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Those giveaway government checks - 2/16/2008 6:51:23 AM

Termyn8or

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I just heard this last night and I have not had a chance to research it really, but I thought I would throw it out there for you all to chew on.

Those $300, $600 whatever checks they are supposed to give everybody this year are actually a no interest loan.

This was told to me by a friend, and I choose friends pretty wisely. This guy is not stupid. He doesn't believe everything he hears and neither do I, but there are extant facts.

I believe it could be true. But I am not touting it's validity at this point, this is something I heard. Perhaps we need a good web sleuth who can find the link to an actual government site to read the bill itself. Of course then we will need someone to read through all the gobbletygook.

The source is a radio talk show initially but then his Wife talked to their accountant and it appears to be true. There's an article out by Liz Pulliam Weston stating just that, called 'America, Don't Blow This Rebate'.

I searched Google and she comes up as a financial advisor The article does not appear but it might be too new.

Let's just say it is true, feel free to comment on their possible motivations for doing such a thing. Also if anyone can say for sure if it is true or not, I would like to know. If true though, they are some sneaky nasty bastards.

I just got off the phone with the friend about this, and he and Wife, and I all have different slants on what the results of this action are and none of it is pretty. At best it is a band aid for the economy, at worst, I don't even want to bring that up right now. I'll leave that to you for now.

I think if they send me that check I'll wipe my ass with it. Maybe. We'll see.

T

Post #: 1

RE: Those giveaway government checks - 2/16/2008 7:02:55 AM

TheHeretic

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From: California, USA
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It's an advance on your 2008 tax return. Certainly something to keep in mind, but I'll go ahead and put it to good use.

Also, the check won't be sent until you file your '07 taxes.

_____________________________

If you lose one sense, your other senses are enhanced.
That's why people with no sense of humor have such an inflated sense of self-importance.

(in reply to Termyn8or)

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RE: Those giveaway government checks - 2/16/2008 7:04:02 AM

Level

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A number of people have mentioned that it's $165 billion (or whatever) that we'll be borrowing from China and Japan, et all, and those that spend all or part of their "rebate" will be spending much of it on Chinese-made stuff..... so, if true, it IS a stimulus package.... for China.

_____________________________

Fake the heat and scratch the itch
Skinned up knees and salty lips
Let go it's harder holding on
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(in reply to Termyn8or)

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RE: Those giveaway government checks - 2/16/2008 7:05:15 AM

Level

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quote:

ORIGINAL: TheHeretic

It's an advance on your 2008 tax return. Certainly something to keep in mind, but I'll go ahead and put it to good use.

Also, the check won't be sent until you file your '07 taxes.

Rich, I haven't heard anything about it being an advance.

_____________________________

Fake the heat and scratch the itch
Skinned up knees and salty lips
Let go it's harder holding on
One more trip and I'll be gone

~~ Stone Temple Pilots

(in reply to TheHeretic)

Post #: 4

RE: Those giveaway government checks - 2/16/2008 7:15:21 AM

sub4hire

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They did those checks a few years back. Either this Bush or the last Bush was in office.
They weren't a loan then and we didn't have to put them on our taxes.
I'd assume its the same deal this time.
Not sure if it sparked the economy or not last time.

(in reply to Termyn8or)

Post #: 5

RE: Those giveaway government checks - 2/16/2008 7:15:31 AM

TheHeretic

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I'm sure the economists and spin doctors will come up with terminology and verbiage to disguise the fact, but Termy is right on this one, Level. Calling it an advance is probably a gross simplification, but the gov't will be wanting this money back.

_____________________________

If you lose one sense, your other senses are enhanced.
That's why people with no sense of humor have such an inflated sense of self-importance.

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Post #: 6

RE: Those giveaway government checks - 2/16/2008 7:30:35 AM

DomKen

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From: Chicago, IL
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The last time was 2001 under GWB and yes it was an advance on the next years tax return. Due to some snafu I never got the check but was able to get the extra $300 back on my return the following year. Not sure if you could call it a loan though. The idea is it is a one time rebate basically a prepaid bump of the standard deduction large enough to allow us all to pay that much less in taxes.

(in reply to TheHeretic)

Post #: 7

RE: Those giveaway government checks - 2/16/2008 7:35:20 AM

Sinergy

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quote:

ORIGINAL: TheHeretic

I'm sure the economists and spin doctors will come up with terminology and verbiage to disguise the fact, but Termy is right on this one, Level. Calling it an advance is probably a gross simplification, but the gov't will be wanting this money back.

Look at what this administration did to the people who got submerged by Katrina. Instead of federal aid dollars, these retirees who lost everything were forced to apply for Small Business Loans to rebuild, and then the government went after them to repay their loans.

On a related note, I will get most of my taxes back from last year (I overpay and was on disability for 7 months) and my taxable income for 2008 will most likely be 0.

