Members Michael Patrick Posted February 9, 2008 Members Share Posted February 9, 2008 It's not an advance on your 2008 taxes. It's an advance of a CREDIT that will be on your 2008 taxes. So it won't reduce your 2008 refund. In addition, it's my understanding that there is a "hold harmless" provision. Because no one has filed their 2008 tax return yet, they are basing the credit on your 2007 return. If your tax situation in 2008 would have resulted in a lower refund than what you got, you won't have to pay any money back. If your 2008 tax situation would have resulted in a higher refund, you'll get that with your regular 2008 refund.CAVEAT! I haven't had a chance to read through the actual language of the proposal yet, so my above analysis is based on news reports and the brief summary prepared by the Joint Committe on Taxation. Link to comment Share on other sites More sharing options...
Members fist Posted February 9, 2008 Members Share Posted February 9, 2008 it's a terrible idea So long as as the money is used internally, as people spend more, it adds to the incomes of others who can then spend more too. There'll be some upward inflationary pressure, which makes your exports more competitive. Also, it makes the government looks like its doing something, and people like it so they might be distracted from other mistakes.But yea, the US is in a mess. Link to comment Share on other sites More sharing options...
Members olejason Posted February 9, 2008 Members Share Posted February 9, 2008 Would it be wrong of me to buy an oud from Lebanon with this money? har har har Link to comment Share on other sites More sharing options...
Members JoeyJoJo Posted February 9, 2008 Members Share Posted February 9, 2008 Inflated ego? Probably not though... what's his approval rating? 32%? HA26 in July 2007... Link to comment Share on other sites More sharing options...
Members Flying_Milkman Posted February 9, 2008 Members Share Posted February 9, 2008 So long as as the money is used internally, as people spend more, it adds to the incomes of others who can then spend more too. There'll be some upward inflationary pressure, which makes your exports more competitive. Also, it makes the government looks like its doing something, and people like it so they might be distracted from other mistakes. But yea, the US is in a mess. However, borrowing money from another world superpower to fund it isn't the answer.:poke: Link to comment Share on other sites More sharing options...
Members RoboPimp Posted February 9, 2008 Author Members Share Posted February 9, 2008 ok screw all this political banter... lets talk about where you're gunna spend your $2000? I think I want a new mixing board.... and drinks for everyone! Link to comment Share on other sites More sharing options...
Members Brambulance Posted February 9, 2008 Members Share Posted February 9, 2008 However, borrowing money from another world superpower to fund it isn't the answer. :poke: http://www.brillig.com/debt_clock/ Link to comment Share on other sites More sharing options...
Members pbone Posted February 9, 2008 Members Share Posted February 9, 2008 ok screw all this political banter... lets talk about where you're gunna spend your $2000? I think I want a new mixing board.... and drinks for everyone! Apartment Link to comment Share on other sites More sharing options...
Members fist Posted February 9, 2008 Members Share Posted February 9, 2008 http://www.brillig.com/debt_clock/holy {censored} is tht true??! where did they get it from. And how come america enjoys such a high standard of living whilst wallowing in debt?? Link to comment Share on other sites More sharing options...
Members Fender&EHX4ever Posted February 9, 2008 Members Share Posted February 9, 2008 holy {censored} is tht true??! where did they get it from. And how come america enjoys such a high standard of living whilst wallowing in debt?? When it's time for us to pay up, someone else will be enjoying that high standard of living. Probably China.http://www.teachertube.com/view_video.php?viewkey=8548df743a186d15f3be&page=1&viewtype=&category=tf Link to comment Share on other sites More sharing options...
Members Goominim Posted February 9, 2008 Members Share Posted February 9, 2008 ok screw all this political banter... lets talk about where you're gunna spend your $2000? I think I want a new mixing board.... and drinks for everyone! Buy into the underground economy and flip it. Make a profit. Link to comment Share on other sites More sharing options...
Members fist Posted February 9, 2008 Members Share Posted February 9, 2008 When it's time for us to pay up, someone else will be enjoying that high standard of living. Probably China. http://www.teachertube.com/view_video.php?viewkey=8548df743a186d15f3be&page=1&viewtype=&category=tf some of those stats are quite scary, but im always a little wary of trusting things like tht on the internet that haven't been done by a well-known company/person, but even newspapers manipulate data to prove or exaggerate their point. I predict China is going to crash and burn eventually. Link to comment Share on other sites More sharing options...
Members mirrorball Posted February 9, 2008 Members Share Posted February 9, 2008 Quoting from the summary of the tax rebate bill put out by the House Ways and Means Committee, which says it may affect your taxes if you are someone who made no money in 2007, but will make enough to be taxed in 2008, or vice versa. "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." Maybe my memory's slipping, but I don't recall the 2001 rebate check affecting my taxes the next year in any way, and I think this one's set up the same way. Link to comment Share on other sites More sharing options...
Members RUExp? Posted February 10, 2008 Members Share Posted February 10, 2008 http://www.brillig.com/debt_clock/What's really scary is if you keep clicking refresh. Link to comment Share on other sites More sharing options...
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