Rebate Checks Question?

**jumbopackage** · 02-07-2008, 09:41 PM

Originally Posted by brianhos

I hate the idea of this whole thing, how about taking all the money and paying down some debt, or balacing the budget a little. This is just a horrible idea. We are basically taking a cash advance on the national credit card, and we are all going to have to pay this back later WITH interest.

Yeah, but the problem is, if the economy goes into the crapper, so do tax revenues. There is no way you create a remotely balanced budget with lower revenues, without increasing taxes, which has a negative effect on the economy, which makes everything worse all over again. It's a question of investing some money now to hopefully keep the economy afloat, so you don't have a major crisis later.

Does anyone know if the income caps for the rebate are AGI or just GI? (i.e. pre deductions or post deductions)?

**iowast8fan** · 02-07-2008, 09:58 PM

Originally Posted by The_Architect

I'm planning on using mine for my trip to Jamaica this summer. That's not exactly what they had in mind for what to spend on huh...

Ocho Rios or Montego Bay? When are you going? My wife and I will be in Ocho Rios June 5 - 10. We stopped there on a cruise last March, and planned to hit the Dunne River Falls. Unfortunately, there was a huge storm after we finished swimming with the dolphins. The lightning was brutal and we skipped the falls and went back to the ship. I hate that we missed the best part of Jamaica, and can't wait to get back there for a re-do.

**brianhos** · 02-07-2008, 10:00 PM

Originally Posted by iowast8fan

Ocho Rios or Montego Bay? When are you going? My wife and I will be in Ocho Rios June 5 - 10. We stopped there on a cruise last March, and planned to hit the Dunne River Falls. Unfortunately, there was a huge storm after we finished swimming with the dolphins. The lightning was brutal and we skipped the falls and went back to the ship. I hate that we missed the best part of Jamaica, and can't wait to get back there for a re-do.

Don't go to Ocho or Montego, go to Negril! Negril is the most perfect beach on earth!

**brianhos** · 02-07-2008, 10:02 PM

Originally Posted by jumbopackage

Yeah, but the problem is, if the economy goes into the crapper, so do tax revenues. There is no way you create a remotely balanced budget with lower revenues, without increasing taxes, which has a negative effect on the economy, which makes everything worse all over again. It's a question of investing some money now to hopefully keep the economy afloat, so you don't have a major crisis later.

Does anyone know if the income caps for the rebate are AGI or just GI? (i.e. pre deductions or post deductions)?

I don't think any of that has been settled yet. They are just bickering back and forth about who gets it.

**cmoneyr** · 02-07-2008, 10:06 PM

Senate passed it and they say it could be on Bush's desk by tomorrow. People living on social security and disabled vets look to be getting checks also.

**iowast8fan** · 02-07-2008, 10:16 PM

Originally Posted by brianhos

Don't go to Ocho or Montego, go to Negril! Negril is the most perfect beach on earth!

We have a cruise scheduled over spring break that is stopping at Half Moon Cay. It is a small private island owned by Carnival. Reading things from people who have been on many cruises and destinations, it is the best beach they have ever seen.

**CYCLONE STATE** · 02-07-2008, 10:51 PM

I can't wait to get my rebate....so I can use it to pay my taxes. Isn't it ironic,don't you think?

**brianhos** · 02-08-2008, 07:19 AM

Originally Posted by cmoneyr

Senate passed it and they say it could be on Bush's desk by tomorrow. People living on social security and disabled vets look to be getting checks also.

Where is the income cap at?

**brianhos** · 02-08-2008, 07:21 AM

Found it:

The deal, passed in the Senate on a 81-16 vote, includes rebate check amounts of $300 to $600 for people who have an income between $3,000 and $75,000, plus $300 per child.
Couples earning up to $150,000 would get $1,200.
But the plan also gives checks to more than 20 million Social Security beneficiaries and 250,000 handicapped veterans and their widows.
Two White House officials said President Bush will probably sign the bill next week.

**wartknight** · 02-08-2008, 07:30 AM

Ah Jamaice, home of the dirty banana and mudslides. I think after the week I was there I had every Bob Marley song memorized and I didn't mind a bit.
As the driver told us when we first got there, you only need to know one phrase in Jamaica-
"No problem mahn"
He was kind of right. Its also nice to know what ganja is when the guy with the rastas is pulling your hand into the back room and has a great deal for you on it.

**jdoggivjc** · 02-08-2008, 07:49 AM

Originally Posted by brianhos

Found it:

The deal, passed in the Senate on a 81-16 vote, includes rebate check amounts of $300 to $600 for people who have an income between $3,000 and $75,000, plus $300 per child.
Couples earning up to $150,000 would get $1,200.
But the plan also gives checks to more than 20 million Social Security beneficiaries and 250,000 handicapped veterans and their widows.
Two White House officials said President Bush will probably sign the bill next week.

I'm less and less in favor of the rebate, but I'm at least glad disabled vets were included on this - they've paid their debt to this country with their life, and as far as I'm concerned, they should NEVER have to pay taxes in the first place (then again, start a policy like that and people will find a way to exploit it).

**HandSanitizer** · 02-08-2008, 07:53 AM

So here is what I am confused about. So I have 3 kids that I claimed for last 2007 tax season. So would that would mean that I get 600+600+300+300+300=$2100.
This "Cash Advance" or whatever it is..Is it just money they are going to take off of your 2008 Tax Refund? So if a person usually gets $5000 for tax returns would they then get $5000-$2100 (advance)? That is the way someone tried to explain it to me, but it sounds like the bill has changed a bunch of times.

**cycloneworld** · 02-08-2008, 08:06 AM

Originally Posted by HandSanitizer

So here is what I am confused about. So I have 3 kids that I claimed for last 2007 tax season. So would that would mean that I get 600+600+300+300+300=$2100.
This "Cash Advance" or whatever it is..Is it just money they are going to take off of your 2008 Tax Refund? So if a person usually gets $5000 for tax returns would they then get $5000-$2100 (advance)? That is the way someone tried to explain it to me, but it sounds like the bill has changed a bunch of times.

They won't take it off your refund. It's an additional supplement. However, you will have to pay state taxes (unless the Iowa leg votes against it) and you will have to claim it as income on next years taxes. The problem is that if you go spend your $2,100, you will owe the government federal taxes on that when you file in 2009.

**jtdoyle1** · 02-08-2008, 08:09 AM

Originally Posted by HandSanitizer

So here is what I am confused about. So I have 3 kids that I claimed for last 2007 tax season. So would that would mean that I get 600+600+300+300+300=$2100.
This "Cash Advance" or whatever it is..Is it just money they are going to take off of your 2008 Tax Refund? So if a person usually gets $5000 for tax returns would they then get $5000-$2100 (advance)? That is the way someone tried to explain it to me, but it sounds like the bill has changed a bunch of times.

No you would get a $2100 check, probably in May or June independent of your normal tax refund or payment.

**Phaedrus** · 02-08-2008, 09:43 AM

I "just" qualify for it. And to celebrate, I will immediately take it, and apply it to the principal on my house.

Screw the "stimulus". Does that make me Un-American?