Upcoming Tax Rebates

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HB Bear_IHB

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So, we've all heard now that the President has signed into law a "stimulus package" inclusive of tax rebates. I'm doubtful that this package is going to have the intended effect on the economy, but since they're handing out money, I'd like to know how I go about getting mine. :)



Does anyone know the means that one uses to sign up for his rebate? I heard something about the rebates being associated with tax returns, but it wasn't clear how that association works.



Furthermore, can anyone shed any light on how the rebates are being phased-out for single making more than 75K/couples over $150K?



Any insights would be very welcome.
 
"Furthermore, can anyone shed any light on how the rebates are being phased-out for single making more than 75K/couples over $150K?"



because you paid so much tax allready and AMT tax on top of that you will get a bonus: not only do you not get a penny of the tax rebate, on top of that you won't get a penny bonus, but they send out a yar of vaseline
 
<p>Use this to calc your rebate HB:</p>

<p><a href="http://www.ipoplaya.com/rebate.htm">http://www.ipoplaya.com/rebate.htm</a></p>
 
crap, I'm not rich ! Just a hard worker...two jobs and all that. Guess by working hard, I screwed myself out of a rebate.
 
Don't forget the new FHA limit of $729K in CA starting with July 1 2007 mortgages til end of 2008. I think that is the most relevant piece of the economic stimulus package.



Last time to buy a home with 3% down up to $729K and insured by the govt to boot. If you want to be evil, calculate your rent vs mortgage costs with 6 months free rent when you walk away. It might save you money to buy! But your credit will be shot to hell.



Any owners with equity, it will be last ditch effort to get cash out. This only makes for a longer time to return to normal real estate prices, and an even larger drop than expected...50% off peak prices! here we come.
 
Trooper, prior to the Bush tax cuts, people who earned in the bottom 50 percentile of incomes paid 4% of Federal income taxes.





After the Bush tax cuts (for the rich), they only paid 3%.





Looking at projections for 2007 (http://www.taxpolicycenter.org/numbers/displayatab.cfm?DocID=1390), people in the bottom 60% of earnings will paid 9.9% of all Federal income taxes while people in the top 20% will pay 73% of all income taxes. (Note: These projections were made before the economic stimulus bill was written. In addition to the rebates, people in the 10% bracket will be in the 0% bracket for 2007)





What's it take to be in the top 20% of income earners?, well according to the latest census numbers (http://pubdb3.census.gov/macro/032007/altinc/newinc01_001.htm), if your entire HOUSEHOLD earns over $100k, you are in the top 19.1% of the population.





When politicians talk about targeting tax breaks to the poor, it isn't about wanting to help poorer members of our society. It IS about not wanting any kind of tax cut, and going for soundbytes by begrudgingly agreeing to cut a small portion of the taxes that the people who contribute 3% of Federal taxes pay.





In the campaign in 1992, Bill Clinton promised middle class tax relief. He delivered the largest Federal tax increase in history, but it only applied to "the rich". Unfortunately, his definition of rich was anyone making over $35k a year.





So when politicians promise about taxing the rich and helping out the poor, they are telling you that your taxes are going up.





On the bright side, congratulations, you're rich!
 
<p>We are in the top 20% and have been for many years. We are not poor, but we certainly are not what anybody would call rich. </p>

<p>I take that back, to anyone in the 3rd world we would seem extremely rich.</p>

<p>Our house needs redoing again, but I'm not spending any money on house improvements, given the present situation. When something breaks we will fix it. That's all. In 5 or 7 years, when we want to downsize, we'll paint, get new rugs and resurface the pool. </p>

<p>Multiply me by a bunch of similar thinking people and you have a real big decrease in spending.</p>
 
The part pisx me off the most is that my kids doesn't get the $300 rebate each. By using the calculator posted on this trend, if AGI is right at $150,000, it seems you get rebates on unlimited number of kids. Of course, my kids doesn't count!
 
WINEX, the thing about percentiles is that the top quintile includes people making exorbitant amounts of money as well. You make it sound like those poor rich guys are being burdened so badly by the evil money grubbing government. The way I see it, the top 20% earners are paying an effective federal tax rate of 25.6%. By the nature of their earning this will amount to 73% of all federal income taxes. I don't really understand your logic that makes this so unfair when compared to the fact that the bottom 60% are paying taxes that amount to 9.9% of the federal income taxes. I don't really understand the reasoning you might have on how this is incredibly unfair? You are mixing up percentiles and percents to twist the logic and somehow steer us into believing that the more you make the less you should be taxed - that is the only way that top earners contribution to total federal tax income can be reduced. What number would make it fair in your eyes? Even if everybody were taxed the same amount, the top quintile will still carry an overwhelming share of the total federal tax income and the bottom 60th percentile just fraction thereof.
 
Green, I don't care about the taxes I pay...I assume it's fair enough. Just give me my GD refund check, like everyone else.
 
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