Government giving away free money????

[Hardwareman]

My friend was telling me last night that families are getting $1200 and an additional $300 per child and it has nothing to do with taxes?

I though it was a tax relief deal.

Doea anyone know more about this? Thanks.




Allen

 

[Pt_Ranger_V8]

yeah...

it's a tax rebate, not free money...:wall:

 

[ozzy85]

I thought it was my money in the first place.

 

[Hardwareman]

OK, thanks. That's what I thought it was. So basically it's like a tax credit for making a certain amount of money and/or having a family.





Allen

 

[michowski]

so how does this work? I normally get back like a grand each year. As soon as my w2 comes in I efile it and get the money within days. What is this thing there trying to pass gonna do? Is that gonna be taken off next years income season?

 

[du510]

Under the agreement announced by the White House, Boehner and Pelosi, individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child. In a key concession to Democrats, 35 million families who make at least $3,000 but don't pay taxes would get $300 rebates.

The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.

Here is a good summary:

http://news.yahoo.com/s/ap/20080125/ap_on_go_co/economy_stimulus_glance_9

 

[milje]

OK, thanks. That's what I thought it was. So basically it's like a tax credit for making a certain amount of money and/or having a family.





Allen

It's a rebate for not making too much. Make over $75,000 a year ($150,000 for a couple) and you don't get squat.

 

[LearjetMinako]

I should qualifiy. Just got my W2 today, I only made $17,238.78 and taxes withheld are $3,539.77 (Fed, State, & Social).

Money from the government. Its a change of direction. And if I do get one, I got a $700 debt to pay towards my mother.

 

[Carlos Murphy]

money

Where's this free money coming from?

Isn't it ours to begin with, money from the general fund?

It's part of our illustrious presidents stimulus package.

 

[skippy]

it's the government,why ask why.just get it back in the economy as quick as you can!if you don't pay taxes,no problem you get $300 anyway.how com we didn't rebates like this when the economy was real bad,like the 70's.bet this money is being borrowed from overseas.

 

[e010740]

You probably will not see anything until May, or June. It does not effect your 2008 tax return. It based on your taxable income from 2007

 

[skippy]

the fed is going to finance a duraspark conversion.hell yeah!

 

[ZMan]

I'm looking forward to it no matter how I get it for where it came from.

 

[e010740]

We are going to borrow the money from China, so you can go out and buy someting Chinese made. So, it will help the Chinese economy.

 

[85_Ranger4x4]

I'm looking forward to it no matter how I get it for where it came from.

X2, I would love to stick some 285/75-16's on the F-150 and loose the hippo on a roller skate look that 255/70-16's give it, but to do that I need to loose the 3.31 highway flyer gears. I could use new tires by next fall, so this should be a nice little boost in that dept, otherwise it is a pretty big expense without it.