# Tax rebate check



## mark.cheryl (Jan 6, 2008)

From Bush's announcement they will probably arrive this summer. What preps will you be spending yours on? It is giving people false hope to stave off recession with a couple hundred bucks. I'm in Canada, so I don't get one. :shrug:


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## Guest (Jan 19, 2008)

Let's see, that was $800 to singles and $1600. to families! 

By the time that gets here will probably have to use it to catch up on bills. We're just barely pulling through now.


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## ai731 (Sep 11, 2007)

Also Canadian, so not getting one either, but if I was, I'd be laying it all on the mortgage for the acreage we're planning to buy this spring.

Jan


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## Bearfootfarm (Jul 13, 2006)

mark.cheryl said:


> From Bush's announcement they will probably arrive this summer. What preps will you be spending yours on? It is giving people false hope to stave off recession with a couple hundred bucks. I'm in Canada, so I don't get one. :shrug:


 It doesnt seem like a lot but when you figure how many people will get those checks , it adds up to billions of dollars into the economy. It worked well the last time they did it

Ill probably spend mine on seed or fertilizer for the pastures, and then deduct THAT off my income taxes too


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## Karen (Apr 17, 2002)

I'm not counting my rebate check before it actually hatches. But _if_ it does, we've vowed to put all extra money into paying off any debt.


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## AngieM2 (May 10, 2002)

If I get that one rebate, it'll help to finally get out of this left over finacial hole from the time between 2005 and early 2007 without a reg job.

Angie


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## Guest (Jan 19, 2008)

I'm thinking log splitter.


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## WolfWalksSoftly (Aug 13, 2004)

DW and I will blow 200.00 each on whatever we want, the rest goes into the stash.

I was thinking of getting a metal detector or a used compound bow.


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## fostermomma (Feb 26, 2007)

We would use ours to pay off debt.


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## Rockytopsis (Dec 29, 2007)

I will most likely use it to purchase fencing so that we can better rotate the goats in 3 pastures. Or if we have already got the fencing by the time it does get here it will go to repay savings.


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## Ernie (Jul 22, 2007)

It hasn't gone through Congress yet. There may be no check. A large portion of it was supposed to go to businesses to 'stimulate the economy'. Our personal economies are assumed not to need to be stimulated. The Democrats are already complaining because this tax rebate isn't going to go to those poor folks who don't pay any taxes anyway. 

So don't count on seeing any of your money back anytime soon.


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## farmwife (Jan 6, 2006)

If it comes than we will use it toward debt. We will see if it comes if not than it doesn't !


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## mj1angier (Jan 3, 2006)

Half will go into silver, part in home repairs, some to preps. If it happens, that is.


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## Ohio Rusty (Jan 18, 2008)

Most everyone that comments on this says they will be putting away their money. That undermines the whole plan Bush has to spend, spend, spend. 
I'm not going to spend much of it if it actually comes. In a recession, 'Cash is King'. The value of goods will flucuate wildly either having no value, or inflated value. A 20 dollar bill is still a 20 dollar bill and will still buy 20 dollars worh of gas or goods. Having a large chunk of liquid cash on hand for supplies or needs is important.
I'm a bit cynical how this 146 billion will completely turn our economy around when our deficit is in the millions of billions. It's like needing $100 dollars of gas and only spending 50 cents for gas. It's not going to do what you need it to do for very long. Maybe it's like putting a small bandaid on a large wound. It won't cover everything that needs to be covered. If the Gov't wants to give my family the amount for couples, I'll take it without anyone twisting my arm. I'm not going to let it burn a hole in my pocket. I'm planning on putting mine away to hedge myself against any unforseen disasters that are coming.
Ohio Rusty


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## elkhound (May 30, 2006)

most people that gett hsi check will go out and blow it...it hink most on this board will pay towards getting out of debt,long term supplies or hold it back for a true emergency.i guess they(govt) doesnt get it...or still doesnt....this small amount is nothing....it is a drop in the bucket.people are in debt and they are having hardtimes getting out of debt.....lets get serious....most people are struggleing all monthly bills.if you have a car loan,morgage,CC debt and now with the rise of fuel and all "daily goods"....well....800 wont make 2 months car payments for most folks.the debt that most are carrying will not be paid off ofr years.car loans that are 5 to 7 years in length...well...if they boguht car in 2005 they are jsut now getting started toward pay off.it wont be paid off until 2010 or 2012.for the people who are in debt....well there is only one way out of it...hard work and determination...and stop spending money and live frugal to get ahead.it is hard but it is the only way.discipline now for more financial freedom later.hard times are not so hard without debt beating down the door.the masses of the u.s.a. are so far in debt that it will take years of hard work for them to get it paid off.easy money is drying up or easy loan money....so..in my opinion this will be good for folks who have saved a few dollars....they will be getting better interest on their money.BUT in all money making....if someone is making money then someone is loseing money.there is no easy answer for all that is going on.i will save the money if we get it for true hardtimes on my lowly level of life.


