Someone smarter than I - Why is this economic "stimulus" being called a "tax rebate?"

[HardWorkingDem]

I'm still trying to dig up my 2002 tax returns to check, but what I recall is the last "rebate" was nothing more than a refund advance.

So, what is this new "tax rebate" really about? Where is it coming from and what happens next year to a person's taxes if they receive this "rebate"?

[Dinger]

1. I Remember That Too, & Was Wondering The Same Thing (nt)

[MNDemNY]

2. Because "pandering pay-off, and crumbs to the masses" are not PC.

[wtmusic]

9. LOL how ungrateful

:thumbsup:

[zorahopkins]

3. Me, Too.

I was wondering the same thing.

Does it mean that someone will get a smaller refund next year?

[Viva_La_Revolution]

4. typical Orwellian-speak from this Admin.

[Warpy]

5. Because the GOP's wrongheaded economic policy

is dedicated to the proposition that income taxes are too high. They have no trouble robbing 40% of OASDI premiums being disproportionately paid by the poor and small business, but income taxes are bad.

They can't talk in terms of higher wages, because higher wages would make us weak. They can only talk in terms of lower taxes, except the one tax that the poorest of workers and businesses pay that has no deductions for anything.

The rhetoric is finally wearing very thin, though, and fewer people are getting drunk on the snake oil.

[TwilightGardener]

6. Have no idea. But get out there and SPEND it at the mall, you patriot you!

[RaleighNCDUer]

7. That's my understanding.

the kick we get in July we will not get next spring.

[SammyWinstonJack]

8. Whatever it's called, it might hurt the economy according to georgie's energy Sec.

He is saying the stimulus plan might cause oil prices to rise and hurt the economy.


Brilliant! Simply brilliant! WTG georgie and all the go along to get along congresscritters. :argh:

[electron_blue]

10. My question, too. I also wonder if they are going to make people spend it.

I realize this isn't a problem for most people, but I'm sure they have thought about it.

[Mz Pip]

11. Since we always always always

have to write big checks to the IRS in April, I guess this rebate will mean we will just have to write a bigger check.

Maybe we'll just stick it in the bank so it can earn a few dollars of interest before April. Then we can support the economy by treating ourselves to lattes at Starbucks.

Mz Pip
:dem:

[jkshaw]

13. Exactly what I planned to do Mz Pip

If this "rebate" goes through.I remember a similar thing back further than 2002 -- during the Johnson administration if memory serves. Right before the election, forget what it was called, but there was plenty of chagrin when we all found our tax bill increased the next year by exactly the amount we were "given" the year before.

[Wanet]

12. 2008 tax refund

The rebate angle: the "stimulus" payment is an advance against your 2008 tax refund. So people will realize in February 2009, right after the new Democratic president takes office, that their refund for 2008 is drastically reduced because they already received it. If they owe taxes, they will owe that much more, and could even have penalties. It's a time bomb for the next president to deal with. I can't believe the Democratics in Congress don't see that. -- Wanet

[bpeale]

16. if that's what it is, an advance, then i will use it to pay off my credit cards

and save all that interest i would have to pay this year. i have owed the IRS before & they are very easy to work with (owed $10,000 in penalties when we moved in 1991 & removed our money from our 401K). it worked out very well on the payments. i can do that since i will get to pay off my credit cards a year in advance.

[knitter4democracy]

14. You're right--it's a refund advance. They just hope we don't figure it out.

I told Hubby that we should just put it in savings so we can pull it out in case we end up owing again. It's an incredibly stupid idea.

[A wise Man]

15. Because this would be the last act of....

...the destruction of America that will leave our nation in economic shambles as bushwack leaves his selected office. As he leaves we will have to pay back this so called rebate, leaving many of us in debt up to our necks. Bush will go out laughing his head off and taking the credit for destroying America.

[old guy]

17. All politics.

This does nothing to help the economic problems we face. All it is doing is kicking the can further down the road. The Dems should be screaming as loud as they can that this proves the * economic plan is a miserable failure. Instead they let him dictate the terms of this supposed remedy. As a side note on this, my BIL was really happy with the tax cuts for small business that * gave him last time. When I asked if it helped to expand his business he told me "No, but it bought me a lot and cabin on Lake Of The Ozarks". We don't talk a lot anymore.

[librechik]

18. they're calling it something different so the rubes will swallow it again

endless foolishness

and an even more confusing term.