| | | Page 1, 2, 3 | US Government Targets Its Own Citizens In Massive Tax Rebate Fraud
| Anonymous Coward
User ID: 370717
2/9/2008 4:48 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
You have to claim this money as Income thats is all. taxes on 1,200 dollars aint shit I will take the 1200 dollars. Why is this shit pinned. You bunch of commy bastards.
Vote Obama=Antichrist
Idiots. |
| thegov
User ID: 340756
2/9/2008 5:03 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Federal Reserve, IRS. These are private corporations not government agencies. The royal scam continues. Quoting: What's ItAllAboutAlfie 245993
The Federal Reserve is a private entity incorporated by the government. In its charter the Government stipulates that the President has the sole authority to appoint the chairman of the board with the consent and advise of the senate.
The IRS is a government agency and the Commissioner of the IRS reports directly to the Secretary of the Treasury. Last time I checked that makes the IRS a Federal Agency.
___
Now for the rebate checks. The bill has nothing to do with social security checks. If an person drawing social security receives $500 every month they will continue to receive $500 Social Security benefits. The "rebate" is indeed a loan on your 2008 taxes; however, it coincides with an identical one time credit for 2008. This "rebate" will not affect your taxes owed, For example:
2007 Taxes Paid $5,000 2008 Taxes Paid $5,000
- 2007 Taxes Due $4,300 - 2008 Taxes Due $3,700
_____________________________ _______________________________
2007 Overpayment $700 2008 Overpayment $1,300
---------------------- -------------------------
2007 Refund $700 - May Advance Refund $600
-------------------------
2008 Refund $700
More importantly, if you ever went to a good accountant they will tell you that ideally you should change your W4 so to decrease the amount of overpayment. People don't really understand that that refund they get in April was basically an interest free loan to the Government. You can adjust your deductions as well as your pre-tax withholdings (i.e. 401K, 457b, Med Savings Account) to make it so your take home pay is a little more and you will reduce your overpayment. |
| thegov
User ID: 340756
2/9/2008 5:05 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Let's try that example again
2007 Taxes Paid $5,000 2008 Taxes Paid $5,000
- 2007 Taxes Due $4,300 - 2008 Taxes Due $3,700
_____________________________ _______________________________
2007 Overpayment $700 2008 Overpayment $1,300
---------------------- -------------------------
2007 Refund $700 - May Advance Refund $600
-------------------------
2008 Refund $700
|
| pierced
User ID: 368994
2/9/2008 5:18 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
and them little scamps gonna fall all over each other on the way to wal-mort!
the "emperors" have no clothes! |
| Anonymous Coward
User ID: 368705
2/9/2008 5:24 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Fine, then the payback will be en mass! Everyone will have to pay.
You will suffer for your carelessness and ignorance.
Do you think the government is just going to hand you over some FREE money?
You people live in a fantasy land! |
| thegov
User ID: 340756
2/9/2008 5:42 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Fine, then the payback will be en mass! Everyone will have to pay.
You will suffer for your carelessness and ignorance.
Do you think the government is just going to hand you over some FREE money?
You people live in a fantasy land! Quoting: Anonymous Coward 368705
You really don't understand do you. No one said this is FREE money. This is a shuffling of funds. Imagine you asked your boss for half of your next paycheck to be included in your current paycheck as an advance. Your current paycheck would be 1.5 more than it usually is giving you more money to spend. Your next paycheck, however, would only be half of what it usually is because you received half of it in your last check.
