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2008 Tax Rebate Stimulus Package Explained
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1/15: The Committee on Appropriations just released the an executive summery of the details of the American Recovery and Reinvestment Plan.
This post refers to the first economic stimulus package of 2008. You can read about the second stimulus package here.
Looks like the stimulus payments will be sent out ahead of schedule, with the 800,000 direct deposit payments on Monday April 28th, Tuesday, Wednesday, and a whopping 5 million on Friday (none on Thursday). The schedule of payments will follow the original schedule, just accelerated by a week.
No doubt you’ve heard the “great” news that a deal on a stimulus package has been reached and that checks will be in the mail as early as May. Whether you believe the naysayers that say we’re really just propping up the Chinese economy (or oil rich nations) because we’re borrowing from them to buy their goods or whether you believe the proponents that say this will boost own economy in magical ways the fact of the matter is a deal has been reached – so what is it? Essentially, it’s a removal of the 10% tax bracket for everyone with some modifications. It includes phaseouts that begin past annual incomes of $75,000 and a component that includes those working Americans that don’t earn enough to pay income taxes.
To get a clearer understanding of the rules, let’s walk up the income levels and explain how it works; beginning first with those filing their taxes as singles and then adding in families. How the phaseouts work, from what I can understand, is that you first determine eligibility (if you earned more than $3,000 and paid taxes) and then, if you fall in to the phaseout, start reducing your benefit.
Singles
Determine Eligibility:
If you earned less than $3,000 – unfortunately you’d get nothing.
If you earned more than $3,000 but paid no taxes, you’d get $300.
If you earned more than $3,000 and paid taxes, you get $600.
If you have children, add $300 per.
Determine Phaseout Reduction:
The phaseout levels begin at $75k and end at $87k, at a reduction of 5% per $1,000 over the lower limit. If you earn above $87k, you’re over and thus get nothing regardless of the math.
Couples
Determine Eligibility (appears to be the same as singles):
If you earned less than $3,000 – unfortunately you’d get nothing.
If you earned more than $3,000 but paid no taxes, you’d get $600.
If you earned more than $3,000 and paid taxes, you get $1,200.
If you have children, add $300 per.
Determine Phaseout Reduction:
The phaseout levels begin at $150k and end at $174, at a reduction of 5% per $1,000 over the lower limit. If you earned above $174k, you’re over and thus get nothing regardless of the math.
Some Common Examples
These are taken from a post by Gridking on Tickerform.org:
- An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate.
- A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate.
- A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate.
- A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate.
- A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by 5 percent for every $1,000 in income above the $150,000 threshold. An $1,800 rebate $1,200 for the couple plus $300 per child — would go down by 50 percent for this family. A $900 rebate.
- A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate.
There were a few other salient details to the bill, including a temporary raising of the individual mortgage ceiling that Fannie Mae and Freddie Mac could purchase (FHA loan limits) – increasing it to a whopping $729,750 (up from $417,000), and business tax breaks for infrastructure investments.
Some Questions & Answers
Here are the answers to many of the questions in the comments below, I wanted to wait until the Senate and House agreed on something before trying to tackle these:
Is this a rebate? What is it a rebate on?
The funds are NOT a rebate on the taxes you will pay next year, they are based on your 2007 tax return. Next year, after you file your taxes, the IRS will calculate what you should’ve gotten and adjust your return. So if you received too much “rebate,” they let you keep it. If you received too little, they decrease what you owe next year. (Correction made, Thanks Phil!)
How do I know what I get?
What you receive in May (or June or July) will be based on the tax return that is due April 15th. It will then be adjusted next year if necessary. So, it is based on your 2007 return, use the math I outlined above or the calculator below to determine what you’ll be getting.
Tax Rebate Calculator
This is a calculator that you can find on Consumerism Commentary and has been vetted by tax professionals, this is NOT tax advice so please consult a professional if you have additional questions:
(Photo: Tracy O)
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My husband earned $4,954 last year and does not have to pay taxes. I had monthly Social Security Disability Benefits in the amount of $1,454 but don’t have to pay taxes or file a return for 2007. How much rebate will we get?
I am a single parent, non-traditional college student getting a BS Geology degree in June. I have children ages 11 and 8. I only worked part time last year while I went to school full time. So my working income was $2300.00. I also get taxed on my school loans which gets added to my total income. I did pay taxes and I am getting a refund so do I get a check or not?