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## Madame (Jan 1, 2003)

Payment on 2nd mortgage. It's a 5 year loan that I want to pay off in 3.


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## Cheryl in SD (Apr 22, 2005)

If I read it right, we won't get any. That is ok. We do get child tax credit and don't pay income tax because of it, so I don't expect to get a tax rebate.


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## Freeholder (Jun 19, 2004)

Even if it goes through, I don't know if I'd get it. But if I do get it, it will go to replacing all the carpet in this house with hard surface flooring so we can manage without having to have a vacuum cleaner (they take electricity and keep breaking down). 

If there's anything left over it'll go towards a wood stove.

Kathleen


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## Cheryl in SD (Apr 22, 2005)

Thread drift - Kathleen, We just installed carpet, it has made it so much warmer. BUT if we ever lose power for more than a few days/weeks, it is going to get uninstalled & put into the garage to wait until we have power back again. Paying an installer to re-lay the carpet would be a fraction of what it would take to replace it if we couldn't clean it for a long period of time.


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## Cheryl in SD (Apr 22, 2005)

I never answered the question, IF we get the check (we won't) I would do what I did last time, prepurchase homeschool materials. It is one prep I haven't done yet. I would like to get everything we need from here on out so the kids will get their education no matter what.


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## Mysticdream44 (Dec 29, 2004)

If it comes though and we actually get it, we will use most of it to buy a used car which we desperately need. However if we don't get it until summer, I'd either want to use it as a down payment along with whatever we've managed to save on a place of our own or put it in an emergency fund.


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## Pauline (Jan 28, 2003)

if we get it i want to use it for a coal/woodburning stove and school supplies but i won't count on anything until it is in my hands


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## edcopp (Oct 9, 2004)

Amother what if?

Somebody made a proposal. Nobody has approved the proposal. If approves some will be "left out" of the equation, hmmm. Been there done that.

If some money comes my way, I will decide at that time what to do with it. My thoughts run toward some delayed maintenence projects that are needed, so spending would run toward meterials, and perhaps some spot labor.

I would treat this found money as income. Some to a tythe, and some kept in a prudent reserve, then on with my projects.


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## half-life (Jan 18, 2008)

You folks realize that is just an advance towards your tax return money don't you?

Here's a scenario for you: A young couple gets a $1600 check which the spend quickly to help "stimulate the economy". On the next tax filing the couple find out they only have $1200 coming back as a tax refund. Now since the $1600 was an advance against the upcoming refund the couple does not get any refund and still owes the government $400, which if they don't pay on time will incur interest and late fees.

Sounds like the government is banking on people's ignorance of the program to take more cash out of people's pockets through fees.

I won't accept nor get ANY refund check because my quarterly income tax payments are configured so I give the government EXACTLY what I owe and not a penny more. I suggest more people look into this as a way to keep your money in your hands.

I refuse to let the Feds make interest holding my cash for a year only to give me back a "refund" without the interest the money made.

I see this program really throwing some lower income people for a loop when they find out the government is not "giving" them money, but instead just advancing them money on a tax return.

And we wonder why economics is rarely taught to today's government schooled kids.


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## magnolia2017 (Dec 5, 2005)

We'll see when it gets here. Likely it will go on bills and maybe an extra mortgage payment.

DH and I both changed our W4s this year and each claimed one dependant. That's less taxes held out of our paychecks and more cash now when we really need it. We usually get a refund, and this way we won't have to wait around six weeks or so to get OUR money back from the government.

If the President really wanted to help us out, maybe he could do something about the price of gasoline.

Maggie


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## belladulcinea (Jun 21, 2006)

To either paying off debt depending upon when we get it or if our debt is gone, it will go to the kitchen remodel.


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## teresab (May 25, 2005)

If the money is an advance on the next years income tax rebate we will take none..doesn't make much sense to me. 

When we get our tax rebate it is used to pay the coming years property taxes, house and car insurance and such. Now if we were to take $1600. and blow it (to stimulate the economy) then I'm just setting us up to be short to pay the bills the next year. No thanks.


