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Posted by: kwflatbed

BOSTON (CBS) ― The White House and House leaders have agreed on a $150 billion economic stimulus plan. If approved by the Senate, the rebates would go to about 116 million families.

The breakdown of who gets what is a bit complicated.

Most tax filers will get refunds of $600 to $1,200, and more if they have children.

Treasury Secretary Henry Paulson tried to explain it this way Thursday.

"If you are a taxing paying unit, a filer, and you've got earned income of at least $3,000 and then you file, you are entitled to a check of at least $300," he said.

(Click here to watch more of Paulson's explanation)

Here are the important points:

• Checks of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes, so long as they earned at least $3,000 in 2007.

• Checks of $600 for single taxpayers who earned $75,000 or less in 2007. Those earning up to $87,000 would get a partial rebate.

• Checks of $1,200 for working couples making $150,000 or less in 2007. Those couples earning up to $174,000 would get a partial rebate.

• People with children will get an additional $300 per child, possibly capped at $1,200.

The first rebate payments could begin going out in May, and most people could have them by July, said Paulson, noting that the IRS will already be overwhelmed processing 2007 tax returns.

http://wbztv.com/consumer/refund.che....2.637232.html

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Posted by: Deuce

Quote:

Originally Posted by kwflatbed • Checks of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes

Duuuuuuuuuuuhhh.....

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Posted by: kwflatbed

Those of us who are retired on SS don't get shit but the welfare
sucker ups get it, screwed again.

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Posted by: Wolfman

People who make lots of money and pay lots of taxes get nothing. People who don't work and don't pay taxes get thousands of the earner's forfeited pay. If this isn't socialist redistribution of wealth, I don't know what is...

Quote:

"From each according to his ability, to each according to his need"

- Milton Friedman

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Posted by: KozmoKramer

Quote:

Those couples earning up to $174,000 would get a partial rebate.

So those earning more than $175k get nothing. I guess that must be the new "rich". Equitable system we have there...
Earn 3 grand a year and get a 10% refund. Unbelievable....

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Posted by: Harley387

This is why those with NOTHING vote for Democrats. Because Democrats will always find a way to take from those who have worked hard for "something", and redistribute it to those who do nothing but milk the system. Why should people who earned less than $3000 get ANYTHING back???!!!

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Posted by: JoninNH

I made $64,000 last year... so do I get $600 AND whatever I get for a refund for overpaying thru paycheck deductions?

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Posted by: KozmoKramer

Jon - your 2007 income taxes will have nothing to do with this program other than to determine your income level for the rebate.
Refunds \ underpayments will not be affected.
BTW; along with your $600.00, you get another $300.00 for each dependent child.

Quote:

Originally Posted by Wolfman If this isn't socialist redistribution of wealth, I don't know what is.

Your GD right it is.

Quote:

Originally Posted by Harley387 This is why those with NOTHING vote for Democrats. Because Democrats will always find a way to take from those who have worked hard for "something", and redistribute it to those who do nothing but milk the system.

You got it. No incentives given for lifting your arse off the couch. We'll ensure we continue to give you a piece of the earners income, you ensure you you keep voting Democrat.

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Posted by: xxafspxx

Extra 600 bucks come to daddy!

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Posted by: Future Cop

They want to send me $600 (that I wasn't expecting), you won't hear me complaining.

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Posted by: Loyal

Harley, you hit the nail on the head. Once again the demorats pander to the layabouts. The Republicans wanted to give those of us who actually paid taxes a refund; now we wont get as much of our own money back because of the commiecrats' exuberance for the redistribution of your income - demorats suck. demorats are parasites

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Posted by: Wolfman

No one is goin to turn down the money, but you have to look at the agenda behind the payoff. It's sickening and ominous all at the same time. If you insist on spending your payout, consider getting ammo...

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Posted by: Hb13

Last year my tax rebate was $380 I owed $430 I think.
So now this year I made around $5,000 more than last year, i should just about break even with the money they give out.
I think I am going to take Wolfmans' idea to heart though and go out and get some "supplies".

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Posted by: OutOfManyOne

$1800 with two kids, I like. My new Plasma TV

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Posted by: Barbrady

Quote:

Originally Posted by Wolfman If you insist on spending your payout, consider getting ammo...

I am with you; mine is already spent.

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Posted by: Chree

I'll take the $2100 they'll give me!!! Time for a new Plasma TV!!

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Posted by: kwflatbed

Tax Rebates Can Be Expected As Early As May

WASHINGTON (AP) ― Most taxpayers could expect a rebate of up to $600 starting in mid-May under the economic aid plan set to go through Congress within weeks.

