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Old 01-26-2008, 04:15 PM
cwh
 
345 posts, read 855,860 times
Reputation: 109

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Quote:
Originally Posted by Berlin1980 View Post
A great point. At least when we steal the SS and medicare from our children we are sneaky about it. It will take them years to figure out how we have screwed them.

The problem with the refund is that it is such obvious theft.
No, we are on to your tricks...
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Old 01-26-2008, 07:13 PM
 
529 posts, read 2,491,174 times
Reputation: 164
So that 75K/150K income. How do they determine that? I normally make much less than 75K a year. But in 2007, I sold a rental property which made my 2007 income well over 75K for the year. Are they basing it on 2007 income? 2006 income? Average income over so many years??


Quote:
Originally Posted by goodmanm View Post
So far here's the deal:

$600 per person or $1200 per couple and $300 per child.

If you make less than $3000 per year your check will be $300.

Individuals making $75000 or couples making more than $150000 will see a reduction.

Checks will could be in the mail 60 days from when the president signs off.

However, so far we only have a House version. The Senate still has to come up with theirs and then hammer out the differences with the House. This could take awhile because:

"Senate Majority Leader Harry Reid, D-Nev., praised the agreement but added that he expects senators to "work to improve the House package by adding funds for other initiatives." He cited unemployment benefits, food stamps, grants to states and public works projects."

Who knows, maybe they can pull it off quickly.
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Old 01-26-2008, 07:14 PM
 
529 posts, read 2,491,174 times
Reputation: 164
I remember that!
Better save it!

Quote:
Originally Posted by SnappyBob View Post
If I remember correctly, the feds did this rebate thing several years ago. I think it was $600 per house hold that time. And guess what. Property taxes that year rose by an average of $600 in San Antonio.
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Old 01-26-2008, 07:16 PM
 
2 posts, read 4,226 times
Reputation: 10
Default Tax Rebate

I have a collage age daughter who works part time and makes around 10,000 a year. I still claim her as a dependent. I assume I will get 300.00 tax rebate for her but will she personally get a rebate? I am assuming not....
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Old 01-26-2008, 08:46 PM
 
Location: Western Bexar County
3,823 posts, read 13,347,445 times
Reputation: 1905
Quote:
Originally Posted by rita Storie View Post
I have a collage age daughter who works part time and makes around 10,000 a year. I still claim her as a dependent. I assume I will get 300.00 tax rebate for her but will she personally get a rebate? I am assuming not....
They may use the child tax credit criteria. They did say children and since your daughter is over 17 you would not get the extra $300. This is speculation of course and you'll have to wait to the final criteria comes out.
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Old 01-27-2008, 07:53 AM
 
Location: San Antonio
1,289 posts, read 3,334,219 times
Reputation: 917
Quote:
Originally Posted by shenane View Post
So that 75K/150K income. How do they determine that? I normally make much less than 75K a year. But in 2007, I sold a rental property which made my 2007 income well over 75K for the year. Are they basing it on 2007 income? 2006 income? Average income over so many years??
2007 income. As I understand it incomes about 75k will have their rebate reduced by $50 for every 1k above the threshold. There's a good article here which does a good job of explaining it: The Associated Press: Rebates Could Come by May (broken link)
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Old 01-27-2008, 08:05 AM
 
Location: San Antonio
1,289 posts, read 3,334,219 times
Reputation: 917
Quote:
Originally Posted by Berlin1980 View Post
A great point. At least when we steal the SS and medicare from our children we are sneaky about it. It will take them years to figure out how we have screwed them.

The problem with the refund is that it is such obvious theft.
I don't know why anyone would base their retirement on SS and medicare unless that was the only thing available of course.

That whole system has been screwed up for years. Didn't the feds treat it like the gas tax here in Texas and tap the money for other purposes?
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Old 01-27-2008, 10:07 PM
 
Location: Western Bexar County
3,823 posts, read 13,347,445 times
Reputation: 1905
Quote:
Originally Posted by goodmanm View Post
I don't know why anyone would base their retirement on SS and medicare unless that was the only thing available of course.

That whole system has been screwed up for years. Didn't the feds treat it like the gas tax here in Texas and tap the money for other purposes?
They still do! The tab they owe SS is over 2 Trillion and climbing!
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Old 01-28-2008, 07:47 AM
 
Location: San Antonio
130 posts, read 494,761 times
Reputation: 63
Quote:
Originally Posted by cwh View Post
No, we are on to your tricks...

Yeah, you're not as sneaky as you think.
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Old 01-28-2008, 08:33 AM
 
422 posts, read 1,329,946 times
Reputation: 138
Quote:
Originally Posted by goodmanm View Post
2007 income. As I understand it incomes about 75k will have their rebate reduced by $50 for every 1k above the threshold. There's a good article here which does a good job of explaining it: The Associated Press: Rebates Could Come by May

Ahhh...so for a working couple, you will recieve a rebate up to $1200 or the amount of tax you paid for 06 plus $300 per kid. So in the end, if a couple only had to pay taxes of $900 in 06 and have 3 kids, they would recieve $1800 as opposed to $2100. Makes sense.
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