STYLETHREAD -- LET'S TALK SHOP!

Members Login
Username 
 
Password 
    Remember Me  
Post Info TOPIC: the tax rebate


Hermes

Status: Offline
Posts: 8209
Date:
the tax rebate
Permalink Closed


In regard to the stimulus deal that was announced yesterday, will the $600 ($1200 for couples) going to be in addition to your tax refund?

I also recall reading that the income cap to receive the rebate is $75,000 for individuals and $150,000 for couples -- anyone have any confirmation on that?

-- Edited by D at 11:50, 2008-01-25

__________________
"Fashion can be bought. Style one must possess." ~ Edna Woolman Chase


Kate Spade

Status: Offline
Posts: 1209
Date:
Permalink Closed

I've read the same about the income cap so I think that's accurate and yes it will be in addition to any tax refund you may be getting. I think we should be seeing the rebates around may or june.

I'm not convinced yet that this is actually going to be good for the economy but I'm not going to turn down money.

__________________


Hermes

Status: Offline
Posts: 5131
Date:
Permalink Closed

It is in addition to your normal tax refund, and you probabaly wont get it until July.

After 75k$/$150, the amount drops (I think to $300/$600). There is a max, where you won't get anything, but i can't recall what that is.

__________________
"Life's too short to wear ugly shoes."

My recipe blog: healthy-delicious.com


Marc Jacobs

Status: Offline
Posts: 2130
Date:
Permalink Closed

I think it's ridiculous and unlikely to help, but there isn't really anything else they could do right now, (short of buying people's homes for them or some serious take-over regulation of the financial industry). So I guess they had to do something. But I'm not spending my half-a-rent-check on anything but bills.

__________________
kmd


Kate Spade

Status: Offline
Posts: 1106
Date:
Permalink Closed

Dizzy wrote:

But I'm not spending my half-a-rent-check on anything but bills.




Yeah. Same here.  You'd think they'd be able to do more.  But, I will take what I can get! 



__________________


Hermes

Status: Offline
Posts: 6944
Date:
Permalink Closed

Here's a couple articles I've read about it that might help explain things:
http://news.yahoo.com/s/ap/20080125/ap_on_go_co/economy_stimulus

http://news.yahoo.com/s/ap/20080118/ap_on_go_pr_wh/economy_stimulus



__________________


Chanel

Status: Offline
Posts: 3178
Date:
Permalink Closed

I hope I get the $600!   It would only be fair since I have paid way too much into income tax this year, I can recoup some of my $$$!!

Well, I guess I'd spend it right away since that is what it's suppose to be for.  I've already decided that I'd spruce up my office with a new paint job, chair, and art for the walls.

__________________


Hermes

Status: Offline
Posts: 8209
Date:
Permalink Closed

Now, my understanding is that the rebate is not linked to our 2007 tax returns.  Are they basing the income level on 2006 returns? I can't find anything that refers to which year's income the rebate will be based on.

__________________
"Fashion can be bought. Style one must possess." ~ Edna Woolman Chase


Marc Jacobs

Status: Offline
Posts: 2001
Date:
Permalink Closed

D wrote:

Now, my understanding is that the rebate is not linked to our 2007 tax returns.  Are they basing the income level on 2006 returns? I can't find anything that refers to which year's income the rebate will be based on.



This is what I'm wondering as well. ???



__________________
http://shoppingandselling.blogspot.com/


Chanel

Status: Offline
Posts: 4845
Date:
Permalink Closed

I'm so very happy that greater consumer debt will save a multi-kazillion dollar economy. I'm not an economist or anything but basic household budgeting tells one that debt does not equal financial gain.

I'm all for $600. I'm sure Visa & Mastercard will enjoy my larger than normal payment that month.

P.S. post is dripping with sarcasm wink.gif

__________________
http://dailypointers.blogspot.com/


Chanel

Status: Offline
Posts: 3120
Date:
Permalink Closed

My feeling is that this money is intended to benefit corporations - like Visa/Mastercard, or AT&T if you're using it to pay bills, or retail/entertainment if you're spending it on consumer goods.

Either way, they win.

__________________


Chanel

Status: Offline
Posts: 3178
Date:
Permalink Closed

BargainQueen wrote:

D wrote:

Now, my understanding is that the rebate is not linked to our 2007 tax returns.  Are they basing the income level on 2006 returns? I can't find anything that refers to which year's income the rebate will be based on.



This is what I'm wondering as well. ???



This money will not be on your income tax returns!  You won't see any checks until late Spring they say.  It was my understanding that the criteria for receiving a check is based on your 2007 income.

__________________


Kenneth Cole

Status: Offline
Posts: 284
Date:
Permalink Closed

Am I the only one that thinks that income cut-off is way too low?! I appreciate what it's like to earn less, but $75000 as an individual / $150000 as a couple does not a rich person make, especially when the government takes more than 40% of your income for taxes.