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## Beaners (Feb 23, 2005)

This was the only article I could find saying it was an advance. And it says it isn't even sure it is.

http://www.opednews.com/maxwrite/diarypage.php?did=5695

I'm not disagreeing, but is there some source that says definitely one way or another?

Kayleigh


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## half-life (Jan 18, 2008)

"A payroll tax rebate would not affect your Social Security benefits or the long-term solvency of the entitlement program, Furman said, because it would really serve as a tax credit. In other words, money from your paycheck would still be taken out and put towards Social Security, *but the federal government would send you a check that would serve as an advance on a refundable tax credit on your tax return*."

This is the cnn article from which the quote came from:

http://www.mutual-funds.us/2008/01/18/news/economy/rebate_how_it_works/index.htm


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## Morning Owl (Oct 13, 2005)

Property taxes for next year.


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## texican (Oct 4, 2003)

I'm probably SOL... Last two years (05, 06) I paid out the yingyang... I'm self employed, no payroll or automatic deductions... so I end up paying it all in a lump sum in April. Odds are, the tax rebates will be based on the 2007 year, which I didn't work hardly any... at least worth reporting... now if they give it out to everyone who pays taxes, it'd be great.

I'd buy cement.


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## Ode (Sep 20, 2006)

DH and I usually owe a couple hundred each year, because we are pretty good about claiming the proper deductions throughout the year. So, I guess that means we won't be getting anything. On the other hand, the government isn't getting to use our cash interest free during the year. I suppose we will all have to wait and see how this all pans out, and if it even passes.


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## kritterwood (Jan 27, 2007)

you can bet anyone living below poverty level wont get one.id blow it on fencing most likely.


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## menollyrj (Mar 15, 2006)

I'd put it towards paying off the remainder of our van loan. That's where any extra cash is going right now.

-Joy


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## ceresone (Oct 7, 2005)

I read a article yesterday, dont know if its true--said anyone not filing and paying taxes wont get one--nor anyone making below 25,900. humm--looks like thats the ones that need it, senior citizens, and working poor families.


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## triana1326 (Feb 13, 2006)

If it's an advance, we won't take it. But if it's just a check with no strings attached - it'll go towards paying for midwifery services and use of the birth center where we're planning on having our baby in Sept.


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## Ernie (Jul 22, 2007)

ceresone said:


> I read a article yesterday, dont know if its true--said anyone not filing and paying taxes wont get one--nor anyone making below 25,900. humm--looks like thats the ones that need it, senior citizens, and working poor families.


The government should not be in the business of charity ... that's OUR job as private citizens. 

If you want to call this a government handout, then let's do so and be honest with ourselves. Yet they are calling it a tax REBATE and then trying to fool us with giving it to people who don't pay taxes in the first place. $25,900 isn't a magic number. It's the minimum line at which you will or won't be required to pay income tax. 

And then there's the shocking audacity of this action itself. The federal income tax is illegal and unconstitutional. They're going to take our money illegally, using thuggery and blackmail to coerce us into giving it up, and then "help us out" by giving us a portion back. That's mighty kind of them, don't you think?

There are only two taxes authorized by the U.S. constitution. A direct tax, equally apportioned ... and an indirect tax. The direct tax would be, for example, a $100 tax to every citizen regardless of their income. It MUST BE equally apportioned. An indirect tax is like the taxes on gasoline, cigarettes, alcohol, etc. Consumption taxes, more or less.

This video is pretty enlightening. It's called "America:Freedom to Fascism".


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## Bladesmith (Sep 20, 2003)

Another monetary shell game from this administration. You can bet your check the beneficiaries of this gimmick ain't the common man.

I see this as a desperate attempt to make people view republicans, via Bush, in a good light.


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## Ernie (Jul 22, 2007)

I've done some research now, and it looks like both sides of the aisle are in favor of it going out to all citizens, regardless of whether or not they have paid taxes. 

They are absolutely positive that this money needs to be in the hands of the lowest income citizens as quickly as possible, in order that the money be passed on to Walmart and other corporations as quickly as possible. I think that's their real reason for this. They want to stop the corporate bleeding as quickly as possible. Even though the stock market rallied about 50% from its fall yesterday, it's still a bleeding loss and you'll see another small percent hit periodically over the next few months. 

I also find it funny that on CNN you can't find anything about yesterday's stock hit, but the entire front page is consumed with some actor I've never heard of dying of a possible drug overdose. "Hey, look over here, America! Something more interesting that your small minds can understand!"