Couples could get twice as much, with even more for most families with children. All that, however, depends on smooth sailing at the Internal Revenue Service, and the agency already is up to its eyeballs in filings and refunds.

The Treasury Department says that despite the strains of tax filing season, the IRS will be able to begin delivering the payments within 60 days after President Bush signs the plan into law, and complete the process in approximately 10 weeks, possibly sooner. The payments would come separately from regular tax refunds.

"The IRS has already begun trying to prepare for this," said Andrew DeSouza, a Treasury spokesman. "They'll be ready to go."

But figuring out if you qualify, and for how much, can be complicated, thanks to confusing rules designed to get the money to middle-income workers and ensure it also benefits low-income people who are most likely to spend the cash.

"Almost everyone who earns income will receive some benefit," said Douglas W. Elmendorf, an analyst at the Brookings Institution. "The idea is to target the money on the people who will spend a large share of it, and to target it on people who are likely to be hurt by an economic downturn."

People who do not make enough to pay taxes but had at least $3,000 in earned income would get $300. Those earning less than that would be disqualified, as would the wealthiest. Older people living solely off Social Security checks would not get the rebate.

Individuals with adjusted gross incomes of more than $75,000 and couples with income exceeding $150,000 would get smaller checks. Contributions to individual retirement accounts, 401(k) retirement accounts and health savings accounts would not count toward the limits.

About three-quarters of those eligible for the checks are working people. About one-quarter would qualify solely through pension or interest income, such as retirees or people who are unemployed. Eligible people would get at least $300.

For middle-class people, the rebates are fairly straightforward. Most individuals would get a $600 rebate, couples would get $1,200, and those amounts would rise with the size of their families. High- and low-income people, however, would get only a partial benefit.

People with income less than $75,000 would get a rebate equal to the taxes they paid in 2007, up to $600. Couples with income less than $150,000 could get up to $1,200. Those who earned more than $3,000 but owed little or no taxes would get a flat $300, or $600 per couple.

So a low-income family of four, with $35,000 in income and virtually no tax liability would get $1,200. That includes the flat $600 per couple and $300 for each child.

A single person earning minimum wage would receive the lower rebate, $300.

A single parent of two with income of $38,000 and a tax bill of $433 would get $1,033, a $433 tax rebate plus $300 per child.

To focus the payments on middle-class people, the plan includes rules that reduce the rebates for those with higher incomes. For each dollar over the limits, the payment goes down by 5 percent.

That means that while a family of four with income of $95,000 would get $1,800 to $1,200 for the couple and $300 for each child. A family of four with income of $160,000 would get less, and the same family making $200,000 would get nothing.

Income of $160,000 would put a family $10,000 above the income threshold, reducing the benefit by $500 for a rebate of $1,300. The wealthier family, which falls $50,000 above the threshold, would see its rebate vanish under the formula.

Similarly, a single person with no children who had $16,000 in income would get $600, while the same person making $85,000, $10,000 above the limit, would get just $100.

People would not have to work to receive a rebate. A retired couple owing $4,000 in taxes would get the full $1,200; if they owed no taxes, they would receive only half that. If the couple earned less than $3,000, however, they would be ineligible. That includes 20 million older people whose only income is their Social Security checks.

The plan would allow people who do not qualify for a rebate this year to get one in the spring of 2009 if they become eligible based on their income level or tax liability in 2008. That has been a standard feature of past rebates, although it does nothing to stimulate the economy.

Some 40 million people who file their tax returns online could start getting payments by direct deposit in May. Congressional tax analysts say the government can send out up to 9 million paper checks a week. The IRS will have to reprogram its computers to calculate who gets the rebate and how much they will receive.

"They sort of learned how to do this last time," said Jason Furman, a Brookings economist, referring to the last round of rebates in 2001.

"It's definitely complicated if you're trying to understand it, but it's not actually going to be complicated for people because they're going to get a check from the IRS without having to fill out a single form."

Still, the agency is already working overtime processing tax returns, and rebates will have to take a back seat come April, when it will be overwhelmed in the run-up to Tax Day.

"The two final weeks of tax filing season are very, very high-traffic weeks for the IRS," DeSouza said. "We'll just have to see what capacity they can handle."

