing that can give any straight answers to the question in this thread.

abcnews.go.com...

My question would be this. Why would they bother to give us this money if they're just gonna take it all back. It would defeat the purpose.

reply to post by MemoryShock


Just think of it this way...

A man works his butt off all of his life, starts a small business and is moderately successful.... Or, like me, works for the public all of his life, saves money, does without and invests, gets lucky and manages to have some money...

Let's say just for argument, our hypothetical successful man has put away or is worth 3 million...

Now in the current tax code, our man has already paid over 35% of his money to the government and what he has saved, 3 million, is what he has left.... Now our hero dies.. (sad)

If the Democrats have their way, Hillary for our instance, they will then take 71% of that 3 million away from our hero's family...

71%

Hillary Death Tax

Just for those that don't believe the democrats are eventually after Socialism in the United States; look at some of THEIR OWN words...

Hillary
an A.P. reporter caught a particularly illuminating comment by Clinton about the 2001 tax cuts. "We're saying that for America to get back on track, we're probably going to cut that short not give it to you," she said. "We're going to take things away from you on behalf of the common good."

Hillary Comments

How is that NOT Socialism?

On Obama:

He supports state plans to give driver’s licenses to illegal immigrants, a position shared by roughly 20 percent of his fellow citizens. He’s committed to raising billions from wealthier Americans’ Social Security tax — a stance Clinton, perhaps previewing Republican attacks, described as a “trillion-dollar tax hike.” And in Iowa recently, he came out for a plan that would ultimately grant 19,500 convicted drug dealers early release, and has been criticized by Second Amendment groups.

Obama Stance

While our choice is limited, we MUST make that choice in deciding for the LEAST Socialist minded Liberal.

Semper