In short, I want my $600.

furious

 



__________________


Kenneth Cole

Status: Offline
Posts: 423
Date:
Permalink Closed

blubirde wrote:

I'm so very happy that greater consumer debt will save a multi-kazillion dollar economy. I'm not an economist or anything but basic household budgeting tells one that debt does not equal financial gain.

I'm all for $600. I'm sure Visa & Mastercard will enjoy my larger than normal payment that month.

P.S. post is dripping with sarcasm wink.gif



I'm sort of an economist (more specifically, in my third year of five for my BS/MA in econ) and it seems to me that our current administration has listened to about 5 minutes of basic econ principles. Bush had some of the best economic advisors in the country but he refused to listen to them and they left to do better things. What he seems to understand is that government and consumer spending both can improve the economy dramatically. What he's completely missing is that it is entirely dependant on what both the government or consumers spend the money on. With our enormous debt plus the weakened dollar (arguably both Bush's fault), the tax refund will accomplish very little, if anything, that he's hoping for. The more likely explanation for it is that it's almost election time, and the Republicans are hoping that the extra money will be an additional incentive to stay with the party.

 



__________________


Gucci

Status: Offline
Posts: 2728
Date:
Permalink Closed

Hopefully this article will answer some of your questions:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/01/29/BUSCUNN6B.DTL&type=business



Miss Mabel wrote:


Am I the only one that thinks that income cut-off is way too low?! I appreciate what it's like to earn less, but $75000 as an individual / $150000 as a couple does not a rich person make, especially when the government takes more than 40% of your income for taxes.

In short, I want my $600.

furious 

 



I would much rather make $75,000+ a year than get a one-time $600 check.



__________________
Veni, Vedi, Visa. I came, I saw, I did a little shopping.


Dooney & Bourke

Status: Offline
Posts: 735
Date:
Permalink Closed

House passes economy stimulus package

29 minutes ago


WASHINGTON - The House, seizing a rare moment of bipartisanship to respond to the economy's slump, overwhelmingly passed a $146 billion aid package Tuesday that would speed rebates of $600-$1,200 to most taxpayers.

The plan, approved 385-35 after little debate, would send at least some rebate to anyone with at least $3,000 in income, with more going to families with children and less going to wealthier taxpayers.

It faced a murky future in the Senate, though, where Democrats and Republicans backed a larger package that adds billions of dollars for senior citizens and the unemployed, and shrinks the rebate to $500 for individuals and $1,000 for couples. That plan, written by Finance Committee Chairman Max Baucus, would deliver checks even to the richest taxpayers, who are disqualified under the House-passed measure.

Both versions would provide tax breaks to businesses to spur equipment and other purchases.

Baucus, D-Mont., planned a Wednesday vote in his committee, and Majority Leader Harry Reid has said he hopes to have it approved by week's end. Congressional leaders are aiming to send the measure to President Bush by Feb. 15.

But the divergent plans and bids by Senate Democrats and Republicans to swell the package with more add-ons could drag out that schedule.

Sen. Mitch McConnell, R-Ky., the minority leader, said the Senate should simply pass the House measure, which would send it straight to Bush for his signature.

"This is not a time to get into some kind of testing of wills between the two congressional bodies. This is a time to show we can rise above partisanship, do something important, and do it quickly," McConnell said.

The House plan brought together Democrats and Republicans, both of whom surrendered cherished proposals to reach a deal.

House Speaker Nancy Pelosi, D-Calif., cautioned against adding items that could hinder an economic recovery or scuttle the bipartisan agreement.

"It's important that this bill not get overloaded. I have a full agenda of things I would like to have in the package, but we have to contain the price," Pelosi said. "We made a decision, because that's where we could find our common ground."

Republican leaders, too, described the measure as an imperfect compromise that would provide a needed jolt to the economy.

Americans "expect us to find ways to work together, not reasons to fight with each other," said Rep. John A. Boehner, R-Ohio, who forged the agreement with Pelosi in consultation with Treasury Secretary Henry M. Paulson.

"The sooner we get this relief in the hands of the American people, the sooner they can begin to do their job of being good consumers," Boehner said.

The measure would send rebates to some 111 million people, including roughly 35 million families who don't make enough to pay income taxes. Individuals with adjusted gross income of $75,000 and couples making $150,000 would get rebates equal to the taxes they paid, up to $600 for individuals and $1,200 for couples. Those making more than that would see their rebate go down by 5 percent of every dollar of income over the limits.

Taxpayers would get at least $300, even if they paid less than that in taxes or $600 for couples. That's also the case for those who don't pay income taxes but earn at least $3,000.

All eligible people would get an additional $300 per child.

In the Senate, Baucus' proposal removes the income caps and would send rebates to some 20 million senior citizens not covered by the House plan because they don't have income.