Retirees Feeling Slighted By Stimulus Plan (1/26/200


http://wbztv.com/national/tax.econom....2.638743.html

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Posted by: Wolfman

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Posted by: kttref

I still think this plan is f'n stupid...we barely make it to get anything. And neither of us make a whole heck of a lot...but we actually need to fix the house...so new RADON system...here we come

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Posted by: adroitcuffs

I would guess that this so-called rebate/incentive will have to be claimed next year as income?

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Posted by: kttref

do you know the stupid state of CT is taxing me on my rebate last year...??? how f'n gay can you get???

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Posted by: KozmoKramer

No Cuffs. The Stimulus plan is not considered income or taxable (at the federal level) for 08' and it will not affect your 07' under\over payment.
And the amount of your rebate is based on your 07' earnings.

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Posted by: Delta784

Quote:

Originally Posted by kwflatbed People who do not make enough to pay taxes but had at least $3,000 in earned income would get $300.

I didn't realize that purchases of crack and heroin stimulated the economy.

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Posted by: kwflatbed

Illegal Immigrant Taxpayers to Benefit From House-Approved Stimulus Plan




WASHINGTON — The $146 billion stimulus package intended to jolt the economy by giving taxpayers rebates up to $1,200 includes cash returns for illegal immigrants who pay taxes.
Under the plan passed by the House, illegal immigrants who qualify as "resident aliens" and earned a minimum of $3,000 would be eligible for rebates of between $300-$600, FOX News has learned.
Only those illegals who have been assigned an Individual Tax Identification Number that allows them to file income taxes would be eligible. Resident aliens are defined as people who spend a "substantial" amount of time in the U.S. and have not been deported.
The provision has irked illegal immigration opponents, who say the assigning of TINs and collection of taxes from illegals sanctions their presence in the country.
Rep. Tom Tancredo, R-Colo., told FOX News that the bill will certainly stimulate "more illegal immigration."
The stimulus plan met with overwhelming bipartisan support Tuesday, passing the House 385-35 with little debate after House leaders and White House negotiators came to agreement last week.
Opponents of the illegal immigrant eligibility provision point out that the House considered the bill under "suspension of the rules." Suspension provisions allow the House to expedite bills and don't open them up to the usual amendment process.
The plan, which would send at least some rebate to anyone with at least $3,000 in income— with more going to families with children and less going to wealthier taxpayers — faces an uncertain future in the Senate.
Senate Democrats and some Republicans support a larger package that adds billions of dollars for senior citizens and the unemployed, and reduces the rebate for individuals to $500 and $1,000 for couples.
The Senate version written by Finance Committee Chairman Max Baucus would deliver checks even to the richest taxpayers, who are disqualified under the House-passed measure.
Senate Majority Leader Harry Reid blasted the proposal to send rebates to those with higher incomes, saying it "causes me to want to gag." The feeling is widespread among Democrats, he added, saying the "the gag reflex is coming upon everybody" over the plan.
President Bush and House leaders urged the Senate to take the bipartisan agreement and pass it quickly, even as Baucus, D-Mont., planned a Wednesday vote in his committee on a larger package that could face a slower path.
"We need to get this bill out of the Senate and on my desk," Bush said in the Oval Office.
Congressional leaders are aiming to send the measure to Bush by Feb. 15. But the divergent plans — and bids by Senate Democrats and Republicans to swell the package with more add-ons — could drag out that schedule.
House Speaker Nancy Pelosi, D-Calif., said she hoped the Senate would "take this bill and run with it."
Reid, D-Nev., said that was unlikely in the freewheeling Senate, where members have elaborate wish-lists for adding to the bill, including food stamps, Medicaid and heating assistance for low-income people and spending on infrastructure projects, among other things.
"I think that there's 51 Democratic senators without exception who believe this package can be made better," Reid said, adding that he also expected to have enough GOP support to change it.
Sen. Mitch McConnell, R-Ky., the minority leader, said reopening the deal would be inappropriate.
"This is not a time to get into some kind of testing of wills between the two congressional bodies. This is a time to show we can rise above partisanship, do something important, and do it quickly," McConnell said.
The House plan brought together Democrats and Republicans, both of whom surrendered cherished proposals to reach a deal and cautioned against adding items that could hinder an economic recovery or scuttle the agreement.
"It's important that this bill not get overloaded. I have a full agenda of things I would like to have in the package, but we have to contain the price," Pelosi said. "We made a decision, because that's where we could find our common ground."
Americans "expect us to find ways to work together, not reasons to fight with each other," said Rep. John A. Boehner, R-Ohio, who forged the agreement with Pelosi in consultation with Treasury Secretary Henry M. Paulson.
"The sooner we get this relief in the hands of the American people, the sooner they can begin to do their job of being good consumers," Boehner said.
The measure would send rebates to some 111 million people, including roughly 35 million families who don't make enough to pay income taxes. Individuals with adjusted gross income of $75,000 and couples making $150,000 would get rebates equal to the taxes they paid, up to $600 for individuals and $1,200 for couples. Those making more than that would see their rebate go down by 5 percent of every dollar of income over the limits.
Taxpayers would get at least $300, even if they paid less than that in taxes — or $600 for couples. That's also the case for those who don't pay income taxes but earn at least $3,000.
All eligible people would get an additional $300 per child.
In the Senate, Baucus' proposal removes the income caps and would send rebates to some 20 million senior citizens not covered by the House plan because they don't have income. Baucus' plan also extends unemployment payments for 13 weeks for those whose benefits have run out, with 26 more weeks available in states with the highest jobless rates.
The Senate measure would restore a business tax break dropped during the House negotiations that would permit corporations suffering losses now to reclaim taxes previously paid.
Both packages include roughly $50 billion worth of tax incentives for businesses to invest in new plants and equipment.
To address the mortgage crisis, the House bill would raise the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas, allowing more subprime mortgage holders to refinance into federally insured loans. To widen the availability of mortgages nationwide, it also would boost the cap on loans that Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets. Those measures would expire at the end of the year.
Sen. Charles Schumer, D-N.Y, said Tuesday that he plans to ensure those changes are part of the Senate stimulus bill.