Hey Elizabeth J
If you dont file your tax return you wont get any rebate. Even though you dont make enough to be required to file, the rabate are based on you filing this year!!
That is what will screw over alot of the srs who dont have to file, they wont get any rebate.
I am a foster parent, where one of us works outside the home and the other stays home. we file taxes, jointly, and have an adjusted gross income of 40,969. So I am assuming that we will qualify for the $1200 couple credit. In regards to our children, we are able to claim our biological children and our foster children on our taxes. Does this mean that we will get a child credit for all the kids on our tax return? or just our biological children? (It is separated on the tax form when you specify the relationship of the child) Also, I have one child that is 18 years old, with no income, will he be disqualified?
This is all so confusing to me
I love reading the comments from anonymous people because they are all hateful and ignorant! Too bad it’s not the same person because I would love to believe there aren’t so many stupid people in the US.
This is a “prebate” for people who have paid taxes. The low income people who do not qualify are getting their money from the government in other ways. The people who have commented about mowing lawns, scrubbing toilets, doing dishes and other things are probably making more than the $3000 needed to qualify, so stop complaining! You are getting as much as someone making $74,999 a year!
From what I have read, the money will be taken from next years return. However, if you owe money in 2008, the IRS is not going to make you pay it back so why doesn’t everyone change their W4 so less tax is taken out of your paycheck? I think the example CNN gave was; if you would normally get a refund of $2000 the 2008 refund would only be $800 (assuming the prebate was for a married couple with no children). Yet if you only get back $200 next year, the government isn’t going to make you pay back the other $1000.
I have no earned income, but I do pay a substantial amount of taxes each year on interest earned, dividends, capitol gains distributions and social security. Do I qualify for a rebate?
please tell me if people on s.s. and dont pay tax and did not make 3000.00
will we get a rebate check
please tell me if people on s.s. my husband and i recived 22000.00 from s.s.
will we get a rebate check
I am divorced and just filed my tax return for last year. I have gained my daughter as a tax deduction. She lives with my x wife. Do I get the extra 300 based on this?
We owe taxes in the amount of $1,800.00 for last year’s taxes which we are paying in installments. We will probably have to file an extention to file our 2007 taxes. Will we get the refund? Will it be applied to your outstanding taxes?
My husband and I file joint, but I don’t work and we make under $150,000, do we get a rebate of $1,200 or if any?
My husband and I file joint, but I don’t work. Will we get back $1,200 we make under $150,000. Please let me know. PS …I don’t know what URL means…Thank You
Will we get a rebate check if only my husband works and I don’t, but we file joint and under 150K? Thank You
I have a question. We are still paying on back child support for my husband’s oldest son. Will this rebate go to that?
Everyone can agree that people over the $75-87k cutoffs put more money into the tax pool. We (the higher tax bracket Americans) are the ones funding the bulk package, yet don’t reap the benefit. My stocks, 401k and IRA accounts are all down. Sorry for those of you “smart, hardworking Americans” who don’t know what these things are…but needless to say this isn’t a issue of social order, but rather an attempt to support our struggling economy. To exclude the “fortunate” from the stimulus package is backwards – we spend more money to fund the economy on a daily basis. We invest, build and provide for ourselves so we don’t end up relying on a government program to exist. You can cry all day that we don’t deserve money becuase we didn’t mess up our lives for whatever reason (single parent, couldn’t get an edumacation, horrible injury at the ol’ mill) but the fact is everyone should be entitled to the kick-back. We all want the money and logically we should all be entitled to some. You don’t see too many posts on this site bitching about lower income people getting money – heck, we should ALL get a piece of this. It isn’t like only the poor or lower class get hit during an economic downturn – I pay the same $3.00+/gal for gas, increased food costs, etc. Don’t even get me started about how we are the ones losing money in the stock market every day. Everyone who says that we should walk in your shoes needs to take their own advice: imagine putting 35-40% of your wages into taxes/medicare. At the end of the day becuase I am single, educated and healthy I don’t get a handout. Well, I have my hand out but I’m not holding my breath for this money.
CornHusker You said it quite right. Those of us on the upper end that don’t qualify aren’t so much as upset that we don’t qualify but the issue that this is supposedly a REBATE. That means you would have to pay in more than you get back. Those that don’t pay taxes should not get my paycheck. The same goes for the Earned Income Credit. Let those that qualify, get all of their own taxes back, but no more. I am really tired of those that have for some reason aren’t making a decent living, feel that they can come and take it out of my pocket, without so much as a thank you. Like I said in a previous post, Income redistribution is communism at it’s Best.
