TimC Posted January 24, 2008 Share Posted January 24, 2008 Is hookers and blow considered wasteful? Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted January 24, 2008 Share Posted January 24, 2008 Is hookers and blow considered wasteful? Â Only in excess. Quote Link to comment Share on other sites More sharing options...
Hugh 0ne Posted January 24, 2008 Share Posted January 24, 2008 Is hookers and blow considered wasteful? Â I don't know, is they. Quote Link to comment Share on other sites More sharing options...
Hugh 0ne Posted January 24, 2008 Share Posted January 24, 2008 Uh, dumb question, is this taxable income in '06? Or are they waiting until the '07 filings are done? Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted January 24, 2008 Share Posted January 24, 2008 I'm curious - is the $150k - "Adjusted Gross Income" as would be found on your return? Quote Link to comment Share on other sites More sharing options...
TimC Posted January 24, 2008 Share Posted January 24, 2008 Fatherhood Quote Link to comment Share on other sites More sharing options...
Puddy Posted January 24, 2008 Share Posted January 24, 2008 Uh, dumb question, is this taxable income in '06? Or are they waiting until the '07 filings are done? Definitely not '06 since that was two years ago  If you receive the cash in '08 it will considered income in '08. Quote Link to comment Share on other sites More sharing options...
Hugh 0ne Posted January 24, 2008 Share Posted January 24, 2008 (edited) Definitely not '06 since that was two years ago  If you receive the cash in '08 it will considered income in '08.  No, I meant what year are they looking at your combined income to determine if they will give you a rebate. Edited January 24, 2008 by Hugh 0ne Quote Link to comment Share on other sites More sharing options...
Big Country Posted January 24, 2008 Share Posted January 24, 2008 Is hookers and blow considered wasteful? Â Only if used separately Quote Link to comment Share on other sites More sharing options...
whomper Posted January 24, 2008 Share Posted January 24, 2008 Is hookers and blow considered wasteful? Â Â Only if you cant catch wood or breathe to strong out of your nose. Quote Link to comment Share on other sites More sharing options...
Swampnuts Posted January 24, 2008 Share Posted January 24, 2008 This is the reason that those with higher incomes will not be getting as much. Usually higher income is associated with higher intelligence, and intelligent people know to pay off debt as soon as the can with the exception of mortgages and possibly an 0% debt on a car on an electronic device. Where as poor people will use it to buy crap they don't need rather than paying off debt. I'm thinking it might be a good time to buy stocks like BUD, TAP, and BF.B. Â Â Wow, this is quite a statement. You may be right, but I had never thought of you as an elitist. Quote Link to comment Share on other sites More sharing options...
yo mama Posted January 24, 2008 Share Posted January 24, 2008 No, I meant what year are they looking at your combined income to determine if they will give you a rebate. Dunno. Probably 2007 income determines the cap your under; that information will be available to the gubment by the anticipated June 2008 payouts. The pisser here is that we could be forced to take the rebate back into income in tax year 2008. That's the way some prior tax rebates have worked. So, in reality, these might effectively be interest-free loans we're forced to repay to the IRS next year. I haven't seen any discussion on this point, and until I do I won't be spending any of the "rebate." Â Savings, conservative investment, and/or debt reduction is the smart thing to do until this point is clarified. But that's certainly *not* what the gubment is hoping we'll do with the money (maybe). They're hoping you'll go get that bigass flat screen today, then force you to pay them back for it next year (maybe). If I see any clarification on this point, I'll post a follow up. Quote Link to comment Share on other sites More sharing options...
Puddy Posted January 24, 2008 Share Posted January 24, 2008 No, I meant what year are they looking at your combined income to determine if they will give you a rebate. Oh. I wuz confused. Quote Link to comment Share on other sites More sharing options...
yo mama Posted January 24, 2008 Share Posted January 24, 2008 (edited) This is the reason that those with higher incomes will not be getting as much. Usually higher income is associated with higher intelligence, and intelligent people know to pay off debt as soon as the can with the exception of mortgages and possibly an 0% debt on a car on an electronic device. Where as poor people will use it to buy crap they don't need rather than paying off debt. I'm thinking it might be a good time to buy stocks like BUD, TAP, and BF.B. Obviously, my comment about killing the American economy was double sarcasm. Yes, the government wants us to spend that $$$ in a way that generates the kind of business revenue, which immediately circulates more than once through out the economy. Because that's what the National economy will benefit most from. Paying down debt or increasing savings doesn't have quite the same short-term impact. But, for 99% of us, that's what's best for our household economy. And, not surprisingly, the 1% of us for which that general rule does not apply probably won't getting a tax rebate in the first place. Edited January 24, 2008 by yo mama Quote Link to comment Share on other sites More sharing options...
