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post #1 of 35 (permalink) Old 01-18-2008, 09:42 AM Thread Starter
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extra tax money back

http://www.foxnews.com/story/0,2933,323426,00.html

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WASHINGTON President Bush is putting together his first public call for an emergency fiscal stimulus bill while negotiations on Capitol Hill focus on rebates for taxpayers and other steps to jump-start the sagging economy.

Bush planned to lay out his position Friday, but he wasn't expected to go into specifics. Press secretary Dana Perino said Bush would demand that any package be effective, simple and temporary mirroring calls by Democratic lawmakers for a "timely, targeted and temporary" stimulus measure.

Taxpayers could receive rebates of up to $800 for individuals and $1,600 for married couples under a White House plan. Although lawmakers were considering smaller rebate checks and more money for food stamp recipients and the unemployed, Bush told congressional leaders that he favors income tax rebates for people and tax breaks for business investment.

Federal Reserve Chairman Ben Bernanke entered the stimulus debate Thursday, endorsing the idea of putting money into the hands of those who would spend it quickly and boost the flagging economy.

The scramble to take action came as fears mounted that a severe housing slump and a painful credit crisis could cause people to clamp down on their spending and businesses to put a lid on hiring, throwing the country into its first recession since 2001.

Aides to lawmakers involved in the talks said the White House also wants to eliminate the 10 percent income tax bracket for one year and issue a rebate within months. Advocates for the poor said that tens of millions of people in lower income ranges would be left out or not fully feel the benefit of the White House plan.

Lawmakers were instead discussing a $500 rebate for individuals, the aides said, with details for couples and people with children still being negotiated.

The rebates would likely be limited to individuals with incomes of $85,000 or less and couples with incomes of $110,000 or less, the aides said, speaking on condition of anonymity because no final decisions had been made.

The president did not push for a permanent extension of his 2001 and 2003 tax cuts, many of which are due to expire in 2010, officials said. That would eliminate a potential stumbling block to swift action by Congress, since most Democrats oppose making the tax cuts permanent.

Bernanke voiced his support for a stimulus package in an appearance before the House Budget Committee. He stressed that it must be temporary and must be implemented quickly so that its economic effects could be felt as much as possible within the next 12 months.

"Putting money into the hands of households and firms that would spend it in the near term" is a priority, he said.

Especially important is making sure a plan can put cash into the hands of poor people and the middle class, who are most likely to spend it right away, he said, though he added that research shows affluent people also spend some of their rebates.

Bernanke declined to endorse any particular approach, but he did say he preferred one that would not have a long-term adverse impact on the government's budget deficit.

Senior aides to House Democrats and Republicans said in addition to included tax rebates for individuals, the emerging measure would contain tax breaks for businesses investing in new equipment, increases in food stamps, and higher unemployment benefits. They spoke on condition of anonymity, since the talks are ongoing and lawmakers have promised not to reveal details.

House Speaker Nancy Pelosi said she wanted legislation enacted within a month and said the government must "spend the money, invest the resources, give the tax relief in a way that again injects demand into the economy, puts it in the hands of those who need it most and into the middle class ... so that we can create jobs."

For now, Bernanke was hopeful the country could skirt a dangerous downturn.

"We're not forecasting recession but, rather, at this point, slow growth," he told lawmakers. Still, the toll of the housing and credit debacles will be felt into early next year, he added

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post #2 of 35 (permalink) Old 01-18-2008, 09:52 AM
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I'd like an extra $800...just happens to be the price of the generator I want.

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post #3 of 35 (permalink) Old 01-18-2008, 10:13 AM
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post #4 of 35 (permalink) Old 01-18-2008, 10:14 AM
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shieeeeet I'll take any kind of money back, last year I had to fuggin PAY for the first time in my life!
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post #5 of 35 (permalink) Old 01-18-2008, 10:15 AM
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That sucks. I really hope I don't have to pay this year. I increased my deductions to 2 for the first time.

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post #6 of 35 (permalink) Old 01-18-2008, 10:20 AM
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Is this "rebate" just a straight up deduction... or is it extra money.. im not sure how this will work with my existing refund already?

Any accountants care to explain?

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post #7 of 35 (permalink) Old 01-18-2008, 10:21 AM
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2 you will most likely have to pay.. I claim 1.
But if you claim 1 then they take more out of each check no?
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post #8 of 35 (permalink) Old 01-18-2008, 10:22 AM
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But if you claim 1 then they take more out of each check no?
Yeah the less you claim the more they take... my friend told me it was basically a interest free loan to the govt. I think most responsible parties claim as many as they can and get the money up front.

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post #9 of 35 (permalink) Old 01-18-2008, 10:23 AM
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Yeah the less you claim the more they take... my friend told me it was basically a interest free loan to the govt. I think most responsible parties claim as many as they can and get the money up front.
yep it sure is an interest free loan for them, that's why I'd rather pay less up front and pay a little at the end of the year. I only paid about $80 total between fed and state but it still felt weird payin out though.
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post #10 of 35 (permalink) Old 01-18-2008, 10:26 AM
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I claim 14. My situation just works out that way and it's usually dead on balls each year.

