Tax Stimulus Rebate is Now Law

In case you haven’t heard, the so-called economic stimulus package (including the ever-popular tax rebate) has now been signed into law by President Bush. Referring to the stimulus package as “a booster shot for our economy, ” he remarked that “We have come together on a single mission and that is to put the peoples’ interests first.”

In other news… Congress was tied up much of the day with far more important matters, as they continued their investigation into the use of performancing enhancing drugs in baseball.

13 Responses to “Tax Stimulus Rebate is Now Law”

  1. Anonymous

    I would like to know if the IRS is takeing that stimulas money, back that we got last year. if Ifile my taxs this year, will there take that 6oo. hundred back. out of my tax money this year.

  2. Anonymous

    I guess it just takes finding the right page on the internet.

    http://www.irs.gov/newsroom/article/0,,id=179181,00.html

    Q. Is my stimulus payment taxable?

    A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

    Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

    A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

  3. Anonymous

    In what I have read about the economic stimulus package I can’t tell how this money will be reflected on my taxes in the future.

    Will it just be marked down as income for 2008? Is it a reduction in a potential 2008 refund by this amount?

  4. Anonymous

    Stephanie:

    The reason Congress is involved has to do with anti-trust legislation. I’m by no means an expert, but the way it was explained to me, is that the MLB has a monopoly on America’s favorite pastime, and in order to be exempt from anti-trust laws, they gotta play by the rules.

    Same reason Arlen Specter had a right to go after the Patriots. Although his timing left a lot to be desired.

  5. Anonymous

    It is amazing to me how our society looks at “stars” (i.e. ballplayers, rockstars, actors,etc) … It is not that big of a deal, they are just people just doing their job. But like everyone else I stand in awe that these stars’ issues take precedence over REAL issues that affect the whole country…

  6. Anonymous

    Okay, can anyone explain to me how it’s Congress’s job to monitor sports doping? Shouldn’t they be doing, I dunno, government stuff?

    I think I just don’t understand why they’re doing it. Is it because there’s no other big body of people that could do it?

    (I’m not even being sarcastic…I just don’t understand!)

  7. Anonymous

    Yesterday’s NY Times ran an op-ed piece by Robert Reich explaining why the conventional remedies will not stop the current slide. Essentially what he says is that Americans are overworked, underpaid, and maxed out in debt; until these factors are addressed, temporary fixes like tax rebates, interest rate cuts, and corporate tax breaks will not solve the problem. Over the long run, he suggests, unless lower- and middle-income workers get some parity, we’re all going to have to accept a lower standard of living and a smaller economy.

    What he says makes sense. Dunno about you, but I’m working two full-time jobs now. If that doesn’t define “lower standard of living,” I’d like to know what does.

    LOL! There must be something missing in my personality…for the life of me, I can’t figure out why anyone would CARE what pro athletes do. It’s not like professional baseball is a sport. It’s just another business. Is there a reason we would expect the players to do anything other than use every trick in the book to put on the highest-paying show they can?

  8. Anonymous

    I am a huge baseball fan, but not a fan of court tv so I’ve skipped all the trials and just read a recap of it later. So this morning I flipped on CNBC and what did I see? The Roger Clemens’ hearing. I flipped around and all I could get, for the most part, was that. I do have to say this….McNamee may be less than credible as he has a shaky past and has lied before, but Clemens is just flat out lying through his teeth. Maybe Bonds and Clemens can room together in white-collar prison.

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