US Divers-What are you doing with the $600 rebate?

[RJP]

I don't believe I need an economics class...

Yes it is free, and their money since they already took it from me so that makes it theirs.....I will invest it in my future.

Well then, since they already took money from ME too, mathematically speaking some of the "free" money that people are getting is MINE. So I still think it would be great if more people understood *WHO'S* money it is.

I don't mean that it's mine, but rather that it IS your money, even after the government takes it. Even if you don't think that it is your money, it is.

Look at the first three word of the US Constitution: "We, the people..."

The government that "we, the people..." formed is supposed to be "of the people, by the people, and for the people." So any money that the government has is THE PEOPLE'S money. Anyone who thinks of the government in terms of "they" and "them" and "their's" has a terribly flawed understanding of the situation.

So you are correct in that you don't need an economics lesson. A civics lesson is more in order.

 

[drbill]

I'm going to use it to pay some of next year's taxes!

For those who object to paying taxes, do you also decline the services they are supposed to provide for us. I'm not talking about the pork barrel projects and the defense industry. I have no problem paying taxes if it goes for necessary services (including a safety net for those who suffer from the excesses of the few in "our" economy).

 

[mrfixitchapman]

I'm going to use it to pay some of next year's taxes!

For those who object to paying taxes, do you also decline the services they are supposed to provide for us. I'm not talking about the pork barrel projects and the defense industry. I have no problem paying taxes if it goes for necessary services (including a safety net for those who suffer from the excesses of the few in "our" economy).

Watch where this money is coming from. Last time, in 2001, the tax rebate was actually an advance against your next year's tax refund. In other words, it was a loan taken out against the next tax year. In our case it actually cost us money. Save the check, you might need it to pay taxes next year.

DC

 

[RICHinNC]

Actually, I wish you could opt out.

 

[mrfixitchapman]

I found this at the Union Leader, Manchester, New Hampshire's web site:


Union Leader - Manchester, New Hampshire




How will this affect my taxes in 2008?

The checks would be an advance on a one-year, 2008 tax cut that would turn much of the 10 percent tax bracket into a zero percent tax bracket and provide more in the way of child tax credits.
That said, the IRS is holding off on saying how it plans to handle the tax law changes -- because they haven't yet become law. If you have concerns, consider talking with a tax accountant.

Who's paying for all this?

The package, which also includes about $50 billion in tax cuts for business, is worth about $150 billion. Much of that will be funded through government borrowing.

Right now, the U.S. government owes about $9.1 trillion. A bit more than half of this is "public debt" -- owned by folks like you, your neighbors, and the Chinese government.

"We can't assume there's a free lunch here," Fehr said. "If the U.S. government is going to give this money to consumers, it's got to come from somewhere."

Material from the Associated Press was used in this report.

DC

 

[RJP]

I'm going to use it to pay some of next year's taxes!

For those who object to paying taxes, do you also decline the services they are supposed to provide for us. I'm not talking about the pork barrel projects and the defense industry. I have no problem paying taxes if it goes for necessary services (including a safety net for those who suffer from the excesses of the few in "our" economy).

I have no problem paying taxes. It's the AMOUNT of taxes I pay that I have a problem with.



Thing of it is, I "consume" the same amount of services (often less) as someone who pays 1/2 or 1/3, or 1/4, etc of the taxes that I pay.

So why am I "charged" so much more for those services?

 

[Skull]

Dr Bill ..be careful this money given to you from the government will be required to be claimed as income in 2008 by the Franchise Tax Board and the IRS ... Miss this on your taxes and penalities can be costly ... even if you do an adjustment. Just a thought.

Do yourself a favor and put it in a bank CD and loan it to the banks at a profit! Your chance to finally stick it to the man ...and make a little pocket money while you're at it!

BTW you know you can always give as much as you like to the Franchise Tax Board and the IRS ..their hands are always open ...you don't have to stop at your tax bracket .