DO WE pay this money back? That is, when I do my 2008 taxes and have a refund of X, will they only give me X – rebate amount (assuming X > rebate)?
What happens if you have a tax liability and you have a payment agreement for monthly payments, do you still qualify for a rebate. Also will the rebate be applied to your tax liability or will you have the luxury of receiving it to stimulate the economy?
will i get it , I am disabled and get ssi ,and pay no taxes
Tax liability – you’re out of your mind if you think you deserve this check!
Sadly though people like you will get it.
Is it only on earned income ?…what about unearned income like child suuport….that increases you income for the year.
Thanks
I just have one question and then I will go back to lurkdom…
Do you people READ before you come on here and start whining and groaning about stuff you have “thought” up?
GO READ PEOPLE! If you are sick of the system – go whine to your congressman/woman. Groaning on here isn’t going to do anything but annoy every person that is looking for answers to questions.
Thanks for reading – now go away and leave this forum for people who have legitimate questions.
you stupid prick im sorry for being crippled from birth
you need help jerk
Jerry if you’re so crippled then why can you type? I can name at least two professions that require little more than being able to input data into a computer. Whoops – by two I meant thousands.
Wa Wa Wa!
The only jerk who needs help is you my friend!
Many of the comments are quite informative but none address my situation.
I am retired with a Social Security Pension and no earned income. There is
no significant Interest Income (1-2K). Each year I have been converting some of my IRA to a Roth IRA and paying the taxes out of my savings. AGI including the Roth Conversion is about $87K with about $75K taxable. (The Roth Conversions are calculated to hit the top of the 25% tax bracket and to reduce the eventual tax liability at age 70 1/2 when I must begin manditory IRA withdrawals.)
My question is will I get a tax rebate? From what I can discern, the answer would be no.
An aside to the fair tax advocates. A flat tax is possible but not feasible.
No matter what the words used to justify it, the net result of a flat tax would be to reduce the power of congress to redistribute wealth. I would be willing to bet that the current and future congresses wouldn’t vote for it.
Another aside to the those who have a problem with redistribution of wealth. We all gotta share. As with this rebate plan, the devil is in the details. At one time we had an 80% bracket (meaning that 80% of some peoples hard earned dollars went directly to income taxes). On of my friends went thru that and its effect on his willingness to work harder or earn more. Just saying that there needs to be a balance between keeping what you earn and helping the poor.
I would like to say that as a totally disabled veteran of the first Gulf War that I find this post and others like it very offensive.
I would give just about anything to have my health back and be a “productive” citizen again, but that does not look like it is going to happen.
We already get a very low disability pay and this stimulus will not only help my family but help the economy as well as we are trying to buy our first house and most of the money will go to that.
Thank you for your “appreciation” of the sacrifices we veterans have made for our country!!!!
I am still true to my country and Yaweh!
” OLSON responds:
Posted: January 25th, 2008 at 4:23 pm
This stimulus package needs some serious help!!!!! Don’t get me wrong, we definitely need something, but people who don’t pay taxes, should NOT recieve a “tax” rebate!!!!!! A tax rebate should be a rebate to those who have contributed to the tax system. Hence the name “tax rebate”. Also the income cut offs are plain stupid. The people who feel the crunch right now are middle-class American citizens and families. People who make somewhere between $40,000 to $150,000 are getting the stink of democratic policies. I am all for helping people who deserve the help, but the democrates need to remember that the middle class families are the ones who put the money into the system to support their social services. What happens when the middle-class citizens get fed up with paying high taxes, “taxation without representation”, and recieve no credit from their own government?
If there is to be any rebate, the rebate should go to those who acutally put money into the tax system!!!!!!!!!!!!!!!!”
I am currently in chapter 7 bankruptcy and have to give up my tax refunds for the next 3 years does this include what I will recieve from the stimuls package
I would like to say that as a totally disabled veteran of the first Gulf War that I find this post and others like it very offensive.
I would give just about anything to have my health back and be a “productive” citizen again, but that does not look like it is going to happen.
We already get a very low disability pay and this stimulus will not only help my family but help the economy as well as we are trying to buy our first house and most of the money will go to that.