It also extends unemployment payments for 13 weeks for those whose benefits have run out, with 26 more weeks available in states with the highest jobless rates.

The Senate measure restores a business tax break dropped during the House negotiations that would permit corporations suffering losses now to reclaim taxes previously paid.

Both packages include roughly $50 billion worth of tax incentives for businesses to invest in new plants and equipment.

Baucus said he, too, wanted to avoid burdening his proposal with extras.

"The more that this is kept slimmed down and it's clean and simple, the better. I do not want it loaded up with lots of other provisions," said Baucus, D-Mont. "Nobody wants to be held responsible for stopping this from going through."



__________________
"apparently there are more important things in life than fashion... yeah, right."


Dooney & Bourke

Status: Offline
Posts: 735
Date:
Permalink Closed

Republicans block stimulus bill By JULIE HIRSCHFELD DAVIS and ANDREW TAYLOR, Associated Press Writers
28 minutes ago



WASHINGTON - Senate Republicans blocked a move by Democrats on Wednesday to add more than $40 billion in checks for the elderly, disabled veterans and the unemployed to a bill to stimulate the economy.


The 58-41 vote fell just short of the 60 required to break a GOP filibuster and bring the Senate version of the stimulus bill closer to a final vote. The Senate measure was backed by Democrats and a handful of Republicans but was strongly opposed by GOP leaders and President Bush, who objected to the costly add-ons.

The vote left the $205 billion Senate stimulus bill in limbo and capped days of partisan infighting and procedural jockeying over the measure. Democratic presidential candidates Hillary Clinton of New York and Barack Obama of Illinois flew to Washington for the vote. GOP front-runner John McCain of Arizona did not vote.

Supporters actually had 59 votes in favor of the Democratic proposal, but Majority Leader Harry Reid of Nevada switched his vote to 'no' at the last moment, a parliamentary move that allows him to bring the measure up for revote.

Republican leaders objected to add-ons such as a $14.5 billion unemployment extension for those whose benefits have run out, $1 billion in heating aid for the poor and tax breaks for renewable energy producers and coal companies.

The measure builds upon a less costly $161 billion House-passed bill providing $600-$1,200 checks to most taxpayers and tax breaks to businesses investing in new plants and equipment.

The Senate version would provide checks of $500-$1,000 to a broader group that includes 20 million older Americans, 250,000 disabled veterans and taxpayers making up to $150,000 for singles or $300,000 for couples.

Reid denied Republicans an opportunity to offer changes to the measure, provoking the filibuster. The calculus was that enough Republicans would relent in the face of political pressure to vote for unemployment insurance and heating aid to join with Democrats to force the measure through.

"Our constituents will look at us as the folks that slowed it down, (and) added a bunch of spending to it," said Sen. Jon S. Kyl of Arizona, the Republican whip, who called the measure "a Christmas tree package."

GOP leader Mitch McConnell, R-Ky., said he wants to amend the measure to add the provisions favoring disabled veterans and the elderly and making clear that illegal immigrants can't get rebate checks.

Reid rejected the offer at least for the time being but Republicans seemed confident he would eventually agree to comparable changes since the alternative would be to approve the House bill and leave retirees living on Social Security and disabled veterans without rebate checks.

The dramatic vote came after an intense lobbying effort by Democrats to convert wavering Republicans, including several facing tough re-election fights. Their efforts were getting a boost from outside groups leaning on senators to back the package, including home builders, manufacturers and the powerful seniors lobby.

GOP leaders, working to stem defections, were assuring Republicans that they would have another chance to support adding senior citizens and disabled veterans to the aid plan even if they opposed the Democrats' bill.

That wasn't enough for Sen. Pete Domenici, R-N.M. who threw his support behind the measure during a brief floor debate.

"I made my decision on what was best for New Mexico and what's best for America," he said.

But other targets, such as Sen. John Sununu, R-N.H., stuck with McConnell.

Asked Tuesday whether the administration would accept adding rebates for the elderly and disabled veterans to the stimulus measure, Treasury Secretary Henry Paulson declined to say definitively, but he told the Finance Committee, "I'm sure we'll be able to work something out and get something quickly done that's broad-based."

The dispute has slowed down the stimulus measure, but there's no indication that it will delay rebate checks, which are expected to begin arriving in May. The rebates will be based on 2007 tax returns, which aren't due until April 15.



__________________
"apparently there are more important things in life than fashion... yeah, right."


Hermes

Status: Offline
Posts: 5131
Date:
Permalink Closed

nm

-- Edited by ILoveChoo at 19:36, 2008-02-06

__________________
"Life's too short to wear ugly shoes."

My recipe blog: healthy-delicious.com
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us


Create your own FREE Forum
Report Abuse
Powered by ActiveBoard