What'cha gonna do with your tax rebate? (Post: Home Depot, compensation)

[cwh]

Originally Posted by Berlin1980

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...

[shenane]

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??

Originally Posted by goodmanm

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.

[shenane]

I remember that!
Better save it!

Originally Posted by SnappyBob

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.

[rita Storie]

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....

[Steel Man]

Originally Posted by rita Storie

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.

[goodmanm]

Originally Posted by shenane

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)

[goodmanm]

Originally Posted by Berlin1980

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?

[Steel Man]

Originally Posted by goodmanm

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!

[mclor85]

Originally Posted by cwh

No, we are on to your tricks...

Yeah, you're not as sneaky as you think.

[CreekKnoll]

Originally Posted by goodmanm

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.