Tax rebate question - Democratic Underground

Johonny

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Mon Jan-28-08 03:48 PM
Original message

Tax rebate question

If this tax rebate works like the last one, where everyone got a 300 $ tax advance, will those not receiving the rebate actually see their taxes go up by 600 $ next year. Since only 112 million are expected to get the rebate will the majority of tax payers then actually get a back door 600 $ tax increase?

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ScreamingWhisper

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Mon Jan-28-08 03:54 PM
Response to Original message

1. The way I understand it, it'll work like this:

If you paid taxes as an individual, you'll get $600.
If you and your spouse paid taxes, you'll get $1200.
If you and your spouse paid taxes, and you have children, you'll get $1200 plus $300 per child.
If you work , but didn't qualify to pay taxes you STILL get $300.

I got the original tax cut, but don't remember any counteractive tax penalty

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Johonny

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Mon Jan-28-08 03:59 PM
Response to Reply #1

2. It's my understanding

They are capping it at 87,000$ Those that make more than that won't get anything or has the stimulus package changed again?

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ScreamingWhisper

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Mon Jan-28-08 05:11 PM
Response to Reply #2

5. I heard it was

75k per individual and 150k as a couple

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Johonny

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Mon Jan-28-08 05:48 PM
Response to Reply #5

8. whatever the number

What happens to those that don't get the check? If this an advance on future tax refunds, will those that didn't get the advance actually see their taxes go up 600 $ or not?

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shanti

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Mon Jan-28-08 04:01 PM
Response to Reply #1

3. and single parent of one

would that be $900?

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ScreamingWhisper

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Mon Jan-28-08 05:12 PM
Response to Reply #3

6. I would assume if the Math is true: $600 + 300 = $900

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Kansas Wyatt

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Mon Jan-28-08 04:05 PM
Response to Reply #1

4. Federal funding to State & Local Governments cut and services cut

State & Local taxes increased and services cut to make up the difference lost from Federal funding.

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ScreamingWhisper

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Mon Jan-28-08 05:18 PM
Response to Reply #4

7. Ahhh. Tennessee doesn't have a State Income Tax

so that may be why I never saw a penalty, though I never heard of any state doing what was described after the first series. Are you sure it was based on the stimulous package itself, of had that state already planned for the increase? I ask this because the original stimulous package was announced prior to that years tax season, which coincides with a family submission in April. Whereas the state fiscal budget is mapped out in Nov-December of the previous year. Therefore any planned increased are at least dropped into position to be voted on before individual family tax info went out

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Igel

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Mon Jan-28-08 07:13 PM
Response to Original message

9. No. n/t

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