And, by the way, before I became disabled I paid in a lot of money to the IRS!
Thank you for your “appreciation” of the sacrifices we veterans have made for our country!!!!
I am still true to my country and Yahweh!
” OLSON responds:
Posted: January 25th, 2008 at 4:23 pm
This stimulus package needs some serious help!!!!! Don’t get me wrong, we definitely need something, but people who don’t pay taxes, should NOT recieve a “tax” rebate!!!!!! A tax rebate should be a rebate to those who have contributed to the tax system. Hence the name “tax rebate”. Also the income cut offs are plain stupid. The people who feel the crunch right now are middle-class American citizens and families. People who make somewhere between $40,000 to $150,000 are getting the stink of democratic policies. I am all for helping people who deserve the help, but the democrates need to remember that the middle class families are the ones who put the money into the system to support their social services. What happens when the middle-class citizens get fed up with paying high taxes, “taxation without representation”, and recieve no credit from their own government?
If there is to be any rebate, the rebate should go to those who acutally put money into the tax system!!!!!!!!!!!!!!!!”
Katie:
I have been a SINGLE MOM for over 10 years. I used to make very little money10 years ago, but in the last few yeas I started to make over $90,000. It took a lot of very hard work, often 12-hour work day and no sleep. I went to school at nights, plus I had to take care of my daughter and my house. I am very upset that I didn’t don’t get much of advantage in terms of loans, rebates, etc. In fact, I feel that I am penalized for my hard work, and my taxes go to people who don’t want to work hard, prefer to live on government’s support, and mindlessly waste their money. The same sitauation with this “stilumus package”. This is just ridiculous.
We are married…I’m a housewife and husband makes the living bringing home about $65,000.00 a year. We have a 22 year old daughter living at home and is being claimed as a dependent. How much should we get back with this stimulus plan?
I am a dependant on my parent’s tax return. Last year I made 12,000. My parents aren’t eligible for rebate: will I get anything?
So, I’ve been reading this with interest and frankly because I wanted to know the who/what/when of it all. I find it myself rather puzzled by the ire raised on both sides of the coin. On the one hand, I am a single mother of five, abuse, hard times…blah, blah, blah. I was raised in a family with even more children and even less money. Education was not pushed. I’ve finally reached a point where I don’t have to decide between gas and toilet tissue at the end of the month. I have dual degrees hard earned in 5 years. I’ve never been on welfare, my education was paid for by loans, not grants, I just bought my first house the beginning of the year. And last year was the first time since becoming a single parent that I didn’t work two jobs. I work hard, my children work hard. Nothing was given to any of us and honestly, I wouldn’t have it any other way. This is the life I ‘negotiated’ and agreed to. My saving grace mentally has been knowing that nobody ‘needs’ a child..they want one. And there were days that I reminded myself that I was not obligated by law to keep any of my children, granted I couldn’t put them out on the curb, but they could be adopted out. (Something that happend quite frequently to survive the depression). Of course, I adore my kids and can’t fathom leaving them, but it really drives the point home that I ‘choose’ to keep my children, just as I chose to marry who I did, and chose to not go to college until I was much older..etc. etc.
I do not think the US is the shining star it used to be and could be again. However, there isn’t another country in the world that would have allowed me..a nothing…with nothing…to “pursue” happiness as I have. For that alone, I will call this place Home Sweet Home.
I am not one of the ‘haves’, however, this is a rebate (prebate) and as such I do agree that the wealthier should also receive the rebate. It is hardly their fault that they simply negotiated a higher standard of living. On the other hand, having been one of the ‘have nots’, I most certainly understand that even $300 can make a significant difference to a family.
I do believe in social responsibility, but I don’t believe in forced social responsibility. I could never feel good about the government forcing something away from someone to provide for me and mine simply based on them being in a better situation than myself. On the other hand, if asked, and if I can spare it…I’m more than happy to help someone out.
Likewise, I also believe in self-responsibility. I have met my fair share of leeches, ticks me off as a tax payer but harmed me even more by way of perception when I was truly low income. I am not against the welfare program, I’m offended by its abuses.
Those of us in the position to owe taxes will undoubtedly pay for this lump advance at some point in time. That sucks, I admit. I think it won’t do what the hope is, but its something, its an attempt. And I can get behind an attempt.
