Economic Stimulus Bill

[rachelmichellek]

So-- that last time they sent out those $300 checks, that was basically an advance on everyone's upcoming tax refunds, right?

So now they're planning to do that again-- this time will it be an advance on our 2007 tax refunds (which we have already mailed in for) or 2008 ones? Or...?

Comments

[rachelmichellek]

ahh. i see.

[siercia]

But it's not an advance on your taxes - my understanding is that with this package, if you were going to get a $1000 refund, now you'll get that PLUS your extra check.

[rachelmichellek]

It must be an advance on your tax refund from somewhere-- they're not going to just give out money-- it must be coming "from" someplace?

Last time, the news said it WAS an advance on your refunds...

[siercia]

From NPR.org (this story: http://www.npr.org/templates/story/story.php?storyId=18015172 )

The IRS will send out rebates - by mail or by direct deposit into your bank account - through the late spring and the summer. The rebates come in addition to any regular tax refund.

[rachelmichellek]

buckeyebrain (above) says it's an advance on the 2008 tax refund.

so yes, the checks come in addition to your regular 2007 refund, but it's an advance on your 2008 refund.

like last time...

http://query.nytimes.com/gst/fullpage.html?res=9C00E7D9113EF937A15751C0A9649C8B63

[rizzo41]

I haven't found anything in any news article or anywhere on the irs website saying that it's an advance on next year's returns.

The only hint at where it's coming from is from an article I found in the yahoo news:

"To pay for the rebates - which are estimated to cost about $117 billion over the next two years - the government will have to borrow more money, enlarging the budget deficit."

Which means that yes, they are handing out money. After 7 years Bush sees the results of not paying attention to the plight of the middle and lower classes and to avoid a recession he's handing out money with the thought that we'll all just go and spend spend spend it. Looks to me like he just wants to hold a recession off just long enough to be the next president's problem. Buuuut maybe that's just me..

If you find a news article or IRS site that says that it's part of next year's refund please forward it to me? Thanks. =)

[rachelmichellek]

Well last time they did this, that's what it was-- an advance on your tax refund. So I figured it was the same thing again.

[rizzo41]

How weird. I don't think I got one last time, so I didn't may attention. Was it closer to the end of the year last time? Did you have to fill out paperwork for it or anything?

[rachelmichellek]

No, it just arrived in the mail, but then I think the next time you filled out your tax forms, you had to say whether you had gotten one or not? and people were all confused about that question on the tax form and were answering incorrectly...