You all have had mixed feelings about the tax rebate check that's part of the $168 billion economic stimulus package. Many of you will be receiving the check this summer, but you've also shared your disbelief that the rebate checks will actually stimulate the economy enough to make a difference. In fact, some of you think it's going to do more harm than good. On top of that, many of you have said that all of this rebate talk makes your head spin. I'm left wondering if you'd rather not get the check at all, or if your feelings of uncertainty and confusion take a back seat to the fact that you'll be getting some extra cash.
L'Autre Chose
Ben Sherman
Dessous
I'm Canadaian so I don't think this applies to me...
1I guess it depends what every indivual plans to do with it. I'm going to use it to pay off my son's private school tuition. I have friends who plan to purchase new TV's and furniture.
2My brother got a form to fill out for this a few weeks back, I haven't seen a thing. Anyone else rcv'd anything in the mail about this?
3aimeeb-
He shouldn't have to fill anything out. The only requirement for those eligible to receive the check is to file your 2007 taxes. I'm concerned that what your brother received is a scam — hopefully he didn't send it back?!
Savvy
4Uh oh...
Ya he told me about it on the phone the other day. I didn't think you'd be receiving anything in the mail so I was a bit confused. Whatever he rcv'd he sent it back...
I'll have to try and get in touch with him. Uh oh...
51) I'm still confused about whether I get to keep the money, or whether it's an "advance" on my 2008 tax return, in which case I'm sure I'll end up having to give most of it back.
2) I worry that our economy seems to depend so much on people *spending*, i.e. buying things on credit. That can't last forever.
6I think it is an advance of next years return and in that case i would prefer not to get it i would rather get a bigger check back next year. I like getting my refund.
7If you file your taxes for 2007 and qualify for a rebate check, the rebate amount will appear on your 2008 tax return as tax credit. You won't get any less of a refund than you normally would for your 2008 tax return (which you'll file in 2009). If you didn't qualify for the rebate based on your 2007 return but your situation in 2008 changes so that you do qualify, the government will send you a rebate check next year.
-Savvy Sugar
82.15.2008
Liss - it isn't an advance of next year's return at all. It's actually a check from the government that's supposed to be used to promote additional spending. Completely separate from your tax return.
9I still don't get what it is, but worry I'll have to pay for it somehow...
10lemonfizz - it makes you wonder whether or not we learned anything from the Stock Market crash in the 20's. There wouldn't have been a depression if so much of the population hadn't been buying things on credit.
Also, for my own two cents, I don't think that this will necessarily work. It'll find its way back into the economy, but not on the larger ticket items that people think it will be. It'll be part of someone's rent, their credit card bills. And a large percentage of people I know are putting it in their savings! Which completely defeats the purpose.
11Thanks for the info Skinnymarie and wingedkiare. That makes me feel better i had heard some where that it would mess up our nexts years return, now i can spend and not think about it
12I don't care, its money!
13I may use mine for vacation spending money...not sure yet
14Well, my tax guy confused the heck out of me. He told me it WAS an advance on next year's tax rebates. Not going to H&R Block again - that's for sure. When the economy not doing so hot right now, I think most people would rush to pay off debts or save. That doesn't mean the money gets put back into the economy.
15I can't wait to get it!
16well unfortunately my 'tax rebate' will be going to pay down the $2500 bucks i owe in taxes.
17It is an advance on your 2008 tax return. I think it is a waste of time. Why don't we take the same amount of money and fix the bridges/highways/schools in this country which creates jobs and actually does something?
18My financial advisor was explaining to me that while this technically isn't an advance on your 2008 tax return, when something similar to this happened in the early '90's (where the govt issued rebate checks), people were pretty upset that they recieved a much smaller refund the next year than what they had anticpated. He advised me to put it to good use, placing it in my savings or paying off cc debt (esp since our available balance on our cc's is about to be impt, in case that happens next year.
19why don't they just let you pay less taxes? oh yeah, because they're trying to trick you into spending more money.
20At first I was like "rebate check? COOL!" but now it just confuses me. I don't even know who gets them and if I will or not but if I do it just seems like more pain than it is worth- especially if it is like $20.00 or something. I haven't had to PAY when doing taxes yet but now it just seems like something else I am going to have to remember to write off next year.
21I think it's terrible economics, but that doesn't mean I'm not going to take it.
22I'm not going to cash mine. I plan to frame it as a reminder of how irresponsible our government is.
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