The check you receive in May/June, if you receive one, will be funded via not changing the the amount withheld from payrolls. This means what is taken out of your check every time is going to stay the same; however, by Congress enacting a one time $600+ credit that means that everyone with earned income will automatically have overpaid their taxes due. Congress is giving you this overpayment early, so if anything it is a loan from yourself. |
| Matrix
User ID: 368796
2/9/2008 5:42 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Federal Reserve, IRS. These are private corporations not government agencies. The royal scam continues. Quoting: What's ItAllAboutAlfie 245993
Instead of the English controlling the money like they did centuries ago, today its corporations doing it. The days of the declaration of independence are over, hail the new red coats, as they foist another round of their tax related policy on the sheople. |
| ed
User ID: 368483
2/9/2008 6:06 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
I'ma spend the money quick. Might not be no 2009! Quoting: Anonymous Coward 204149
That and the fact that EVERY DAY the dollar loses more value.It will be worth more in 2008 then 2009.If we have a 2009. |
| Anonymous Coward
User ID: 303859
2/9/2008 6:57 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Federal Reserve, IRS. These are private corporations not government agencies. The royal scam continues.
The Federal Reserve is a private entity incorporated by the government. In its charter the Government stipulates that the President has the sole authority to appoint the chairman of the board with the consent and advise of the senate.
The IRS is a government agency and the Commissioner of the IRS reports directly to the Secretary of the Treasury. Last time I checked that makes the IRS a Federal Agency.
___
the fed's stock is owned by foreign banks/families - the pres. gets to appoint the chairman, but not the pres. of the fed - also, POTUS can't appoint to the post a congressman or anyone in gov., and no US citizen can own stock in the fed...clearly stated in the charter...the FED is not a gov. agency, it is completely private and can not be held accountable by the gov (because it owns the gov.)....and you can't find the fed. listed in the gov. section of the phone book
IRS is also not a government agency, but just the private collection agency for the private fed. - it is an off-shore operation doing business in the US (scam), the IRS reports to the Secretary of the Treasury OF PUERTO RICO - no IRS employee is a gov. employee, nor do they have a gov. employee number - IRS was not created by congress
lastly, the US government is a corporation, not a legitimate government and does not resemble the government designed by the original framers...check the USC - it defines the United States as a federal corporation
take your shilling somewhere else, commie chump |
| Anonymous Coward
User ID: 368705
2/9/2008 6:57 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Bull crap. The problem is that I will receive a check without having paid in any taxes for the last 6 years. I get a refund every year without paying in because I work at a job that pays below the poverty line.
It's free money, some taken from other citizens that I would not rather have, thank you.
Explain that.  You really don't understand do you. No one said this is FREE money. This is a shuffling of funds. Imagine you asked your boss for half of your next paycheck to be included in your current paycheck as an advance. Your current paycheck would be 1.5 more than it usually is giving you more money to spend. Your next paycheck, however, would only be half of what it usually is because you received half of it in your last check.
The check you receive in May/June, if you receive one, will be funded via not changing the the amount withheld from payrolls. This means what is taken out of your check every time is going to stay the same; however, by Congress enacting a one time $600+ credit that means that everyone with earned income will automatically have overpaid their taxes due. Congress is giving you this overpayment early, so if anything it is a loan from yourself. Quoting: thegov |
| Anonymous Coward
User ID: 370980
2/9/2008 7:09 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
February 9, 2008
US Government Targets Its Own Citizens In Massive Tax Rebate Fraud
By: Sorcha Faal, and as reported to her Western Subscribers
In what one Russian Economist has stated is ‘the most massive fraud in human history’, the United States has targeted its own war weary citizens for financial destruction with the passage of new law that the American people, being told by their propaganda media organs, believe will give them tax rebate checks up to $1,200.00.
Dr. Tatyana Koryagina, of Russias Ministry of Economic Development, and who accurately predicted the September 11, 2001 attacks upon America, states that this new US Law, titled “Recovery Rebates and Economic Stimulus for the American People Act of 2008”, and to be signed into law by President Bush, does not, in fact, give any money at all to the American people, but instead is a loan on taxes for money earned by US citizens during 2008.
Dr. Koryagina states that the deception by the US War Leaders against their own people is contained in the very words used in this new law, and which says: “SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS.`(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--`(1) net income tax liability, or`(2) $600 ($1,200 in the case of a joint return).”
