Tax rebates deal announced

CNN just announced that the "Rebate checks" are advances on next years refunds Article.

The package, which passed the Senate 81-16, will send rebate checks to 130 million Americans in amounts of $300 to $600 for people who have an income between $3,000 and $75,000, plus $300 per child. Couples earning up to $150,000 would get $1,200.

The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.

Someone mentioned earlier in this thread that the $600 rebates after the year 2000 rebates were doled out just like this.

Does that mean if you don't normally get a refund you will have to pay the amount of the "rebate" next year on top of any 08 taxes due?

Also, how can they call it a rebate when it appears to be an advance on 08 refunds?

[edit on 8-2-2008 by Kellter]

The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.

CNN has removed this section from the article I linked without explanation. Did they make a mistake interpreting the stimulus package or is there some other reason?

Hmmm

Well, if you're smart you have thousands saved up already. of course one car accident can cost millions, depending on surgeries and travel costs.(Life Flight Isn't Free!)

Anyways, I can just see July having a huge spike in ODs and lotto sales and casino businesses. Why? Imagine a redneck used to buying 50dollars of hillbilly heroine(Meth) now having 300 dollars worth? Or go to Detroit(And I guess Las Vegas or Reno Nevada, though never been) on the day welfare checks come in and see the huge crowds. Now imagine those same people with another 300 dollars.

Heck, I might want to get into the drug business just for July, lots of people with lots of extra cash to spend on drugs. Although I'm sure the guy I had back in the 60's and 70's probably isn't in business anymore... Anyways, www.abovepolitics.com... discussing mine, and actual financial analysts talking about that. How dtug dealers and stuff are going to be rolling. Although I guess that does help in the end. See a boost in gold, diamond, and other jewelry sales and football jersey sales or in household cleaning supplies, depending on the drug dealer.