Economic Stimulus Bill

[rachelmichellek]

So-- that last time they sent out those $300 checks, that was basically an advance on everyone's upcoming tax refunds, right?

So now they're planning to do that again-- this time will it be an advance on our 2007 tax refunds (which we have already mailed in for) or 2008 ones? Or...?

Comments

[siercia]

But it's not an advance on your taxes - my understanding is that with this package, if you were going to get a $1000 refund, now you'll get that PLUS your extra check.

[rachelmichellek]

It must be an advance on your tax refund from somewhere-- they're not going to just give out money-- it must be coming "from" someplace?

Last time, the news said it WAS an advance on your refunds...

[siercia]

From NPR.org (this story: http://www.npr.org/templates/story/story.php?storyId=18015172 )

The IRS will send out rebates - by mail or by direct deposit into your bank account - through the late spring and the summer. The rebates come in addition to any regular tax refund.

[rachelmichellek]

buckeyebrain (above) says it's an advance on the 2008 tax refund.

so yes, the checks come in addition to your regular 2007 refund, but it's an advance on your 2008 refund.

like last time...

http://query.nytimes.com/gst/fullpage.html?res=9C00E7D9113EF937A15751C0A9649C8B63

[siercia]

Well, he may be right, but since I've found at least once source saying it's not, I'm going to go with thinking I'm correct for now. If nothing else, there's been a lot of conversation in the news about where the money for this is coming from, and how they're going to pay for it. If it was simply an advance on future taxes, that would significantly less of a concern.

[siercia]

That's pretty much what I can see of this as well. I've been asking everyone exactly how this could possibly be in our long-term best interests, and no one has had a good answer for me yet.