Tax rebates coming?

One of the things they're talking about here is a "tax rebate" of $800 for singles, $1,600 for couples (under $85K/$110K income) ... my question is this, and I haven't seen it answered in an article yet: Is this on the taxes I owed for 2007, or will it be on the 2008 taxes I file in 2009?

 

This will be a check for whatever amount. It won't affect your refund from either last year or this year. Like the last time they did this, it's an attempt to buy your love.

 

Keep those Deutschmarks rolling off those presses . . . yowsah.

 

They can't buy my love. ... but they can rent it a while.

 

Remember, with the lovely way the government works, any tax refund you get will have to be reported as 2008 income when you go to file your taxes next year.

 

Recessions are part of the natural economic cycle, just let it happen. We'll be out of it by the end of the year or the first year of the new president's term at the latest.
http://www.poynter.org/column.asp?id=2&aid=135635

 

Would anybody else use most of that just to pay off debt or put in savings rather than go spend like the government is intending?

 

I'm not going to spend it. JR is right; it will be considered income next year. It's not a rebate, it's an advance.

 

Wouldn't it be advantageous to the country if everyone used it to pay off their debt, too? Maybe not as good as it would if we all spent it (on Japanese televisions), but advantageous nonetheless.

 

I will use mine to pay the ticket my wife got from a red-light camera. [/grumblegrumble]

 

I want mine in EUROs

 

This is the lead story on Yahoo's home page.

http://biz.yahoo.com/cnnm/080118/011808_rebate_how_it_works.html?.v=3&.pf=taxes