Comments on: Tax Rebate Details Announced

By: nickel

nickel — Fri, 25 Jan 2008 20:25:37 +0000

Okay, comments locked.

Apologies to everyone that was actually discussing the topic at hand.

By: Boris

Boris — Fri, 25 Jan 2008 19:47:16 +0000

I’m having a kid in February — will I be able to get the additional $300?

By: nickel

nickel — Fri, 25 Jan 2008 19:05:06 +0000

Okay folks… Let’s stay focused on the topic at hand — otherwise I’ll have to lock down the comment form on this article. I’ve gone back through and removed off-topic comments (on both sides of the debate).

While I realize that this might not be a popular decision, things were starting to get out of hand. Thanks.

By: nickel

nickel — Fri, 25 Jan 2008 15:44:50 +0000

I believe that it will be based on 2007 filing status.

By: chris

chris — Fri, 25 Jan 2008 15:31:47 +0000

just curious..
does anyone know if my husband works and i am a stay at home mom, will we be considered individual or couple for this rebate thing. we file taxes jointly, so i was just wondering if they go by that or if i actually earned a paycheck. i earn my paycheck, just not in the tradional way, with 2 kids under 2 1/2 at home.
thank you for anyone who knows.

By: Jason H

Jason H — Fri, 25 Jan 2008 15:22:54 +0000

To those that commented about the double tax deduction for children, I completely agree. Having children is a choice, and like all choices should be something that people decide on after looking at all the implications. If you can’t afford them, don’t have them. Not only are we punishing those that choose not to have children, but we also punish those that can not have children, such as reproductive cancer survivers, homosexual couples, etc. If this country had its priorities straight it would end the unfair income tax system and find a more equitable system with no deductions or loopholes.

By: Ernesto

Ernesto — Fri, 25 Jan 2008 15:20:13 +0000

Let me get this straight, the Federal Reserve over stimulates the money supply causing a housing bubble. Then people who borrowed too much foreclose on their overpriced houses and overdraw their credit cards. This causes banks to lose money.

All this spending causes a slow Christmas season at Wal-Mart.

So what’s the solution to this supposed ‘economic slowdown’ caused by overspending? Send people checks to get the Wal-Mart registers ringing again and (try to) spend our way out of a recession.

The new circle of life: Congress borrows money from China, sends it to Americans, who then send it back to China buying cheap manufactured goods.

So this means all of you planning to save your refund money are UN-AMERICAN! Do your patriotic duty and get out there and spend Spend SPEND!!!

By: Jon T.

Jon T. — Fri, 25 Jan 2008 15:09:39 +0000

I will save part and spend part on remodeling. I do wish that the next President would end the deficit.

By: Anitra

Anitra — Fri, 25 Jan 2008 13:48:03 +0000

Assuming we actually get money back (ie. this doesn’t simply reduce our tax bill), we’ll be putting it towards debt.

By: Brandon

Brandon — Fri, 25 Jan 2008 13:33:59 +0000

Sadly, I changed jobs (from a contracting job to a W-2 based job) right before Q2 estimated taxes were due and somehow convinced myself that it would all “even out”. Well, I don’t have all my W-2s back or anything, but I think I am looking at a $2k tax bill that I don’t have the money to pay for all of it. I’ll use my refund to help pay back any money I need to borrow to pay this bill.

By: Lisa Spinelli

Lisa Spinelli — Fri, 25 Jan 2008 12:32:49 +0000

Does anyone know if this is for adjusted gross income (after all tax deductions)?

I am going to pay my heating bill with mine!

By: pfmoron

pfmoron — Fri, 25 Jan 2008 06:01:33 +0000

Our $1,500 is going right into our Roth IRAs!

By: pfodyssey

pfodyssey — Fri, 25 Jan 2008 05:16:46 +0000

I don’t know the underlying intention of the child tax exemptions, but one could argue:

A) Promotes certain behaviors / values

B) Incentive to increase birthrate in US

It has been cited many times over that we will have a labor shortage in the coming years…promoting increased birth rates via tax incentives seems a reasonable rationale for it.

If I have something I need, I’ll buy it. Otherwise, the rebate will be treated no differently than any other “income” over here.

By: rocketc

rocketc — Fri, 25 Jan 2008 04:30:19 +0000

Somebody has to have the kids who will work and keep social security solvent!

By: Lea

Lea — Fri, 25 Jan 2008 03:21:09 +0000

I will try to save it, my husband will want to spend it. We will work out a compromise!
As far as kids go, we are raising future workers, of course! Over-population is a myth, sorry. Most industralized countries are struggling with *under*-population. People have stopped replacing themselves, and their economies are starting to feel it big-time!
As far as it *feeling* like we are running out of room, it *is* getting crowded in our area too. This isn’t from over-population, though. It is from the clustering that people do in suburbia.
Apparently, the whole world could live in Texas.

By: KC

KC — Fri, 25 Jan 2008 03:05:18 +0000

Because I’m a diligent saver I already have $600 or $1200 (whatever it is I’ll be getting) and I would have already spent it if there was something I needed – so I’ll mostly be saving it. I’m not just going to go out and buy something frivolous like a flat screen TV when the oldie I already have works and gets a really good pic.

