Question about tax rebate proposal (union, taxable, paychecks, money) - Economics - City-Data Forum

bale002 · 01-24-2008, 10:19 AM

I read in news reports that people with "paychecks" will receive a rebate, assuming the proposal goes through.

Does with "paychecks" mean that people who file Schedule C (income from business), and not - what is it? - W2s, will receive nothing?

Thanks

nic529 · 01-24-2008, 10:21 AM

That was a bit confusing - it also said people who pay income tax.

Briolat21 · 01-24-2008, 05:37 PM

If you pay income tax, you will get a rebate, unless you earned more than $75K individually, or $150K as a couple. Then the rebate is scaled back 5% for ever $1000 over those limits. Also, if you are too poor to pay income tax, you will receive $300, instead of the $600.

Driller1 · 01-24-2008, 06:16 PM

Will this hurt people getting income based funds? SSI or food stamps.

spinrider2000 · 01-24-2008, 07:02 PM

Wont hurt anybody, Basically free money. Seems like a lot of money but Pelosi said if more is needed it will be supplied. Hummmm. I saw it right out of her face. I figure I will pay a note with it? Of course, it is not really free.

Shazam72 · 01-24-2008, 09:16 PM

Quote:

Originally Posted by spinrider2000

Wont hurt anybody, Basically free money. Seems like a lot of money but Pelosi said if more is needed it will be supplied. Hummmm. I saw it right out of her face. I figure I will pay a note with it? Of course, it is not really free.

They are substituting the inflation tax for the income tax.

Yes Comrade, it is redistribution of wealth and a travesty to our country. "Free money" LOL

Ana36 · 01-24-2008, 11:09 PM

Briolat26 or anyone who knows:

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

bale002 · 01-25-2008, 01:27 AM

Quote:

Originally Posted by Ana36

Briolat26 or anyone who knows:

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

Yes, another good question. Also, what does "earned" mean? From what exact line of the 1040 will the rebate be based on? Total income, gross adjusted income, or what?

Briolat21 · 01-25-2008, 09:52 AM

I don't think they've had that many specifics out yet - at least not that i could find last night when I looked. All I could find was if your "income" was more than 75K or 150K you would be penalized. They did say that people who didn't pay income tax (they were saying poor people, but I assume those on fixed non-taxable incomes would also qualify) would qualify for a lower rebate amount, but would still qualify.

I would assume on 2007 earnings, as the rebate is to be distributed this Spring (sometime in May/June)... again I haven't seen the specifics.

I'm sure we'll here more about it with the state of the union coming up.

eggalegga · 01-25-2008, 02:37 PM

Workers who earned $3,000 last year (even if they didn't earn enough to pay federal tax) would receive a $300 rebate check.

All rebates are phased out for workers whose AGI is $75k or greater if single and $150k or greater if married.

Also, parents get $300 per child (I'm guessing that means a dependent)

AGI is on line 37 of form 1040.

Read more here ...and here.