The significance, Dr. Koryagina points out in understanding the exact wording of this new law, lies in the section name that states ‘rebate’ (a return of part of the original payment for some service or merchandise; partial refund), but in the actual wording of the law states that these monies are a ‘credit’ (an entry of payment or value received on an account) against imposed taxes for 2008.
Dr. Koryagina’s report to the Kremlin further points out that this new law is, in fact, a deceptively engineered ploy by the United States to pump billions of dollars into their failing banking system as nearly half of Americans (currently staggering under a record $2.5 trillion in personal debt), in a new poll conducted by International Council of Shopping Centers and UBS Securities, have stated they will use these checks to pay off creditors.
An American economist, Peter Morici from the University of Maryland, has also noted the odd ‘coincidence’ that the amount of monies under this new law equal the massive losses incurred by US banks from their loan debacles, and as he states:
“It’s a good thing [US stimulus package] , but it’s not enough to head off recession. We’re talking about $150 billion, so this roughly offsets what the banks have lost” in soured housing investments."
The greatest affect of this new law upon the American people, states Dr. Koryagina in her report, will be felt in 2009 when these ‘rebates’, given to them in 2008, will become due against their taxes, and which will push vast numbers of them into financial freefall.
In just one of the many examples Dr. Koryagina has complied in her report: an American married couple with 3 children would receive $1,200.00 for the man and wife with an additional $300.00 for each child, bringing the total to $2,100.00. But, with the average US Tax Refund amount being just over $2,500.00 per family, this exampled family would see no tax refund at all in 2009.
To the American people themselves there appears to be no understanding of the massive fraudulent complexities involved in the destruction of their way of life by their War Leaders, but, to the full extent of dangers posed to mankind by the monsters controlling the US they have left no doubt as to the depths of depravity they intend to plunge us all into, and as we can read as reported by the Reuters News Service in their article titled "US says no one too young for Guantanamo court", and which says:
"But a U.S. Department of Justice attorney, arguing for the prosecution, said that if Congress intended to exclude juveniles from the Guantanamo war court, it would have explicitly written that, because lawmakers knew Khadr could face charges. Instead, Congress wrote the law using the term "person," which legally refers to "anyone born alive," Justice Department attorney Andy Oldham said."
One cannot but shudder in fear for the American people having to live under such a despotic regime that sees nothing wrong with jailing “anyone born alive”, and the comparison of this US Officials statement with those of last century’s German Nazi Regime does indeed raise the specter of the wholesale jailing of American men, woman and children.
All that is needed now by the war mongering US War Leaders to totally destroy their own citizens is the total collapse of their economy, and which this new law will surely accelerate.
continued at
[ link to www.whatdoesitmean.com]
what a crock of shit. |
| Boris Yeltzing
User ID: 115
2/9/2008 7:31 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Sorcha Faal is just a sock puppet for Putin. She has zero credibility and the world laughs at the nonsense she sends out. Putin is a billionaire so I'm sure he pays her well. |
| Anonymous Coward
User ID: 352521
2/9/2008 7:44 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
I am always right. Save yourself some effort next time.
SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS.
`(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--
`(1) net income tax liability, or
`(2) $600 ($1,200 in the case of a joint return).
`(b) Special Rules-
`(1) IN GENERAL- In the case of a taxpayer described in paragraph (2)--
`(A) the amount determined under subsection (a) shall not be less than $300 ($600 in the case of a joint return), and
`(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $300 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.
`(2) TAXPAYER DESCRIBED- A taxpayer is described in this paragraph if the taxpayer--
`(A) has qualifying income of at least $3,000, or
`(B) has--
`(i) net income tax liability which is greater than zero, and
`(ii) gross income which is greater than the sum of the basic standard deduction plus the exemption amount (twice the exemption amount in the case of a joint return).
`(c) Treatment of Credit- The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1.
`(d) Limitation Based on Adjusted Gross Income- The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer's adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).