A more paranoid conspiracy theorist than me might consider that the New World Order saw the stock market tumble, took steps to stop it, and then rolled the dice saying, "which popular actor must die mysteriously in order to deflect attention?"


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## mark.cheryl (Jan 6, 2008)

It might be simpler if the goverment just gives the money to the corporations, and skips the citizens altogether. This would really cut the delay in boosting the economy, and prevent people from wasting the money paying off debts etc.

*gags on this own sarcasm*


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## Bladesmith (Sep 20, 2003)

Ernie said:


> I've done some research now, and it looks like both sides of the aisle are in favor of it going out to all citizens, regardless of whether or not they have paid taxes.
> 
> They are absolutely positive that this money needs to be in the hands of the lowest income citizens as quickly as possible, in order that the money be passed on to Walmart and other corporations as quickly as possible. I think that's their real reason for this. They want to stop the corporate bleeding as quickly as possible. Even though the stock market rallied about 50% from its fall yesterday, it's still a bleeding loss and you'll see another small percent hit periodically over the next few months.
> 
> ...



You left out the new season of "American Idol". Bread and Circuses, baby.


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## CJ (May 10, 2002)

My understanding of it (which could be way off) is that the Democrats want all the lower income earners to receive the rebate, regardless of whether or not they paid any taxes in.

However, this morning on the news they said probably anyone earning over $150k per year will not be eligible.

Now, I fully understand that those earning over $150k per year in no way need $1600 back in their pockets like a couple earning $15k per year.

However... how unjust is that? It's charity, plain and simple. What right does the government have to take from some and give to others? Isn't that what personal charity is for?

If the intent of this rebate is to stimulate the economy, then the rebate should apply to all. Personally, I'd rather see it go to our vets, or to the national debt.


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## jerzeygurl (Jan 21, 2005)

kinda like when the dude that breaks into your house and steals 1000 bucks hands you five back and expects a thank you?




> How to Identify Legal Plunder
> 
> 
> But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.
> ...


 f bastiat 1850


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## Ernie (Jul 22, 2007)

Hey, another quoter of Bastiat! He's my favorite economist. EVERYONE should have a favorite economist.


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## DC_Hound (Jan 15, 2008)

> This video is pretty enlightening. It's called "America:Freedom to Fascism".


Hi Ernie! Reading several posts you've written made me think you are awake, and clearly you are.  

I read this board daily but post very little. Many interesting new threads lately. I'm really enjoying them and learning a lot. Thank you all.


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## Ode (Sep 20, 2006)

Well I totally misunderstood this when I posted previously. I guess hubby and I will be getting the full payment for a couple, since we paid over 40k in taxes in 2007. We still owed another 80 bucks when we did our taxes, not too bad I guess. The 1200.00 will be nice to get, we can add it towards paying off the vehicle. Our goal for this year was to be out of debt with the exception of the house and new vehicle. The older vehicle was paid off 2 years ago, and the credit cards are finally paid off too. I wish it was as easy to pay off the house.


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## Morning Owl (Oct 13, 2005)

So let me get this strait. Because I only made $24,923 I will not get the tax rebate? Even though I paid $3,322 in Federal tax, $1,012 is state tax :flame: 

Morning Owl


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## ceresone (Oct 7, 2005)

Heck, I really dont call what they call it--I wont get it--but if I did, Lo, and Behold, I might buy GROCERIES!! Hubby, who has Alz., and I spend, on the average, $60. a month on food.
Could you do that? I wouldnt be too proud to take it--no matter what you called it. And no, we dont get food stamps, etc.


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## Deacon Mike (May 23, 2007)

Ernie said:


> And then there's the shocking audacity of this action itself. *The federal income tax is illegal and unconstitutional.* They're going to take our money illegally, using thuggery and blackmail to coerce us into giving it up, and then "help us out" by giving us a portion back. That's mighty kind of them, don't you think?


Ernie,
Haven't we discussed this before?

Amendment XVI
(Ratified February 3, 1913)

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.


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## AngieM2 (May 10, 2002)

Morning Owl said:


> So let me get this strait. Because I only made $24,923 I will not get the tax rebate? Even though I paid $3,322 in Federal tax, $1,012 is state tax :flame:
> 
> Morning Owl


I thought in your case you'd get $300.