Bier Meister Posted January 24, 2008 Share Posted January 24, 2008 Wow, this is quite a statement. You may be right, but I had never thought of you as an elitist. Â Â Â perch ----> (click link) Â Â Â Â Â Â Â Â Â Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted January 24, 2008 Share Posted January 24, 2008 I doubt the "rebate" checks will ever be included in taxable income. Quote Link to comment Share on other sites More sharing options...
Puddy Posted January 24, 2008 Share Posted January 24, 2008 I doubt the "rebate" checks will ever be included in taxable income. I could have swore that the rebates we got a few years ago were taxable income  Of course if you get a $1,000 rebate it's not like you pay the whole $1,000 back which is why yo's post confused me. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted January 24, 2008 Share Posted January 24, 2008 The pisser here is that we could be forced to take the rebate back into income in tax year 2008. That's the way some prior tax rebates have worked. So, in reality, these might effectively be interest-free loans we're forced to repay to the IRS next year. Â if it goes into your 2008 taxable income (which i assume it will), that does not quite equate to an "interest free loan", unless there is some 100% tax bracket i am unaware of. Quote Link to comment Share on other sites More sharing options...
Skippy Posted January 24, 2008 Share Posted January 24, 2008 I could have swore that the rebates we got a few years ago were taxable income  Of course if you get a $1,000 rebate it's not like you pay the whole $1,000 back which is why yo's post confused me. If that was taxable income, I think I screwed the IRS and did not report it. I very much remember getting those 1K rebates but I don't remember ever claiming them.  Quick question - I saw someone talk about this slowing down the irs refunds for income tax. How is that possible when there are people that have already filed and taken those HR block instant payments? I mean there are people, lots of them, that are already out there spending their returns and I haven't even recieved my W2 yet. Quote Link to comment Share on other sites More sharing options...
yo mama Posted January 24, 2008 Share Posted January 24, 2008 if it goes into your 2008 taxable income (which i assume it will), that does not quite equate to an "interest free loan", unless there is some 100% tax bracket i am unaware of. You're right. But let's not get myopic. My larger point is that we haven't been told what future impact these "rebates" will have on us. Perhaps none. Perhaps it will be recaptured into income next year. Perhaps the amount will have to be fully repaid. Furthermore, when this happened back in 2001, there were 8 states that treated the federal rebate as taxable income for state income tax purposes. That's why I issued general words of caution. This money may not exactly be "free." If it's not, pissing it away on junk you didn't need in the first place would be a pretty stupid move. Quote Link to comment Share on other sites More sharing options...
Big Country Posted January 24, 2008 Share Posted January 24, 2008 If that was taxable income, I think I screwed the IRS and did not report it. I very much remember getting those 1K rebates but I don't remember ever claiming them. Quick question - I saw someone talk about this slowing down the irs refunds for income tax. How is that possible when there are people that have already filed and taken those HR block instant payments? I mean there are people, lots of them, that are already out there spending their returns and I haven't even recieved my W2 yet.  If I'm not mistaken, those HR instant payments are essentially loans from HR. They pay you X amount, say 80% of your return, and they keep the full return amount when it comes through. If anything, it would just delay when HR receives the payment they are fronting to their customers.  I could be wrong, but I was always under the impression that the terms of the HR instant pay program were similar to that. Quote Link to comment Share on other sites More sharing options...
yo mama Posted January 24, 2008 Share Posted January 24, 2008 Quick question - I saw someone talk about this slowing down the irs refunds for income tax. How is that possible when there are people that have already filed and taken those HR block instant payments? I mean there are people, lots of them, that are already out there spending their returns and I haven't even recieved my W2 yet. Because those people who filed with H&R block haven't gotten their refunds yet: H&R block gave them a short term loan, at a VERY high interest rate, which will be repaid once the refund comes in. They get money now, but less than they'd have gotten if they'd just waited to collect the actual refund from the IRS. Quote Link to comment Share on other sites More sharing options...
Footballjoe Posted January 24, 2008 Share Posted January 24, 2008 I d not know how much I will get (me, wife who works part time, daughter in college, son in HS) but mine is going toward a killer TV and surrond sound. We were going to buy a new TV anyhow, now we will just get a better (much better) one. Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted January 24, 2008 Share Posted January 24, 2008 I d not know how much I will get (me, wife who works part time, daughter in college, son in HS) but mine is going toward a killer TV and surrond sound. We were going to buy a new TV anyhow, now we will just get a better (much better) one. Â Just make sure that TV and surround sound is made in America. Otherwise the terrorists (and Asians) win. Quote Link to comment Share on other sites More sharing options...
Avernus Posted January 24, 2008 Share Posted January 24, 2008 I'm going to make a down payment on a Prada handbag Quote Link to comment Share on other sites More sharing options...
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