`(e) Definitions- For purposes of this section--
`(1) QUALIFYING INCOME- The term `qualifying income' means--
`(A) earned income,
`(B) social security benefits (within the meaning of section 86(d)), and
`(C) any compensation or pension received under chapter 11, chapter 13, or chapter 15 of title 38, United States Code.
`(2) NET INCOME TAX LIABILITY- The term `net income tax liability' means the excess of--
`(A) the sum of the taxpayer's regular tax liability (within the meaning of section 26(b)) and the tax imposed by section 55 for the taxable year, over
`(B) the credits allowed by part IV (other than section 24 and subpart C thereof) of subchapter A of chapter 1.
`(3) ELIGIBLE INDIVIDUAL- The term `eligible individual' means any individual other than--
`(A) any nonresident alien individual,
`(B) any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual's taxable year begins, and
`(C) an estate or trust.
`(4) EARNED INCOME- The term `earned income' has the meaning set forth in section 32(c)(2) except that--
`(A) subclause (II) of subparagraph (B)(vi) thereof shall be applied by substituting `January 1, 2009' for `January 1, 2008', and
`(B) such term shall not include net earnings from self-employment which are not taken into account in computing taxable income.
`(5) BASIC STANDARD DEDUCTION; EXEMPTION AMOUNT- The terms `basic standard deduction' and `exemption amount' shall have the same respective meanings as when used in section 6012(a).
`(f) Coordination With Advance Refunds of Credit-
`(1) IN GENERAL- The amount of credit which would (but for this paragraph) be allowable under this section shall be reduced (but not below zero) by the aggregate refunds and credits made or allowed to the taxpayer under subsection (g). Any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section 6213(b)(1).
`(2) JOINT RETURNS- In the case of a refund or credit made or allowed under subsection (g) with respect to a joint return, half of such refund or credit shall be treated as having been made or allowed to each individual filing such return.
`(g) Advance Refunds and Credits-
`(1) IN GENERAL- Each individual who was an eligible individual for such individual's first taxable year beginning in 2007 shall be treated as having made a payment against the tax imposed by chapter 1 for such first taxable year in an amount equal to the advance refund amount for such taxable year.
`(2) ADVANCE REFUND AMOUNT- For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such first taxable year if this section (other than subsection (f) and this subsection) had applied to such taxable year.
`(3) TIMING OF PAYMENTS- The Secretary shall, subject to the provisions of this title, refund or credit any overpayment attributable to this section as rapidly as possible. No refund or credit shall be made or allowed under this subsection after December 31, 2008.
`(4) NO INTEREST- No interest shall be allowed on any overpayment attributable to this section.
`(h) Identification Number Requirement-
`(1) IN GENERAL- No credit shall be allowed under subsection (a) to an eligible individual who does not include on the return of tax for the taxable year--
`(A) such individual's valid identification number,
`(B) in the case of a joint return, the valid identification number of such individual's spouse, and
`(C) in the case of any qualifying child taken into account under subsection (b)(1)(B), the valid identification number of such qualifying child.
`(2) VALID IDENTIFICATION NUMBER- For purposes of paragraph (1), the term `valid identification number' means a social security number issued to an individual by the Social Security Administration. Such term shall not include a TIN issued by the Internal Revenue Service.'.
(b) Administrative Amendments-
(1) DEFINITION OF DEFICIENCY- Section 6211(b)(4)(A) of the Internal Revenue Code of 1986 is amended by striking `and 53(e)' and inserting `53(e), and 6428'.
(2) MATHEMATICAL OR CLERICAL ERROR AUTHORITY- Section 6213(g)(2)(L) of such Code is amended by striking `or 32' and inserting `32, or 6428'.
(c) Treatment of Possessions-
(1) PAYMENTS TO POSSESSIONS-
(A) MIRROR CODE POSSESSION- The Secretary of the Treasury shall make a payment to each possession of the United States with a mirror code tax system in an amount equal to the loss to that possession by reason of the amendments made by this section. Such amount shall be determined by the Secretary of the Treasury based on information provided by the government of the respective possession.