I don’t think I’m the type of person the government was targeting when they wanted to spur the economy – and I figure most of you aren’t either. Cause most everyone here is a saver, not a spender. Most of you, I suspect, will either apply it to debt or save it with your emergency fund – good for you!

Oh, I do need new tires, so I guess I’ll get those, but it wasn’t like I wouldn’t have bought them anyway.

By: justin

justin — Fri, 25 Jan 2008 02:08:39 +0000

Whether or not having kids costs more is irrelevant. If you are already paying in less to begin with because you have kids, why should you get even more back?

Also, has it been determined yet whether this is actually a rebate and not just a pre-refund for next year?

By: Frugal Dad

Frugal Dad — Fri, 25 Jan 2008 02:04:34 +0000

Believe me, having kids is more expensive than the $1k tax credit you get per child! I spent that in diapers and formula alone the first year into parenthood.

By: Jacqueline

Jacqueline — Fri, 25 Jan 2008 02:02:24 +0000

I read that working couples can get up to $1200. My husband works and I am a full time student. Do we still qualify as a working couple?

By: Fred T

Fred T — Fri, 25 Jan 2008 00:40:20 +0000

Has anyone noticed that all this tax credit does is to further promote overpopulation? I know that people with kids need more money to be stronger consumers and continue to run this capitalist economy, but will we ever start to reward people for not having kids and gain some sort of control on the population?

By: Mark

Mark — Fri, 25 Jan 2008 00:39:06 +0000

Great, 29% of my income already goes to taxes (FICA), and now I don’t get to participate in the “stimulus.”

By: SteveK

SteveK — Fri, 25 Jan 2008 00:06:59 +0000

This will go into our already-established fund for our vacation this fall.

Do you think the income limits will be based on Adjusted Gross Income, or some other measure?

By: thomas

thomas — Thu, 24 Jan 2008 22:56:26 +0000

Well, considering this check won’t get here till the summer (at the earliest), I doubt this will have an impact on consumer spending like those in charge want. By the time everyone gets their money, the current economic conditions will have changed.

Of course, that isn’t the question you asked – I’m going to spend it like they want me to. It’s either going towards a beach house rental or Vegas.

By: Brett

Brett — Thu, 24 Jan 2008 22:48:47 +0000

I think it’ll go into my emergency fund. This will be a nice boost.

Of course, given our culture, the majority of recipients will do exactly what Uncle Sam expects – and that is SPEND IT on material junk. Although I don’t plan to send the money back, I think this rebate is nothing but a sad way to perpetuate our nation’s economic problems.

By: JR

JR — Thu, 24 Jan 2008 22:48:04 +0000

Pay off debt!!

By: Kim

Kim — Thu, 24 Jan 2008 22:23:24 +0000

I’ll save most of it – it will probably head right into my Roth.

By: Cindy

Cindy — Thu, 24 Jan 2008 22:22:04 +0000

Ours will be going right back to the government… my husband has to renew his Green Card, and which costs over $500. The rest will go towards our first trip to his country in 3 years.

By: Randy

Randy — Thu, 24 Jan 2008 22:12:49 +0000

Will this work the same as the last Bush rebate? Meaning it reduces he amount of my tax refund by the amount of the rebate I receive? For some reason, I think this is how it worked in 2001. The down side is that if you are managing your taxes to break even, you have to pay it back then, right?

By: Jon

Jon — Thu, 24 Jan 2008 22:02:14 +0000

I plan on saving it. Combined with my tax return this year, I can really make some huge increases in my Emergency fund.

By: Seth

Seth — Thu, 24 Jan 2008 21:53:04 +0000

I’ll save it.

By: Lana

Lana — Thu, 24 Jan 2008 21:46:50 +0000

I’ll probably spend some of it, save some of it. It’s unexpected, i.e., not part of this year’s forecasted budget, and I’ve been so good with my money. So good, in fact, that I’m starting to feel like I haven’t had much fun lately. So I’ll deliberate and spend at least a little of it on something completely frivolous, like a Nintendo DS or a new pair of glasses. Then the rest goes straight into the emergency fund.

By: geo

geo — Thu, 24 Jan 2008 21:32:31 +0000

“why do people with children get more back than those that donâ€™t?”

Maybe because they have more basic expenses than a single or couple? If you want to have more money, having more kids is not a recommended strategy, even with the tax breaks.

By: jim

jim — Thu, 24 Jan 2008 21:19:10 +0000

can’t wait to get my check so i can buy more crack and plasma screen tv!

By: Stephanie

Stephanie — Thu, 24 Jan 2008 21:14:48 +0000

I’ll probably be “spending” it on my student loans…which in a way is like saving money, since I’ll eventually pay less on interest.

By: That One Caveman

That One Caveman — Thu, 24 Jan 2008 21:07:27 +0000

Looks like I’m going to pay that car off faster than I anticipated… $1500 + the CD I put together just for the purpose of paying off the last $3000 will get me most of the way there.

By: rawdawgbuffalo

rawdawgbuffalo — Thu, 24 Jan 2008 20:25:47 +0000

All of this is just a short term fix. And truth be told, it has been happening over past 3 decades. Reagan and Clinton have just as much blame as the current administration.

By: Justin

Justin — Thu, 24 Jan 2008 20:17:50 +0000

So, who do people with children get more back than those that don’t?

People with kids get to deduct them from their taxes when the file to begin with. It’s a double tax deduction!