Extra $600 on Income Tax?

[CantAffordMAC]

Can someone please explain this in plain English? Thats one reason I can't keep up with the government/political issues...I don't understand!

Here's what the tax rebate plan means to you - Cleveland Business News – The Latest Breaking News, Earnings Reports and Stories from The Plain Dealer

 

[Tashona Helena]

If that's what I think it is, they're giving couples and individuals extra money hoping that they put it back into the economy.

 

[Jacq-i]

Basically...

If you paid taxes last year, and made $3,000+ last year, you'll get $600.

If you didn't pay taxes last year, and made $3,000+ last year, you'll get $300.

If you individually made $75,000+ per year, then you get less of a rebate.

If you individually made $87,000+ per year, then you don't get a rebate.

Married/joint couples get $1,200 or $600, depending on whether they paid taxes last year.

Married couples that made $150,000+ get less of rebate.

Married couples that made $174,000+ don't get a rebate.

If you have kids, you get $300 per each.

And... Businesses will get some breaks too.

 

[*Stargazer*]

It doesn't mean anything at this point, to be frank. It has to be passed and signed first and the terms could change again.

 

[Jacq-i]

*nods with Stargazer*

If it does pass, the first batch of refund check will be sent out in May, and everyone should get theirs by July.

 

[Jennifer Mcfly]

so then does it matter if we file early (now) or wait until closer to april 15th??

 

[*Stargazer*]

It has absolutely nothing to do with filing taxes for 2007. File away!

 

[purrtykitty]

Why are they even giving refunds to non-taxpayers? If they're gonna do that, then they should give it to all non-taxpayers. I'm a frickin' student who paid no income taxes, so I'm left out...and what better way to boost the economy than to give a poor student a wad of cash?

 

[*Stargazer*]

Quote:

Originally Posted by purrtykitty Why are they even giving refunds to non-taxpayers? If they're gonna do that, then they should give it to all non-taxpayers. I'm a frickin' student who paid no income taxes, so I'm left out...and what better way to boost the economy than to give a poor student a wad of cash?

I believe this "rebate" is an advance on next year's refund. So people who "didn't pay taxes last year" technically "didn't pay" because they got back what they did pay in a refund.

That was terribly convoluted. Did it make sense?

 

[purrtykitty]

Quote:

Originally Posted by *Stargazer* I believe this "rebate" is an advance on next year's refund. So people who "didn't pay taxes last year" technically "didn't pay" because they got back what they did pay in a refund. That was terribly convoluted. Did it make sense?

Which is fine, but they still didn't pay any income taxes...so now the government is just giving out money...and if they're going to do that, it should be applied equally across all citizens. I've paid plenty of taxes in the past, but because I happened to be not working in the timeframe that this is being passed, I won't get the benefit of this "rebate".

 

[lovely333]

it is for the working middle class to help boost the economy