What Do You Plan To Do With Your $600-1,200 Tax Rebate?

RTO · Post by **RTO** » January 24th, 2008, 11:36 am

WASHINGTON - Congressional leaders completed a deal Thursday with the White House on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.

House Speaker Nancy Pelosi and Republican Leader John Boehner scheduled a news conference for 1:30 p.m. EST to announce the $150 billion package, hammered out in a week of intense negotiations with Treasury Secretary Henry Paulson.

Congressional aides, speaking on condition of anonymity because the deal had not yet been announced, said they hope the checks could go out as early as June.

Individuals who pay income taxes would get up to $600, working couples $1,200 and those couples with children an additional $300 per child under the deal. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.

The rebate part of the plan would cost about $100 billion, aides said. The package also includes close to $50 billion in business tax cuts.

Full Story Here....

Ranger Ron · Post by **Ranger Ron** » January 24th, 2008, 11:41 am

Hire an attorney for my audit!

Flesh Thorn · Post by **Flesh Thorn** » January 24th, 2008, 11:48 am

Who's economy is this going to stimulate ? China's ?

Jim · Post by **Jim** » January 24th, 2008, 11:49 am

Don't count your rebate until the check clears.

Invictus · Post by **Invictus** » January 24th, 2008, 11:55 am

The reason I pay my taxes is to help eliminate our Nation's debt, not to increase it....WTF?

Lefty · Post by **Lefty** » January 24th, 2008, 1:05 pm

Turn it over to the HH6

GoldCoast · Post by **GoldCoast** » January 24th, 2008, 1:38 pm

Roll it into an IRA.

RTO · Post by **RTO** » January 24th, 2008, 1:53 pm

This is not part of the regular yearly tax refunds. This is additional and part of an 'economic stimulus package'.

I'm thinking I should be a good citizen and do my part to help stimulate the economy.
My idea was to target the beer and liquor sectors for improvement!

GSXRanger · Post by **GSXRanger** » January 24th, 2008, 1:57 pm

Finally get the Lewis Machine and Tool Monolithic Upper I have been postponing...

Jenny Lynn · Post by **Jenny Lynn** » January 24th, 2008, 2:02 pm

My 2 cents....
I encourage all to read the fine print, something like this was given out in the past.

My concern is.... is this a really a "rebate" as taxpayers are being told or is it where the government send these checks out but the recipients need to claim this amount received as a form of income on their subsequent tax return, thus making it not truly a "rebate" at all?

RRDTm3 · Post by **RRDTm3** » January 24th, 2008, 2:11 pm

I plan on mailing out written TAB CHECKS to everybody!

RTO · Post by **RTO** » January 24th, 2008, 2:18 pm

RRDTm3 wrote:I plan on mailing out written TAB CHECKS to everybody!

Thanks for the heads up. I'll be sure not to open when I see anything suspicious in the mail and mark 'Return to Sender, Address Unknown' on it!

RTO · Post by **RTO** » January 24th, 2008, 2:43 pm

Jenny Lynn wrote:My 2 cents....
I encourage all to read the fine print, something like this was given out in the past.

My concern is.... is this a really a "rebate" as taxpayers are being told or is it where the government send these checks out but the recipients need to claim this amount received as a form of income on their subsequent tax return, thus making it not truly a "rebate" at all?

Good point. Likely to be taxed and considered 'income' and may even put you in a steeper tax bracket next year!

Here are some 'better' ways than my previous idea to use this 'rebate' to your best advantage:

Well, you could always save it. Absolutely everyone needs at least $500 in the bank. If you've got nothing between your finances and the wolf at the door, now's the time to do take action.

Go a step further and consider starting a savings account â€“ you'll find the online banks pay several percentage points more than most brick-and-mortar operations.

Retire. Remember, the journey to your $1 million golden years starts with the first $100. Throw $300 into an online savings account paying 5% , add that much every year until you retire and you'll have $40,000. (Run the numbers yourself.) Enough to retire on? No, but a lot better than retiring with nothing.

Throw it at your credit cards. It's free money that can go toward very expensive money.

Save it for one of your irregular bills. Got money for your next insurance payment? Car registration? Snow tires?

Use free money to get more. If you've been afraid to enroll in your workplace 401(k) plan because of the hit on your take-home pay, use your rebate to ease the transition. Most employers match at least 50% of your contributions up to a certain point. See how it would grow here.

Make an extra mortgage payment. $1,000 today on a 30-year, 7% mortgage would save you $4,000 over the life of the loan.

Horned Toad · Post by **Horned Toad** » January 24th, 2008, 4:20 pm

I want to know why 30 million fuckers out there that didnâ€™t pay taxes at all somehow get a rebate.

EvilCouch · Post by **EvilCouch** » January 24th, 2008, 7:59 pm

RTO wrote:If you've been afraid to enroll in your workplace 401(k) plan because of the hit on your take-home pay, use your rebate to ease the transition. Most employers match at least 50% of your contributions up to a certain point. See how it would grow here.

If you've been afraid to put cash into a 401(k) with employer matching funds, you're a jackass and should be cock punched.

And, this sounds like a pretty awesome thing, especially since with the cash I've put into my wife's tuition last year, I'm likely to get a full refund. Won't get us out of debt, but it's a bigger shovel than I've been using.