Angie


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## Morning Owl (Oct 13, 2005)

Ernie said:


> If you want to call this a government handout, then let's do so and be honest with ourselves. Yet they are calling it a tax REBATE and then trying to fool us with giving it to people who don't pay taxes in the first place. $25,900 isn't a magic number. It's the minimum line at which you will or won't be required to pay income tax. [/URL]


Sorry I miss read Ernie's post  

Ernie can you explain this to me? "$25,900 isn't a magic number. It's the minimum line at which you will or won't be required to pay income tax." I'm a few french fries short of a happy meal so go slow ok? :help: 

Morning Owl


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## CJ (May 10, 2002)

Morning Owl said:


> So let me get this strait. Because I only made $24,923 I will not get the tax rebate? Even though I paid $3,322 in Federal tax, $1,012 is state tax :flame:
> 
> Morning Owl


My understanding is anyone who EARNED $3k or more, but no MORE than $75k qualifies. It really doesn't matter how much you paid in, or even if you didn't pay any taxes in.

However, for those who paid taxes in, but earned over $75k, there will be no rebate for them.

I believe the latest update now states senior citizens without income will now also qualify for the rebate.


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## charles burns (Mar 21, 2006)

It's kinda like a FEMA check hmmmm?

Anybody thinking of refusing a government handout?

Brace yourself, FEMA fever is coming to a town near you;

_The guy down the road has had his and I haven't had a penny yet! It's not like he needs it, he just bought a new boat!

That couple got more than me and they've never done an honest days work in their lives!

They messed my check up! I only got half of what I was supposed to!_

yup yup yup.


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## nathan104 (Nov 16, 2007)

Ode said:


> Well I totally misunderstood this when I posted previously. I guess hubby and I will be getting the full payment for a couple, since we paid over 40k in taxes in 2007. We still owed another 80 bucks when we did our taxes, not too bad I guess. The 1200.00 will be nice to get, we can add it towards paying off the vehicle. Our goal for this year was to be out of debt with the exception of the house and new vehicle. The older vehicle was paid off 2 years ago, and the credit cards are finally paid off too. I wish it was as easy to pay off the house.



I doubt you qualify. The cut off is 150K for a married couple. So, if you as a married couple paid in over $40K in taxes, I would think you would be above the income cut off. If Im wrong and your combines income was less than 150K then dismiss this. $40K in taxes just seems a bit more than a 150K income would generate if yall are married filing jointly.


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## Deacon Mike (May 23, 2007)

half-life said:


> You folks realize that is just an advance towards your tax return money don't you?


While no source has had any kind of clear explanation as to what this is, was not Bush's intention that it be an advance on your tax return.

Here are the 2007 tax rate schedules


```
If taxable income is  over-- 	But not over-- 	The tax is:
$0 	$7,825 	10% of the amount over $0
$7,825 	$31,850 	$782.50 plus 15% of the amount over 7,825
$31,850 	$77,100 	$4,386.25 plus 25% of the amount over 31,850
$77,100 	$160,850 	$15,698.75 plus 28% of the amount over 77,100
$160,850 	$349,700 	$39,148.75 plus 33% of the amount over 160,850
$349,700 	no limit 	$101,469.25 plus 35% of the amount over 349,700
```


```
If taxable income is over-- 	But not over-- 	The tax is:
$0 	$15,650 	10% of the amount over $0
$15,650 	$63,700 	$1,565.00 plus 15% of the amount over 15,650
$63,700 	$128,500 	$8,772.50 plus 25% of the amount over 63,700
$128,500 	$195,850 	$24,972.50 plus 28% of the amount over 128,500
$195,850 	$349,700 	$43,830.50 plus 33% of the amount over 195,850
$349,700 	no limit 	$94,601.00 plus 35% of the amount over 349,700
```
The first is single the second is married. What I think Bush wanted to do was get rid of the 10% bracket for both single and married people for 2008. That's were the original $800 and 1600 came from. He then wanted to give you that money now to spend. 

So in that context, yes it's an advance, but it would not in any way affect you refund for the 2008 tax year.


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## Farmerwilly2 (Oct 14, 2006)

Food, bullets, clothes and seed. If anything is left after that, more boots.


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## Ode (Sep 20, 2006)

nathan104 said:


> I doubt you qualify. The cut off is 150K for a married couple. So, if you as a married couple paid in over $40K in taxes, I would think you would be above the income cut off. If Im wrong and your combines income was less than 150K then dismiss this. $40K in taxes just seems a bit more than a 150K income would generate if yall are married filing jointly.


That was all our taxes, including state, federal, medicare, and social security. And thankfully it was under the 150k limit, or we would have paid even more in taxes.

Wouldn't it be nice if just one time in a taxpayer's lifetime you could not have to pay any taxes for an entire year? Or get a rebate for a single year's worth of taxes. Now that's a rebate I could really like.


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