Tax rebate checks to go out in May.

United States
February 8, 2008 11:54am CST
The senate came to an agreement and the papers are on the way to the white house to be signed. Tax rebates will go out in may those on social security and disabled vets will also be getting refunds now. This is an advance on next years refund taxes and most if not all of the money will be deducted from refunds next year. Looks like my refund will not be very good next year you need to look at it as you are getting some money early I guess. http://www.cnn.com/2008/POLITICS/02/08/economic.stimulus/index.html
2 people like this
5 responses
@schilds (410)
• United States
8 Feb 08
So now I'm confused - If this is an advance on next years refund - why is it going to make a deficit? It's money they would be paying out anyway? At any rate I'm glad to have it
• United States
8 Feb 08
They need the money in the economy now is what they are thinking.
@schilds (410)
• United States
8 Feb 08
I understand that part, but if it is coming out of our refunds for next year it is money that they would be paying out anyway - just a few months later. I don't remember what the last numbers I read were, but it was something along the lines of 1.5 billion dollars added to the deficit over 2 years. Could be way off on that number - but anyway - if they are advancing refunds the only money they are losing is interest for 7 months or so - that would make the interest as much as the rebates. Does that make sense - or am I just feeling the effects of my coffee pot dieing?
@schilds (410)
• United States
8 Feb 08
Sorry - I knew I was way off on that number - it was around $150 billion.
@ctrymuziklvr (11059)
• United States
8 Feb 08
I didn't check the link but I was under the impression that this bill had already been passed! hmmm...guess I was wrong but that's ok. I don't get a refund anyway because I'm on Social security and when I was working my 4 hours a day (I recently quit!) I was tax exempt and didn't have to file taxes because none were taken out.
• United States
8 Feb 08
That is to bad that you won't be able to get the refund. My mom won't either as she is also tax exempt.
@terri0824 (4991)
• United States
8 Feb 08
I didn't realize that this was an advance on next year's refund. I read the article, but didn't read anything that said that. How is that helping people get ahead? A loan on your own money? Just a band-aid is all that it is going to be. I won't complain, it will help me get caught up on some of my bills that I am behind on.
@jillhill (37379)
• United States
8 Feb 08
Well...that's a surprise! I didn't know it was to be an advance on your returns! I do know they need to do something to stimulate the economy but I am not sure that this is the answer. It will help no doubt!
• United States
8 Feb 08
The last time they did this in 2002, it was an advance on the next years tax refund too. I did not realize that at the time, so this time I will be more prepared. They passed it pretty quickly with not a whole lot of fighting, so that in and of itself is amazing.