Tax Rebates

I am just curious what everyone thinks of the tax rebates that we will be getting as part of the economic stimulus package. . . there are lots of people who feel strongly one way or the other.  Personally, I am thrilled with the idea of getting some extra money!  Since we are building a house (if it EVER gets started), we can use all the extra cash we can get.  There seems to be some confusion about how this rebate will affect next year’s taxes.  From everything I have read, it in NO way affects 2007 or 2008 taxes.  You will not have to claim it as income and it is not an “advance” on your 2008 taxes.  Since I don’t know how the government works and makes all her decisions, I don’t feel like I can rightly say if it is a good or bad thing.  I read lots of comments about this on another website and boy was it lively!  Here is a link to the irs website with a little more information.  I was just wondering what you thought about it and what you plan to do with the money you will receive!

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2 Responses to “Tax Rebates”

  1. waters71 Says:

    I’ve heard that too, Amy. That you will not have to claim the tax rebate on next years taxes. I’m excited about a little extra cash back too. I know its to stimulate the economy but several of the news reports on it make it sound like the government does not want you to use it to pay any bills off but instead to buy more. 🙂 Which I guess makes sense if they are trying to jump start the economy but I think our government should support people getting out of debt first.

  2. montee Says:

    As far as I know, it will not affect you taxes. I like getting the money too but it will be used to payoff bills, not to buy anything. I have a daughter in college, a very expensive college. (Baylor) I guess it is one idea to stimulate things but are people going to buy American or let’s say, Chinese? It seems it will help the Chinese more than us. The Chinese are booming because they are manufacturers and we have become consumers. I think the economy is just scary right now.

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