So…I guess what I’m saying is we *are* truly in this together, some *will* bear the burden more than others. Would I trade the improvements I’ve made in my life for an extra $300? Heck no! Will I turn down a check? Again Heck no! Living in the US and under our government policy is a choice. People don’t always like that choice. But its like I told my sister a few months back after listening to her snivvel about how she only makes min. wage and the ceo of the company she works for makes a couple hundred grand. “You don’t *have* to work there (or live here). Starvation is an option, not a pleasant one, but an option none the less.” I can’t stand the idea of people giving up their choices when sometimes that’s all we have.
As for those who did all the ‘right’ things….and it all still went south. It sucks hardly expresses it I know, however..you too could live elsewhere. Can you imagine being widowed or physically unable to work in another country? Would it be better?
The only way things are going to change is in the voting polls. If we want the country run the way we want it…we have to actually do something. It is not going to be granted to us just because we exist. That having been said, isn’t it ironic that the very freedoms that allow us our extreme diversity in beliefs and actions is also our biggest stumbling block and making a mass move for governmental change?
(ok, if you read this whole thing….you have my utmost sympathy for having nothing better to do than read my ramblings. : )
I earned 91K as a single person in 2007, if this “Tax Rebate” is based off our alleged income for 2008, and I earn less than 87K…will I get a refund? My “white-collar” salary is due in part to flucuating Overtime.
Except for all those liberals out there, this is great! Everyone who pays taxes, and those to poor to pay, should get this. We are the UNITED States, not the rich and poor. Come on you socialists, shouldnt everyone get the same thing? GREAT JOB EXPLAINING!
So if in 2007 I get a $196 refund for Federal and 2008 looks to be similar to 2007 will I owe $1604 (family of 4=$1800-196) or will I just get nothing at all and the extra $1604 is the gift the federal gave me?
I just feel that everyone should go sit down and listen to all of their John Lennon albums. It is sad that our society has become what it has become that we can not trust anyone or anything….If we get it we get it, If we don’t we don’t. I feel bad for the single Moms & Dads, Elderly, Disabled, all of them, I think Leo probably has a small dick, but giving into his comments makes us just as bad as him, bc he doesn’t care what we have to say anyway, he is small minded, people like him will never have true love, so he is the one that is truly suffering…
I paid over 36000 in taxes, will get hit with the ATM tx this year, expect to owe more when I do my taxes, paid out the a#$ in ss taxes, pay over 10K in property taxes to live in a 450K townhouse and pay county taxes everytime I buy something and wont get a thing back. Yes I went to college and do make a nice amount of money,I also have a 125k loan to pay back.So all you slack jawed, cry babies who are sitting around popping out kids, on SS, Medicaid and on well fare should just be grateful you get anything. Youre always the first in line with your hands out but giving nothing back. You deserve nothing but the poverty stricken life you choose. If you cant afford the baby keep your legs closed. Im so sick of hearing about the mother, who gets credits for everything from tears to toilet paper. Where is my rebate on all the money I give the govt to support the loosers in this country. Our country has become pathetic, and about nothing more than giving to the lazy. For all you who work and pay taxes this is not at all aimed at you, You and I are part of the reason that our govt can afford to give away more money to the lazy american way.
If you owe the IRS back taxes, will they apply the rebate to what you
owe? And if so, how will you know it?
I am 18 years old but still listed as a dependant to my parents. I made more than $3,000 yet I didn’t owe any money in taxes. Do I recieve $300 or does that money go to my parents?
Wow. I can’t believe how long this thread is, and how many angry people have spoken here. I have a unique perspective to share. I used to be Head of Household for 2 kids, divorced, low income. I got money back but I didn’t pay in for about 10 years. I was working full-time with no child support. I really needed that money to survive.
I put myself through college. I worked, went to school, and raised my kids alone. When I was done I got a job making more money. Now I make a lot more, though I am under the single person’s threadhold. So I qualify for a small rebate, though I paid about $16,000 in taxes. However, a tax return doesn’t always tell the story. My daughter and her son live with me while she is in school. I support them. But she is too old to be my dependant and my grandson is her dependent. Now she gets money back but pays nothing. I pay a lot and don’t get squat. You know what? That is as it should be.
If you don’t make much money you need all the help you can get, even more so if you have kids. If you make enough money to be over the threshhold and have a nice little 529 plan for your kids or grandkids, or a 401k, or an IRA, then you don’t need much help, do you? Count your blessings.