(B) OTHER POSSESSIONS- The Secretary of the Treasury shall make a payment to each possession of the United States which does not have a mirror code tax system in an amount estimated by the Secretary of the Treasury as being equal to the aggregate benefits that would have been provided to residents of such possession by reason of the amendments made by this section if a mirror code tax system had been in effect in such possession. The preceding sentence shall not apply with respect to any possession of the United States unless such possession has a plan, which has been approved by the Secretary of the Treasury, under which such possession will promptly distribute such payment to the residents of such possession.
(2) COORDINATION WITH CREDIT ALLOWED AGAINST UNITED STATES INCOME TAXES- No credit shall be allowed against United States income taxes under section 6428 of the Internal Revenue Code of 1986 (as amended by this section) to any person--
(A) to whom a credit is allowed against taxes imposed by the possession by reason of the amendments made by this section, or
(B) who is eligible for a payment under a plan described in paragraph (1)(B).
(3) DEFINITIONS AND SPECIAL RULES-
(A) POSSESSION OF THE UNITED STATES- For purposes of this subsection, the term `possession of the United States' includes the Commonwealth of Puerto Rico and the Commonwealth of the Northern Mariana Islands.
(B) MIRROR CODE TAX SYSTEM- For purposes of this subsection, the term `mirror code tax system' means, with respect to any possession of the United States, the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the United States as if such possession were the United States.
(C) TREATMENT OF PAYMENTS- For purposes of section 1324(b)(2) of title 31, United States Code, the payments under this subsection shall be treated in the same manner as a refund due from the credit allowed under section 6428 of the Internal Revenue Code of 1986 (as amended by this section).
(d) Refunds Disregarded in the Administration of Federal Programs and Federally Assisted Programs- Any credit or refund allowed or made to any individual by reason of section 6428 of the Internal Revenue Code of 1986 (as amended by this section) or by reason of subsection (c) of this section shall not be taken into account as income and shall not be taken into account as resources for the month of receipt and the following 2 months, for purposes of determining the eligibility of such individual or any other individual for benefits or assistance, or the amount or extent of benefits or assistance, under any Federal program or under any State or local program financed in whole or in part with Federal funds.
(e) Appropriations To Carry Out Rebates-
(1) IN GENERAL- Immediately upon the enactment of this Act, the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, for the fiscal year ending September 30, 2008:
(A) DEPARTMENT OF THE TREASURY-
(i) For an additional amount for `Department of the Treasury--Financial Management Service--Salaries and Expenses', $64,175,000, to remain available until September 30, 2009.
(ii) For an additional amount for `Department of the Treasury--Internal Revenue Service--Taxpayer Services', $50,720,000, to remain available until September 30, 2009.
(iii) For an additional amount for `Department of the Treasury--Internal Revenue Service--Operations Support', $151,415,000, to remain available until September 30, 2009.
(B) SOCIAL SECURITY ADMINISTRATION- For an additional amount for `Social Security Administration--Limitation on Administrative Expenses', $31,000,000, to remain available until September 30, 2008.
(2) REPORTS- No later than 15 days after enactment of this Act, the Secretary of the Treasury shall submit a plan to the Committees on Appropriations of the House of Representatives and the Senate detailing the expected use of the funds provided by paragraph (1)(A). Beginning 90 days after enactment of this Act, the Secretary of the Treasury shall submit a quarterly report to the Committees on Appropriations of the House of Representatives and the Senate detailing the actual expenditure of funds provided by paragraph (1)(A) and the expected expenditure of such funds in the subsequent quarter.
(f) Conforming Amendments-
(1) Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting `or 6428' after `section 35'.
(2) Paragraph (1) of section 1(i) of the Internal Revenue Code of 1986 is amended by striking subparagraph (D).
(3) The item relating to section 6428 in the table of sections for subchapter B of chapter 65 of such Code is amended to read as follows:
`Sec. 6428. 2008 recovery rebates for individuals.'.