FOX News' Chad Pergram and The Associated Press contributed to this report.

http://www.foxnews.com/story/0,2933,326346,00.html

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Posted by: justanotherparatrooper

NO officer on this board will get one....the cut off is 75000 for individual and we ALL KNOW Mass cops make more then that because the Globe and Hearld tell us so

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Posted by: kwflatbed

IRS Announces Tax Rebate Calculator, Check Mailings

First Checks To Be Mailed May 2

• The Internal Revenue Service said Monday that it will begin sending more than 130 million tax rebate checks starting May 2. The initial round of "economic stimulus payments" will be completed by early July.
  “To receive an economic stimulus payment, people just need to file their tax returns as they usually do,” said IRS spokeswoman Peggy Riley. “The payments will be automatic for the vast majority of taxpayers. Some lower-income workers and recipients of certain Social Security and veterans benefits who don’t normally need to file a tax return will need to do so in order to receive a stimulus payment."
  The IRS also announced a new Web site where taxpayers can determine if they are eligible for a check and the amount they will receive.
• 
  Calculate the amount of your check.
• 
  The IRS also released this payment schedule for tax returns received and processed by April 15.
  
  Direct Deposit Payments
  
  If the last two digits of your Social Security number are:
  Your economic stimulus payment deposit should be sent to your bank account by:
  
  
  00 – 20
  May 2
  
  21 – 75
  
  May 9
  
  76 – 99
  May 16
  
  
  Paper Check
  
  If the last two digits of your Social Security number are:
  Your check should be in the mail by:
  
  
  00 – 09
  May 16
  
  
  10 – 18
  May 23
  
  19 – 25
  
  May 30
  
  26 – 38
  June 6
  
  
  39 – 51
  June 13
  
  
  52 – 63
  June 20
  
  64 – 75
  
  June 27
  
  76 – 87
  July 4
  
  
  88 – 99
  July 11

http://www.thebostonchannel.com/news...97/detail.html

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Posted by: Inspector

My wife and I just can't wait for the rebate. With the quarterly payments I have to make on taxes, the cost of milk and other groceries up through the roof, just getting shut off at the gas pump when there was now a limit on how much I could buy at $351/gal (purchases over $50 not allowed), I can't wait so I can pay bills. Now what money am I going to use so I can go out and buy something to "stimulate the economy" as our President wants? Sorry guys Washington is totally out of touch with reality.

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Posted by: dcs2244

They were kind enough to send me $69.00. Almost enough to fill my gas tank.

Thank You Federal Government!

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Posted by: Delta784

I just got my $1800 rebate (married with two children), just in time for the final payment on my heating oil "budget plan" which will swallow about 1/3 of it.

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Posted by: justanotherparatrooper

Quote:

Originally Posted by dcs2244 They were kind enough to send me $69.00. Almost enough to fill my gas tank. Thank You Federal Government!

You must ride a scooter

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Posted by: 5-0

My $2100 should be here just in time to pay the deductible on the damage from the tree that fell on my house this winter...

Insurance Company.

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