Question about tax rebate proposal (refund, deduction, debt, buying)

[bxlefty23]

As someone said above, its "free money".

On what planet- it has to come from somewhere

[CarolinaCruzes]

The money is not free. It will be borrowed - most likely from China. FYI this "rebate" will also be distributed to all "undocumented workers" who are using "borrowed" social security numbers.

[CouponJack]

I'll take a portion of the rebate and pay an extra month of principal on my mortgage, and the balance will be added to my emergency fund...

Not exactly what the gov't had in mind...

[eggalegga]

Now the Senate has passed a variation of the bill which would extend the $300 rebate checks to the elderly and disabled veterans. Read more here (broken link).

[wannabeaTexan]

Originally Posted by eggalegga

Now the Senate has passed a variation of the bill which would extend the $300 rebate checks to the elderly and disabled veterans. Read more here.

And it doesn't say anything about dependants this time.

[eggalegga]

Any taxpayer who has children and qualifies for any rebate will receive an additional $300 per child. Source

[eggalegga]

Originally Posted by Ana36

Briolat26 or anyone who knows:

Is this tax rebate to be based on tax year 2006 or tax year 2007?

The rebates would be based on 2007 tax returns, which are not due until April 15th. Source

House leaders said they would act as early as Thursday night to send the measure to President Bush. If the House follows suit as expected and Bush shortly thereafter signs the measure, the rebate checks would be expected to begin arriving in May.

[Waterboy526]

What if everyone that recieved "free" money actually saved it instead of spend? We'd be even more screwed. This little rebate does not take in the big picture. It will do nothing so stop a recession. I'll take the money and save it...the government won't like that.

[PeteyNice]

Originally Posted by Waterboy526

What if everyone that recieved "free" money actually saved it instead of spend? We'd be even more screwed. This little rebate does not take in the big picture. It will do nothing so stop a recession. I'll take the money and save it...the government won't like that.

Not really true. If you save it by putting it in the bank then it helps the economy by giving the bank you put it in more assets to show their stockholders which is good for them which in turn.....

If you really want to not stimulate the economy you take it and stick it under your mattress.

[sean98125]

I'll spend it.

In Scotland, when we go there for vacation this summer.