In order to serve the most in need this tax rebate has to be based on something relatively uncomplicated. The government has trouble doing anything fast, and if it isn’t fast they might as well not bother at all. The money should go to people who will spend it because they need it. Some will be left out that are deserving. Some will be included who are not.
Who ever told you life is always fair was an idiot. The point of the exercise is to get the economy moving again so we can all benefit.
What if you owe taxes from previous years, will they just take the rebate and apply it against the balance?
So, on it goes. The people who woked all those hard low paying jobs that built this nation and now are on their measley 15,000.00 social security checks per year. We got a whopping 2.4% raise on our checks-what a slap in the face!. Gas alone went up over 30% last year-groceries escalated in price-Doctor bills went up drastically-electrical bills went up-to name only few of escalating prices. And now comes this stimulus deal. Senior citizens who can’t work because of disabilities or because they are just too old—FORGOTTEN FORGOTTER FOTGOTTEN. If this is the trend for old folks in the future –what a deal. If anyone would put this finite rebate into circulation to STIMULATE THE ECONOMY IT WOULD BE PEOPLE LIKE ME! We need HELP , BUT NO ONE IN WASHINGTON IS LISTENING NOR DO THERY CARE . BUT WHAN VOTING TIME COMES AROUND, BOY ‘THEY’ LOVE US SO MUCH –AMAZING! So roll on big government , we aren’t important to you as older people anymore . But don’t forgot how you got where you are today!
I find it very amusing that everyone is asking questions and I never see them getting an answer……….. so I will do the same. My question is we file joint with 2 dependents Will we get 1800??? One of my dependents also worked but I claimed him…..will he get anything (agi-13000, 890 tax)?
WOW Isn’t it cool how everyone is lining up to get their own money from the government that took it from them in the first place. This show how much of a junkie fix the government gives us stupid americians. Lets get rid of this TAX thieft and go to a Fair Tax and then they can’t bost when they put us in debt giving us our own money back!
how can I check to see when I will recieve
Here’s an answer to those who want a handout: Get to work! It is 2:30 CST which means that people in all US time zones should be working right now – not surfing the internet! The time you spend bitching here is time you could be spending improving yourself, working hard and impressing your boss. This would lead to promotions (in whatever your line of work is) and thus more money. The $600 or so would be a nice little bonus, but how in the world can you expect the government to keep you afloat?
I get to surf the internet right now because my education and work ethic got my a job that allows me to spend my downtime in the office on the net. Maybe you should take all of your angst and sense of entitlement and focus that on a new job search. Wait, then you wouldn’t get a tax rebate on the taxes you never paid. Funny how that works out!
Can I get my rebate check in the form of Mac Donald’s gift cardz?
According to the Internal Revenue site, all investment income–dividends, interest and capital gains—is excludes, although people pay taxes on this money.
OK, all you you who are so worried about if you will or won’t get a check all I can do is ask “Why?”. I am a married father of two with an AAS degree and a $30,000 a year tech job. I will probably get either $1200-$1800 on a (prebate) check from this plan. But I will have to say, as a means to stimulate the economy, this is worthless as far as I can see.
On years that I can afford to, I do unwisely spend my $3000-$5000 dollars from my tax return. This will not be one of those years, instead this year’s tax refund will be catching up some bills and helping to put some collection agent out of his job by making him unnecessary.
Whether it pays for bills, a new computer, or a trip to Vegas, I know I am still going to want my full tax refund next spring. I guess my prebate is just going into my savings account to earn a meager amount of interest until the rest of my tax money comes in to join it next year.
I regularly get junk mail that looks like a check to me for $2500. But when I look closer I see that by cashing that check I’m going to be agreeing to a loan with a 22.5% interest rate. Basically now the government is going to send me an unsolicted “loan” check. It may not come with the amazingly high interest rate, but it’s not exactly going straight to the top of the “Great things that happened to me this year” list either. I couldn’t care less.
I will continue to go to work everyday, come home and eat supper and relax on my couch (without the $300 or $900 dollar bag of weed) while I tell you people who think your somehow getting shafted because you made too much to qualify and “have to give me money” because of it that you aren’t giving me money! It’s money that I’m paying in taxes already and would have seen next spring instead of this one if this had never happened.
Whether you qualify and think you deserve more, or don’t qualify at all, it’s nothing to worry about and certainly nothing to whine about.