Personally, they can keep the money. Digging a bigger whole into the federal budget isn't how you solve the problem. That's like taking out a 25% credit card and maxing it out to pay down the 3.9% card that you have maxed right now.

It's just dumb economically, IMO.

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post #11 of 35 (permalink) Old 01-18-2008, 10:42 AM
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This hasn't been put in place yet, right? I just watched his speech about it too and all they said is that this will be a main focus for the next month.

If this happens I might actually get money back and not have to pay like I expected! Wahoo!!

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post #12 of 35 (permalink) Old 01-18-2008, 10:47 AM
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Quote:
Originally Posted by Flounder View Post
2 you will most likely have to pay.. I claim 1.
It changes for everyone and you have to consider tax bracket, number of dependents, and deductions (if you own, work deductions, donations, ect).

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post #13 of 35 (permalink) Old 01-18-2008, 10:54 AM
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It changes for everyone and you have to consider tax bracket, number of dependents, and deductions (if you own, work deductions, donations, ect).
Sorry - I assumed you were like me... no dependents.. and over the 6 figs mark Just kidding.. I make shit!

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post #14 of 35 (permalink) Old 01-18-2008, 10:55 AM
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I just did the "deduction" caclulator on the IRS website. take a look at this crap.

Based on the information you previously entered,
* For the only job you entered (which has a projected salary of $xxxxx 10 allowances.
your withholding will approximately equal your anticipated tax, and any refund or balance due should be less than $25.

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post #15 of 35 (permalink) Old 01-18-2008, 10:57 AM
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The government should keep that money. $800 won't do much but go into savings or pay off debt. Uncle Sam can keep my $800.

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post #16 of 35 (permalink) Old 01-18-2008, 10:58 AM
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Originally Posted by maoisn View Post
The government should keep that money. $800 won't do much but go into savings or pay off debt. Uncle Sam can keep my $800.
I'll take it if you don't want it. True Story.

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post #17 of 35 (permalink) Old 01-18-2008, 10:58 AM
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Sorry - I assumed you were like me... no dependents.. and over the 6 figs mark Just kidding.. I make shit!
No Dependants, but about 20% of my income is taxed at a ridiculously high rate because it's commission. So that gives me more money back at the end of the year. Plus I own a condo, have some work expenses, get a tax break because of tuition, and do donations to charity. I figure I'll be fine with 2 this year but we'll see in a month.

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post #18 of 35 (permalink) Old 01-18-2008, 11:01 AM
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I'll take it if you don't want it. True Story.
Get in line. The Manheim whores called first dibs if Uncle Sam doesn't want it.

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post #19 of 35 (permalink) Old 01-18-2008, 11:32 AM
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I'd like all my money refunded to me. I am not happy with the service I have received. If it were a business we would all be demanding our money back.




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post #20 of 35 (permalink) Old 01-18-2008, 11:34 AM
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I'd like all my money refunded to me. I am not happy with the service I have received. If it were a business we would all be demanding our money back.
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post #21 of 35 (permalink) Old 01-18-2008, 11:36 AM
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I like the services that have been rendered to me. I wouldn't mind the age of consent being lowered to 16 though. Write your congressman.

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post #22 of 35 (permalink) Old 01-18-2008, 12:20 PM
 
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I claim 14. My situation just works out that way and it's usually dead on balls each year.

Personally, they can keep the money. Digging a bigger whole into the federal budget isn't how you solve the problem. That's like taking out a 25% credit card and maxing it out to pay down the 3.9% card that you have maxed right now.

It's just dumb economically, IMO.
not really. right now recession is more of a concern then the budget deficit. 2/3rds of this economy's gdp is consumer spending. so they're feeding one lesser evil to fend off the greater evil.

what you should really worry about is recession + inflation. then there will be a lot of pain financially in this country and worldwide.
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post #23 of 35 (permalink) Old 01-18-2008, 12:30 PM
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post #24 of 35 (permalink) Old 01-18-2008, 12:37 PM
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How about full student loan forgiveness? That would make me happier than a bigger tax refund
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post #25 of 35 (permalink) Old 01-18-2008, 01:04 PM
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How about full student loan forgiveness? That would make me happier than a bigger tax refund
Now there is a good idea
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post #26 of 35 (permalink) Old 01-18-2008, 01:06 PM
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Now there is a good idea
I think I might win an award for the most educated poor person in the country.
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post #27 of 35 (permalink) Old 01-18-2008, 01:13 PM
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post #28 of 35 (permalink) Old 01-18-2008, 01:18 PM
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post #29 of 35 (permalink) Old 01-18-2008, 07:18 PM
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, get a tax break because of tuition, .
How the hell did that happen? They denied mine and so I then tried the laptop that I brought for school and the same thing.

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post #30 of 35 (permalink) Old 01-18-2008, 09:39 PM
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i highly doubt that gainfully employed people such as us are the ones who will be getting $800. that amount will go to those who already have had the gov't pay for their section 8 house. we will be lucky to see $100.
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