Sinergy

_____________________________

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(in reply to TheHeretic)

Post #: 8

RE: Those giveaway government checks - 2/16/2008 8:22:33 AM

TheHeretic

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What on Earth does Katrina have to do with anything, Sinergy? You might want to swing through the administrative announcements forum. Some sort of segue, please.

_____________________________

If you lose one sense, your other senses are enhanced.
That's why people with no sense of humor have such an inflated sense of self-importance.

(in reply to Sinergy)

Post #: 9

RE: Those giveaway government checks - 2/16/2008 8:38:43 AM

Sinergy

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quote:

ORIGINAL: TheHeretic

What on Earth does Katrina have to do with anything, Sinergy? You might want to swing through the administrative announcements forum. Some sort of segue, please.

For those playing the home game, it was in relation to a comment on this thread that this government has a tendency to force people to take loans and demand repayment after the fact, rather than provide actual tax rebates. I was simply endeavoring to point out I would not put it past the Government to pass out $600 checks and then go after anybody who cashes them.

Sinergy

p.s. I am not emotionally interested in whether TheHeretic segues to some other forum.

_____________________________

"There is a fine line between clever and stupid"
David St. Hubbins "This Is Spinal Tap"

"Every so often you let a word or phrase out and you want to catch it and bring it back. You cant do that, it is gone, gone forever." J. Danforth Quayle

(in reply to TheHeretic)

Post #: 10

RE: Those giveaway government checks - 2/16/2008 8:51:10 AM

bipolarber

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Money acts much the same way as water does in nature. It cycles. Even though the feds are giving us part of our money back, they know we'll spend it, and the income tax will end up back in their pockets within short order.

The thing that amazes me, is that they think this will somehow "stimulate" the economy. (Like it's us, sitting on our money, that's causing the problems.) When in NY... the national debt clock is quickly running out of numerals... when it reaches 10 trillion in debt, they will have to replace the dollar sign with a number "1" just to make it all fit... the interest in all that debt will suck up half of all money the government takes in via taxes.

When that happens, don't expect your investments to be worth much of anything. Don't expect your kids to be able to get federal college loans. Don't expect the highways and bridges to be kept up.

Half of that national debt was racked up under Republican rule. In the last 25 years. In other words, 5 trillion dollars have been pissed away under Reagan, Bush I, and Bush II.

And you're still thinking of voting McCain?

(in reply to Sinergy)

Post #: 11

RE: Those giveaway government checks - 2/16/2008 8:53:41 AM

TheHeretic

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But President Bush DID provide actual rebates, Sinergy. They were called "tax cuts." Haven't you previously indicated that those are a baa-aaad thing?

< Message edited by TheHeretic -- 2/16/2008 8:54:02 AM >

_____________________________

If you lose one sense, your other senses are enhanced.
That's why people with no sense of humor have such an inflated sense of self-importance.

(in reply to Sinergy)

Post #: 12

RE: Those giveaway government checks - 2/16/2008 8:55:36 AM

Sinergy

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Joined: 4/26/2004
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quote:

ORIGINAL: bipolarber

And you're still thinking of voting McCain?

I am not voting for Hillary. The only way I will vote Republican is if they hack my hand off with a rusty hatchet and use it to press the plunger doohickey.

And on a related note, there are people on this forum who blame everything you talked about that happened under Republicans on President Carter.

Sinergy

_____________________________

"There is a fine line between clever and stupid"
David St. Hubbins "This Is Spinal Tap"

"Every so often you let a word or phrase out and you want to catch it and bring it back. You cant do that, it is gone, gone forever." J. Danforth Quayle

(in reply to bipolarber)

Post #: 13

RE: Those giveaway government checks - 2/16/2008 10:39:49 AM

SugarMyChurro

Posts: 1912
Joined: 4/26/2007
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quote:

ORIGINAL: Termyn8or
This was told to me by a friend, and I choose friends pretty wisely.

That's an interesting rhetorical strategy there.

Apparently also untrue, based on your own previous comments here:
http://www.collarchat.com/fb.asp?m=1594754

So which is it? You choose friends wisely, or you can't tell a good friend from a bad one, or what?

Now, I am not saying that all of my own views are all perfectly coherent - although I do try to have a coherent worldview; but your own comments are above average for seeming disjointed, poorly informed, bigoted and sometimes far worse.

Just sayin'...

P.S. I am not calling you out. It's more like a plea for better posts from someone that actually comes across as having enough intelligence to do better. Think of it as a friendly request on my part.

< Message edited by SugarMyChurro -- 2/16/2008 10:41:43 AM >

(in reply to Termyn8or)

Post #: 14

RE: Those giveaway government checks - 2/16/2008 11:38:56 AM

proudsub

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Joined: 1/31/2004
From: Washington
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If they want the rebates spent rather than used to pay off credit cards or saved then they should be giving out gift cards. It won't effect us, we won't get a check either.

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proudsub

"Without goals you become what you were. With goals you become what you wish." .

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(in reply to SugarMyChurro)

Post #: 15

RE: Those giveaway government checks - 2/16/2008 12:00:45 PM

cyberdude611

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Of course this is an "advance." The government never hands out free money.

