The first tax rebate checks will be sent out in May and just about everyone should have them by July. [AP]

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  1. ZekeDMS says:

    Hooray, I’ll get nothing from the taxes I didn’t make enough to pay in the first place!

    It’s not a lack of money that’s causing spending to drop, it’s a lack of confidence. I doubt increasing the national debt is going to help that.

  2. KingPsyz says:

    Actually you’ll get at least $300…

  3. jrdnjstn78 says:

    Didn’t this happen before a few years ago??? Then you had to take this reduction off of the following year, when you filed your taxes. It was something screwy like that.

  4. KingPsyz says:

    well I don’t know if it’s coming off the next years, I can’t recall if they reduced your return by that much or if they increased your AGI by the ammount.

    that’s worth looking into.

  5. lukobe says:

    If it were a better-written story, we wouldn’t have to be asking. What’s with the AP?

    But last time it definitely came off next year’s tax refund. And remember, folks, it’s your money anyway….

  6. catnapped says:

    Useless media mouthpieces are claiming it’s not an advance and doesn’t have to be paid back, but I believe them as far as I can spit

  7. SOhp101 says:

    I wonder if Washington D.C. has ever heard of inflation… fasten your seatbelt because we’re in for one hell of a ride.

  8. MMD says:

    It’s very interesting to me that this is being reported as something that’s definitely happening when it hasn’t passed the House or Senate yet, and when Senators are indicating they’re going to be adding other elements to this bill which could conceivably get things killed in committee or vetoed… Don’t count your money yet!!

  9. Kishi says:

    @MMD: Agreed. Until this is passed and signed by the government, shouldn’t we be using phrases like “planning to” or something?

  10. UNDERSTAR says:

    So where exactly do I apply for this tax rebate??

  11. KingPsyz says:

    it’s automatic, no application. just make sure you filed your 07 return

  12. vitonfluorcarbon says:

    I hate to sound negative, but we are going to crash and crash hard. Spending money we don’t have is not going to solve things after we have done it like 15 times in the last 20+ years. Unfortunately, the whole world will feel the effects.

  13. DMDDallas says:

    July? Moving at the speed of government!

  14. dgcaste says:

    So if my wife has worked off and on on 2007 and she’s getting a job in a week, does she qualify under this rebate program or am I the only one raking in some cash?

  15. omgyouresexy says:

    ["I can't say that I'm totally pleased with the package, but I do know that it will help stimulate the economy. But if it does not, then there will be more to come," Pelosi said.]

    EVERYONE TAKE YOUR CHECK AND IMMEDIATELY PUT IT IN THE BANK! They will send us more. Nancy swears it.

  16. forgottenpassword says:

    well, I could use an extra $600 in my saviings to make up for the interest I am losing due to the fed interest rate cuts.

  17. dgcaste says:

    I think it will stimulate the economy just as well if people pay off debt with it. Debt is yet another reason people don’t want to go out and spend money, myself included. If I paid down my AMEX by $900 or $1200 I’m likely to spend a good amount of that money again since that is about the balance I ever keep on them. Not the greatest financial move, but I’m not a penny pincher.

  18. emona says:

    I look forward to completely paying off one of my credit cards bill with this money, then burning the card and dancing around the flames.

  19. youbastid says:

    @DMDDallas: That’s actually pretty speedy, considering they need to process your 2007 tax return first and have…well, a lot of those to process.

  20. Morton Fox says:

    If people pay off their debts with the tax rebate, then that will be a badly needed cash infusion to our crumbling banking system. So it works whether you spend it or pay down your debt.

  21. missbheave (is not convinced) says:

    @forgottenpassword: seriously. That’s where mine is going.

  22. Mr. Gunn says:

    Dude, I have a great idea! Why don’t we just abolish the government and send everybody the extra money! They’ll invest it in their community, building schools and parks with all their extra money, because people like to contribute to shared goals. No one would take it and blow it on worthless plastic crap imported from China, because the aggregate behavior of US consumers is like a hive mind and all consumers consider the economic impact of everything they buy.

    It’s true, Ron Paul told me so.

  23. misstic says:

    I’m not holding my breath. I would pay close attention to next year’s tax return. They could very easily subtract this “rebate” from what we may be entitled to recieve when filing for 2008 next year. The devil is in the details (and fine print).

    Besides, this is the economic equivalent of claiming you’re going on a diet and then ordering a large pizza. It makes no sense. Govt doesn’t control the economy, the people do. Waiving our own money back in our face is a parlor trick.

    If the govt could “stave off a recession”, then why in the hell aren’t they making sure the economy stays on track every year?? Because they can’t!

  24. rjhiggins says:

    This is NOT coming off next year’s return. And while it hasn’t been signed yet, when the entire leadership and the president say they’re backing it it’s pretty much a done deal.

  25. misstic says:

    “In 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers and the first $12,000 of taxable income for couples. Taxpayers could receive rebates of up to $600 for individuals and $1,200 for couples. A minimum of $300 per person and $600 per couple would be available to those with at least $3,000 of earned income. This relief would be available to everyone with adjusted gross income less than $75,000 for singles and $150,000 for married couples filing jointly. It will be phased out for taxpayers above those income thresholds.”

    It’s 2008 tax relief. So yes, it will affect your returns.

    Here’s what they did in 2001 when they passed a tax relief –
    [archives.cnn.com]

    Time will tell how this year’s “relief” is accounted for.