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SKevin's Rant

by SKevin from Lake Dallas

Last Post 39 days, 6 hours Ago


A Question about Our Tax "Rebate" Stimulus Thing
Apr 28, 2008 | 6:20 PM
Category: News
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Just a short thought. I was thinking about the tax rebates many of us are getting. It seems like a really great idea and all but are we in reality just transferring it to the oil companies? Everyday the gas prices go up and I am sure quarterly earnings for the big oil companies are due soon. I am guessing record profits for them AND we will just add to it through our tax rebates. It seems kind of relative-into our pockets for a short time then we pay off our gasoline cards. In a sense our tax rebates-the "stimulus package" will be stimulating the pockets of the oil companies.

How much longer do we have to take this?

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Member Comments Total Comments: 11
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Marks read my blog view my photos
Apr 28, 2008 | 7:06 PM

You look at it in the wrong context: this is vote-buying. In other words, any "stimulous" package is about buying votes. Your Congress at work...

The problem: $160 Billion in taxpayer cash just got flushed down the toilet. Not that I will give my "rebate" back...I have a better sense of how to spend the money than Congress.
PACKERBACKER read my blog view my photos
Apr 28, 2008 | 8:59 PM

True to one thing, I'm not giving my check back either. Thing is, it's not much help at all.

You're right though, after charging up you gas card all month long, that check won't even be enough to pay off the full cheveron or Exxon bill.

I'm anxious to see what the quarterly earnings for Exxon will be this year. You'd think that with that outrageous amount of money they make, they'd be generous to say, "Well, we're so filthy rich that, I think we'll drop the price of gas to $1.00 a gallon for about a year. Besides, that won't even put a small dent in out checking accounts." "Heck if I retired now, my great great great great great grand kids would still be billionaires and would never have to work, just pick at my checking account every weekend."
outspoken1 read my blog
Apr 28, 2008 | 9:23 PM

That rebate check is designed by Bush to make us feel good for the rest of his Lame Duck Presidency. Most Americans know this.

We are not as stupid as he thinks we are. He got us in this mess and now he will retire and live on his oil income in Crawford.

The sad truth is that the next President will make Bush look like a Saint.
Marks read my blog view my photos
Apr 28, 2008 | 9:54 PM

Outspoken, you are so wrong and so right...Bush did not design the checks, but he will propably look like a Saint based on who is running for the Democratic nomination...
AnnaMan read my blog view my photos
Apr 29, 2008 | 4:26 AM

OK - Here's the bottom line!

The US Dollar works similiar to stocks in the fact that the more stock a company dumps into the market the less an individual stock is worth.

Conversely, when a company buys back it's own stock, thereby, creating a "shortage" of stock in the market place, the value of the remaining stock goes up accordingly.

It doesn't make sense to me, that at a time when the dollar is falling in value, that the government would decide to dump more "dollars" into the economy. This essentially will have the same effect as a company dumping stock into the market. The overall value of the stock, or this case the dollar, will now drop at an even more alarming rate.

The lower the dollar goes, the more expensive gas is going to become because the ailing dollar will continue to have less and less "buying power", which essentially means that it will take more "dollars" to buy things with which is also called - INFLATION!

So, there you have it... dumping these checks into the economy is only going to make the price of gas go up!
cowboyswife58 read my blog view my photos
Apr 29, 2008 | 9:08 AM

Well I guess in a way ours will go for buying more gas.But its also going towards a fishing trip to Colorado.Fuel prices are just so out of control now its crazy!And yes..we have only 2 gas cards and our monthly statements have never been so high before.Who needs a home improvement loan? Heck,people will start loaning money just for fuel bills now. Funny but terribly sad.
ted-mania read my blog view my photos
Apr 29, 2008 | 9:31 AM

My tax return knocked out most of my bills.......I'm kinda counting on this to take care of the rest of them....

Now if I can just control my wife when Christmas comes, I'll almost be in semi-good shape.....

almost...........
texan2007 read my blog view my photos
Apr 29, 2008 | 10:22 AM

rebates checks are only being given out to make Bush look good. Cause he knows that the people are going to put it back into the system for where it came.
texan2007 read my blog view my photos
Apr 29, 2008 | 10:25 AM

Don't forget that the rebate check is added income as seen by the IRS. Don't forget that.
GRAYWOLF read my blog view my photos
Apr 29, 2008 | 11:56 AM

It is not taxable income:

Q. Is my Stimulus Payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the Stimulus Payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

http://www.irs.gov/newsroom/article/0,,id=179181,00.htm
l#Other
jeffkim76210 read my blog
Apr 29, 2008 | 12:19 PM

tax rebate check?
Isn't this an advance on or '08 taxes? And if I am not mistaken, last time this happen, wasn't it listed as declared income on that year's taxes?
So, you get lets say 1000 (for easy math) "rebate" in '08. Then in '09, we must declare that 1000 as income and pay taxes on that income on our 08 taxes.
Seems more like a forced loan by the government. And I do not know what the tax will be on the "rebate" we get but I bet it would be larger than allowed by law on interest we would pay on a regular loan.
So, I guess the government had so much free time the decided to get into the loan shark business also. (man, did I just give loan sharks a bad name. lol)
guess I am a bit cynical today...
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SKevin

I teach at a middle school in a suburb north of Dallas and I love it. I am married to a teacher as well. My wife is from New Orleans and we spend much of our time in New Orleans-the greatest city in the world and I am Dallas born and raised. We wish we could make a life there and we did try because we wanted to help with the recovery but it was just not possible. We see Dallas as our place to work and New Orleans as our place to live. It will come back. When I have free time I like to read, work on home improvement projects, cook, write, and sell/buy on Ebay.

Member Since: 8/5/2006


 

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