Of course they wont tell you this. They want you to cash the check and blow it at Wal-Mart.

(in reply to proudsub)

Post #: 16

RE: Those giveaway government checks - 2/16/2008 1:06:12 PM

luckydog1

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If congress raises income tax levels on people this will become a loan. Otherwise it is an advance. Just like last time.

Sure you are going to pay it back at some point. It is safe to say that just about everyone will pay more than 300$ in income tax over the rest of thier life.

(in reply to cyberdude611)

Post #: 17

RE: Those giveaway government checks - 2/16/2008 2:42:12 PM

farglebargle

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From: Albany, NY
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quote:

ORIGINAL: TheHeretic

I'm sure the economists and spin doctors will come up with terminology and verbiage to disguise the fact, but Termy is right on this one, Level. Calling it an advance is probably a gross simplification, but the gov't will be wanting this money back.

I suppose that's good, since they ALREADY TOOK IT FROM US ONCE!

_____________________________

It's not every generation that gets to watch a civilization fall. Looks like we're in for a hell of a show.

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(in reply to TheHeretic)

Post #: 18

RE: Those giveaway government checks - 2/16/2008 5:42:28 PM

LadyHibiscus

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It's sort of an advance......it won't affect next year's tax refund, though it might go to reduce your balance due, if you have one....

For the real story, go to www.irs.gov and click the rebate information link that's right in the middle of the homepage. They just added an updated FAQ yesterday. There's plenty of stories out there on the news and the newspapers, and most of them are full of half-truths. Believe me, tax work is my livelihood, and I get asked these questions every day.

I have to wonder what kind of lame-duck scam this is, though---so I have enough extra cash for a car payment, what is that going to do? Judging from my clients, most folks are just going to pay bills. Or buy gas and groceries.

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Post #: 19

RE: Those giveaway government checks - 2/18/2008 1:00:19 PM

Termyn8or

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SugarMC, what would I do without someone to pick me apart from time to time ? C is still a slob, but he saved my life once. R is still an idiot but he pulled himself up from poverty and bought a new truck and Harley and is a homeowner. You either accept them or you don't. I have my share of faults but of course I ain't telling.

Anyway, not to hijack my own thread here....

I would like to point out that the Katrina situation is germaine to the subject because the government's motives are always in question as far as I am concerned. When they do something that seems good it is usually bad, and if they do something that seems bad it is REALLY bad.

I had forgotten also, that they did the rebate thing before, hmmmm, was that the year before an election as well ? The person who told me about this whole thing has a few radical speculations on the ramifications of it.

Right now I don't know exactly what to believe, I might have a look at irs.gov and see what I can find.

If it is a loan, after talking about predatory lending, they give a loan to each and every taxpayer. I bask in the irony of it, because irony is common now. Hmmm, by definition does that make it not irony ? Look what happened to the term 'common sense' in our time.

In fact, the truth is even if these checks were an out and out gift, stimulating the economy is a joke. It is like pumping air into a tire that has been slashed, and the government knows it because they are the ones who slashed it. No matter what the people spend the money on, most of it is leaving the country. Someone said it is a great stimulus - for China. I couldn't agree more.

We The People put up with this shit. But many are stupid. They get a lottrery winner on TV and ask them what they are going to do with the money what do they say ? Have you ever heard one of them say "I am going to start a business" ? That is exactly what I would do. Having not gone to business school in this country I would probably be a huge success, I believe school leaves people with too limited a view of things. I also believe it is designed that way on purpose.

So, what are you going to do with your check ? If I get one I will buy tools. If there's one thing I like better than kink, it's having twenty or thirty grand worth of tools in my basement. I lost count. Whenever I get a windfall it goes for tools. Money is the worst thing to have. Tools and guns, wait, that's redundant, a gun is a tool.

And last but not least, back quickly to SugarMC's statement, I do choose wisely, but I am aware of other people's limitations. You have to be these days. You have to accept people with their faults or you will be quite lonely. It is your judgement, however, as to whether you can tolerate those faults. I haven't kicked anyone's ass in years, now I just banish them from my life.

Anyway, those checks, you could put the money in the bank and get a few dollars interest, unless of course you were $600 short to get a $100,000 CD, but that's kinda far fetched. That amount is not even a house payment or a month's rent for most, and for some it's not even a car payment.

I remember the days when there was practically no such thing as a car payment, and I have never had a car payment. Even though I got great credit, I pay cash. I have never held a 'memo title' and neither has my Father. Neither one of has ever bought a new car, although we could afford it. It's just that we let someone else take those first couple years of depreciation. We also have a very good mechanic.

The point is, that six hundred bucks is going to go fast. It won't get you that flatscreen TV, but it might pay the cable bill FOR A COUPLE OF MONTHS. There are probably some who will use it to get pay per view movies. Others will go on shopping sprees and buy crap like DVDs.

I don't think any good will come of this. Just like everything else they do.

T

(in reply to LadyHibiscus)

Post #: 20

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