What are you going to do with YOUR tax rebate? (real estate, foreclosure)

[cocopuffy]

didn't the original bill call for people making up to 300k to get money back and people who make up to 150k get 1,200?

[tikimann]

where is an official site that actually shows the breakdown of who gets the rebates? all I seem to be getting is hearsay based on some older versions of the bill.

[djw]

Rebates: What you need to know - Feb. 8, 2008
Seems to be a pretty comprehensive article with the details.

And to Merin, you are partially correct. It is an advance on next year's return. But it will also be a "credit" on next year's return. So it's a wash for most of us. Those that may get more after filing 2008 taxes are folks that have new babies this year or something like that. No one will have to pay it back.
Catch is that you must file a 2007 return to get the advance.

[NorthmeetsSouth]

Originally Posted by BobKovacs

Well, since I'm apparently part of the category considered "rich" because I make over $75k/year, I won't be getting one, so I don't have to worry about it...........

Right... which is why I don't understand them using the term "Tax Rebate", because that makes it sound like it is somehow based on how much we pay in taxes. The people who pay the most in taxes will get no "rebate", and the people who pay far less in taxes will get one, and for every child they have they will get another $300. Why not call it what it is... income redistribution.

[netdragon]

I'm going to pay off some debt. I'm happy to receive the rebate, but I think it would have been better to take that those hundreds of billions of dollars and investing it in infrastructure/energy and public projects (like commuter rail and solar energy farms) to create jobs and spur our economy the way improved infrastructure. I'm sure many will be like me and use it to pay off debt instead of spending it at Target, which was not the intended purpose but I don't really care -- I'm not going to go spend it on something I don't need.

Additionally, it's AGI so even if you make more, your AGI may be lower (e.g. minus 401k contributions). My Gross income last year may be slightly higher than $75k but I'm confident my AGI is lower. Adjusted Gross Income - Wikipedia, the free encyclopedia because I put money into my 401k.

If your AGI is above the cap, you still may get a partial rebate.

Put another way, the rebates of those taxpayers will be reduced by the amount of income above the cap multiplied by 5%, said Mark Luscombe, principal analyst at tax information publisher CCH.

Take a couple with two children. If they make less than the income cap, they will likely get an $1,800 rebate. If they make $15,000 more than the cap, they will see their $1,800 rebate reduced by $750 ($15,000 x 0.05). So instead they will receive a check for $1,050 ($1,800-$750).

[Love Cobb]

I plan on taking a vacation since I wont be getting a refund this year otherwise!!

[DoveDiva]

I'm going to put it in my savings account. That's what I usually do with my tax refunds...no sense in doing anything different.

[plessthanpointohfive]

I wasn't sure we'd get one but after reading through this I guess we will. We're getting new gutters - because ours look like rusted out, bent, don't work, clogged up, hanging off the soffits, nasty, trashy, low rent - so I imagine we'll put it towards that...

[Tab1975]

I think that it is a wate because I am still going to have to have it deducted form next years taxes. But what I want to know is do the single mothers get that $300 for each dependant? I am head of household and I have two dependants.

I am taking mine and decorating my new apt for me and my children. By that time I will be in one.

[compelled to reply]

Originally Posted by cocopuffy

I know what I SHOULD do...
My responsible self says put it away in a savings account or bond.
My REAL self says do my part for the economy and turn that rebate into a LCD TV or 32g ipod Touch.

I still don't understand the point handing out money the government doesn't have and then go tell people to ship that money to China. Oh well, China buys all of our debt anyway . Talk about a waste of tax money. Sure we got it back, but look where we are encouraged to send it to.

What is one of the number one factors driving our country into a recession right now? Personal debt. If we are going to get little communist-style handouts then why don't they at least try to make sense and tell us to go spend it on our debt that almost all of us have? I owe almost no debts for the very reason that debt is exactly why the world is in trouble.

To the poster who mentioned paying off credit card debt- kudos, that does NOT defeat the purpose unless you just put yourself into more debt to make up for it!