SEC. 102. TEMPORARY INCREASE IN LIMITATIONS ON EXPENSING OF CERTAIN DEPRECIABLE BUSINESS ASSETS.
(a) In General- Subsection (b) of section 179 of the Internal Revenue Code of 1986 (relating to limitations) is amended by adding at the end the following new paragraph:
`(7) INCREASE IN LIMITATIONS FOR 2008- In the case of any taxable year beginning in 2008--
`(A) the dollar limitation under paragraph (1) shall be $250,000,
`(B) the dollar limitation under paragraph (2) shall be $800,000, and
`(C) the amounts described in subparagraphs (A) and (B) shall not be adjusted under paragraph (5).'.
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2007. |
| Anonymous Coward
User ID: 217428
2/9/2008 8:14 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Here's the MOST IMPORTANT part of this "rebate" that everyone is missing ...
If you cash your check, YOU ARE ENTERING INTO A CONTRACT WITH THE IRS, and that's the WHOLE POINT of this scam. It's designed to cut off the head of the anti-tax movement.
Think about it. Quoting: Anonymous Coward 350644
Ummm.... huh? People in the anti-tax movement who have stopped filing - do you really think they're gonna be stupid enough to deposit or cash this check?
And most of the REAL smart people in the anti-tax movement have dropped out to the point where gubmint doesn't have a mailing address to send the check to anyway.
Your point doesn't add up, I'm sorry.
Everyone who deposits this check ALREADY is in a contract with the IRS and has been filing taxes for years. |
| Anonymous Coward
User ID: 273826
2/9/2008 8:30 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Jeez, I cannot believe this is pinned and that some of you have not understood this rebate yet.
What Congress has done is very simple. They are giving us a one time tax credit on our income for 2008. This credit would either increase your refund or lower the amount of tax you owe for 2008. But instead of having to wait until next year to get that, they are sending it out this year in the form of rebate checks. Next year you will still do your taxes the same as you do every year and it will not change a thing. You will still get the same refund or owe the same amount of tax that you would have without this tax credit. You do not have to pay the rebate back and it is not taxable.
Now, why is this so hard for some of you to grasp? Quoting: Anonymous Coward 103356
Sorry....you are wrong...we will have to pay it back - see the artical below:
America, don't blow this rebate
Congress wraps up the details: $300 for retirees, $600 for most individuals and $1,200 for most couples. But wait, there's more: It's not really free money.
Some Americans are getting awfully excited about the prospect of spending their own money.
The $168 billion economic stimulus package just passed by Congress will ship checks of up to $600 for individuals and $1,200 for couples starting in May. Most households will get these checks, although individuals with adjusted gross incomes of more than $75,000 and couples making more than $150,000 will see less or nothing at all.
Additionally, families will get $300 per child.
The biggest change since the original proposal: Those who paid no income taxes will get $300 as long as they earned at least $3,000, including veterans disability or Social Security benefits.
An estimated 130 million taxpayers will share the rebate money.
Here's what you need to keep in mind while you're waiting:
This isn't free money -- for most people
To produce this cash, Congress created a one-time tax credit to reduce taxable income for most taxpayers this year.
Normally, you wouldn’t see that cash until the spring of 2009, when you filed your 2008 return. But Congress wants to speed that money to you now, so checks will start going out in May.
