New tax laws for 2008?

[2001GTTT]

Can anybody clarify this for me? Ive been hearing that Bush has set forth a 145 billion dollar tax refund that is to be distributed along with the regular tax returns. Is this in effect this year? WTF? im confused.

[INSANELY CRAZY]

i heard this also, sposa be set at $800 for single and $1600 for married couples

[J-rod]

http://money.cnn.com/2008/01/18/news...ion=2008011812

[2001GTTT]

sweet

[Rodeheaver's]

Thats cool, just make sure you all spend it at my shop. hehehe

[blkp42e]

$1600!!!!! yay

[SV1000s]

Unfortunately it hasn't been passed yet. If/when it does, looks like we have to wiat until June/July in order to receive our additional refund checks. Better late than never!

[GOT SVT]

http://money.aol.com/news/articles/_...24095609990001

[J-rod]

yep. i was just about to post that it passed today.

anyone under 150k gets a refund....guess most of yall wont get anything. :flipoff:


ehhhh, just noticed they apporved 600 and 1200 instead of the 800 and 1600 i originally heard

[SV1000s]

yep. i was just about to post that it passed today.

anyone under 150k gets a refund....guess most of yall wont get anything. :flipoff:

LOL I have just enough deductions to put me under the $150k mark.....another $600 coming my way!

[Ares]

Just got my tax refund today and now this lil bonus coming from uncle sam....WOOT!!

[wick]

Looks like we wont get anything. HAHA

[One Sweet Day]

yeah I was just talking about this with my mom. stock market is crazy right now. but at least interest on mortages went down as a result!

[INSANELY CRAZY]

1200 plus 300/per kid... =2100 for me YAH!!!!!!!!!!!!!!!!!!!!!

as long as it goes as planned this will be awesome

[fastfox91]

i know i could use it i need a new set of tires for this coming race season

[J-rod]

is this true? i dont remember 2001. :drunk:

do you guys realize that this is just an adavance on next years income tax refund????? yep, when you go to file next year, your 'rebate' gets deducted. we've always treated our tax refund as 'found' money, a forced savings that we can splurge on something we need and yes, sometimes paying some overdue bills! I actually hate this, that they force you to take next years refund now. What happens next spring???? when they did this in 2001, we didn't know it was our own money til we filed taxes in 2002 and had to take the 600 dollars off of our refund amount!!!

[SonofaBish]

yep. i was just about to post that it passed today.

anyone under 150k gets a refund....guess most of yall wont get anything. :flipoff:


ehhhh, just noticed they apporved 600 and 1200 instead of the 800 and 1600 i originally heard

i thought i saw on the news this morning that for a single person, your earnings must be less than 87K and a couple must earn less than 172K....

[J-rod]

i thought i saw on the news this morning that for a single person, your earnings must be less than 87K and a couple must earn less than 172K....

Under the agreement announced by the White House, Boehner and Pelosi, individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child. In a key concession to Democrats, 35 million families who make at least $3,000 but don't pay taxes would get $300 rebates.

The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.

they may get something but not much

[J-rod]

some updated news....looks like wick and the rest of the rich get some.

Baltimore Sun:

"Most workers - those who will pay at least $600 in federal taxes for 2007 - would receive a $600 rebate if they filed individually and $1,200 if they filed a joint return. Unlike a similar stimulus program in 2001, the money is an outright payment, not an advance or offset against the next year's tax filing."


Also:

"The rebate checks would be increased by $300 for each dependent child, without limit. That means a couple with four children and taxable income of $100,000 after deductions would receive $2,400. The rebates are not taxable."

Note that there's no limit on the kids. Rumors are flying that it's capped at two kids. It's not.


The other myth flying around is it's capped at $75k for individuals and $150k for couples. It's NOT. There's a phase out at $87k for individuals and $175k for couples, as the rebate is reduced 5% -- or $50 -- for every $1,000 you make over the "cap." Make $80k/year? That's $5,000 over -- so $50 * 5 for $250 rebate reduction -- so you you'd get $350 instead of the full $600. So folks making over that oft-repeated "cap" aren't entirely out rebate money.

[Mitternacht]

Looks like Uncle Sam's gonna buy me window tint.