Remember, this is your money you're getting back, and the rebate checks are basically an advance on your 2009 refund. When similar rebates were sent out in 2001, said tax expert Mark Luscombe, "a lot of people were upset to see their (next) refund reduced." The only people for whom this really is free money are low-income folks (those who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits) who won't end up owing any taxes for 2008. If that's your situation, or you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH. |
| Anonymous Coward
User ID: 352521
2/9/2008 9:04 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
>>Remember, this is your money you're getting back, and the rebate checks are basically an advance on your 2009 refund. When similar rebates were sent out in 2001, said tax expert Mark Luscombe, "a lot of people were upset to see their (next) refund reduced." The only people for whom this really is free money are low-income folks (those who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits) who won't end up owing any taxes for 2008. If that's your situation, or you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.<<
See, this guy ins't an "expert". He's a dumbass newby that will probably be fired for saying something this stupid. |
| Anonymous Coward
User ID: 273826
2/9/2008 9:12 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
>>Remember, this is your money you're getting back, and the rebate checks are basically an advance on your 2009 refund. When similar rebates were sent out in 2001, said tax expert Mark Luscombe, "a lot of people were upset to see their (next) refund reduced." The only people for whom this really is free money are low-income folks (those who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits) who won't end up owing any taxes for 2008. If that's your situation, or you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.<<
See, this guy ins't an "expert". He's a dumbass newby that will probably be fired for saying something this stupid. Quoting: Anonymous Coward 352521
Uh.....exsuse me.....he is an expert...he is a tax analyst for a tax research firm and is not the only tax person I have heard this from.....our own tax guy was rolling in the floor when this BS came out.......he advised us to send the damn thing back via registered mail when we recieve it....and I suggest you do the same..... |
| forrest
User ID: 272605
2/9/2008 10:52 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
although I don't agree with the rebate, it is A tax credit that you will NOT have to pay back |
| Anonymous Coward
User ID: 352521
2/9/2008 10:56 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
>>Remember, this is your money you're getting back, and the rebate checks are basically an advance on your 2009 refund. When similar rebates were sent out in 2001, said tax expert Mark Luscombe, "a lot of people were upset to see their (next) refund reduced." The only people for whom this really is free money are low-income folks (those who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits) who won't end up owing any taxes for 2008. If that's your situation, or you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.<<
See, this guy ins't an "expert". He's a dumbass newby that will probably be fired for saying something this stupid.
Uh.....exsuse me.....he is an expert...he is a tax analyst for a tax research firm and is not the only tax person I have heard this from.....our own tax guy was rolling in the floor when this BS came out.......he advised us to send the damn thing back via registered mail when we recieve it....and I suggest you do the same..... Quoting: Anonymous Coward 273826
Lemme 'splain something to you. Luscombe is not an "expert". That takes a lot of on the job experience, not a second tier job for a service company. Nowhere, except in other posts, is he called an "expert". He's probably some kid that failed the CPA exam and got a job helping update the CCH Tax guide, which hardly qualifies one to be an "expert". And his buddy Liz Pulliam asked him for a quote, which he pulled out of his butt. Or more likely, when's the last time a reporter quoted somebody correctly? Last time I let them "quote" me I had to apologize all day long for what I didn't say.
But, you don't have to be an "expert". All you have to do is know how to read...the following...excerpted from the text of the law I so nicely posted earlier, though I got distracted and posted more of it than necessary, sorry...
SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS.
`(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--
`(1) net income tax liability, or
`(2) $600 ($1,200 in the case of a joint return).
and later....
`(f) Coordination With Advance Refunds of Credit-
`(1) IN GENERAL- The amount of credit which would (but for this paragraph) be allowable under this section shall be reduced (but not below zero) by the aggregate refunds and credits made or allowed to the taxpayer under subsection (g). Any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section 6213(b)(1).
Your dog does your tax return? Does he fetch the paper, too? Doesn't sound too bright. |
| Shenandoah
User ID: 371088
2/9/2008 11:42 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
You will pay it back in 2009 |
| Shenandoah
User ID: 371245
2/10/2008 8:33 AM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
Sorcha Faal is not David Booth or his daughter nor is it a person, it is a order of nuns who have different ones at the top, right now the Sorcha Faal is in Ireland and was just refused entry into the United States.
Shenandoah |
| you want this many girlfreinds
User ID: 527044
9/7/2009 1:50 PM | | Re: US Government Targets Its Own Citizens In Massive Tax Rebate Fraud | Quote |
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