Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Rant About the IRS Rebate
Old 03-17-2008, 01:35 PM   #1
Full time employment: Posting here.
tangomonster's Avatar
 
Join Date: Mar 2006
Posts: 756
Rant About the IRS Rebate

Okay, so it's not that much and it really wouldn't make a difference in my life. But it was just so frustrating to receive the letter from the IRS today informing me that I may be receiving the $600 per person rebate. First of all, the $42 million that was spent on mailing the letters. I'm not looking for a political debate here, but do you go along with the Democratic take on it:

Democrats accused the Bush administration of wasting time and postage.
"There are countless better uses for $42 million than a self-congratulatory mailer that gives the president a pat on the back for an idea that wasn't even his," Sen. Charles Schumer said Friday, arguing the IRS could more effectively spend the money to catch tax cheats.

Or the official explanation:

Keith Hennessey, director of the president's National Economic Council, said the letters are being sent to explain how the tax rebates will work.
"Any time you do something as a government tens of millions of times, there is ample room for people to get confused. And so if you're going to have tens of millions of taxpayers getting checks, you want to get the information out so that you have as few people as possible confused about what's happening, they understand what's coming, and it reduces the number of incoming requests that IRS and Treasury have to figure out how to deal with it," said Hennessey.
--------------------------------------------------------

So it turns out I don't qualify even though I paid (lots) of taxes---because I have no earned (from a j*b) income, although Socia Security qualifies. Why does the "unearned" income not qualify when you pay taxes on it? Not fair!!!!!!
__________________

__________________
“It is not a sign of good health to be well adjusted to a sick society”.------Krishnamurti
tangomonster is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-17-2008, 01:38 PM   #2
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,852
I don't think it is fair either, and I have earned income since I am still working! I'd be angry too, were I in your shoes.

It's not like it's that much, but gee.

I don't have "the letter" yet, though I have had my tax refund in hand for several weeks. I'll probably be the last one to get the rebate, with my luck.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 03-17-2008, 01:43 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by tangomonster View Post
Okay, so it's not that much and it really wouldn't make a difference in my life. But it was just so frustrating to receive the letter from the IRS today informing me that I may be receiving the $600 per person rebate. First of all, the $42 million that was spent on mailing the letters. I'm not looking for a political debate here, but do you go along with the Democratic take on it:

Democrats accused the Bush administration of wasting time and postage.
"There are countless better uses for $42 million than a self-congratulatory mailer that gives the president a pat on the back for an idea that wasn't even his," Sen. Charles Schumer said Friday, arguing the IRS could more effectively spend the money to catch tax cheats.
Rhetoric in an election year, get used to it.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 03-17-2008, 01:45 PM   #4
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
The whole thing is a stupid gimmick. I still say the money would have been better spent on rebuilding and upgrading U.S. infrastructure instead of something that will stimulate China's manufacturing more than America's own labor market. Assuming it was best to spend the money at all with these huge deficits, of course.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is online now   Reply With Quote
Old 03-17-2008, 03:39 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by tangomonster View Post
"There are countless better uses for $42 million than a self-congratulatory mailer that gives the president a pat on the back for an idea that wasn't even his," Sen. Charles Schumer said Friday,

--------------------------------------------------------

So it turns out I don't qualify even though I paid (lots) of taxes---because I have no earned (from a j*b) income, although Socia Security qualifies. Why does the "unearned" income not qualify when you pay taxes on it? Not fair!!!!!!
That's kind of a surprise. You say it's "not fair" and the Dems say the plan was not Bush's idea. I wonder if Schumer realized that along with his critique of the mailing he's pointing out that his team is responsible for the details making you unhappy?

To answer your question, yes I go along with the Dem take on it. The mailer was just $42M spent on political rhetoric. And I also agree that the plan is flawed and appreciate the Dems stepping up to claim a full share of the responsibility. Is this the beginning of bi-partisan cooperation? (Just kidding about the cooperation!)
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 03-17-2008, 04:18 PM   #6
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Since they couldn't/didn't make it specific to YOU ie. you'll be receiving XX amount ....it was useless.

p.s I hate getting any mail from any level of government that doesn't look like a check. It's like getting a certified letter from a lawyer.
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 03-17-2008, 04:20 PM   #7
Thinks s/he gets paid by the post
ladelfina's Avatar
 
Join Date: Oct 2005
Posts: 2,713
They could have put the explanation in the mail with the check. A waste.
__________________
ladelfina is offline   Reply With Quote
Old 03-17-2008, 05:36 PM   #8
Recycles dryer sheets
Rivrider's Avatar
 
Join Date: Jan 2008
Location: Bloomington
Posts: 127
Hmmm. $42 million to tell us something we already knew. Sounds like a waste to me. But, then wasting money is probably a big reason the Republicans lost in '06. They PO'd their libertarian voters like me.
__________________
Relax your mind.
Rivrider is offline   Reply With Quote
Old 03-17-2008, 07:08 PM   #9
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,608
Quote:
Any time you do something as a government tens of millions of times, there is ample room for people to get confused. And so if you're going to have tens of millions of taxpayers getting checks, you want to get the information out so that you have as few people as possible confused about what's happening, they understand what's coming, and it reduces the number of incoming requests that IRS and Treasury have to figure out how to deal with it
Except the letter is all full of "may" and "might" so even if you get one you don't know if you are getting a rebate unless you find the info on your own. Sounds like Repubs thought they could get an attaboy by associating themselves with a cash giveaway. Pure politics.
__________________
growing_older is offline   Reply With Quote
Old 03-17-2008, 07:21 PM   #10
Thinks s/he gets paid by the post
Tadpole's Avatar
 
Join Date: Jul 2004
Posts: 1,170
Quote:
Originally Posted by ziggy29 View Post
The whole thing is a stupid gimmick. I still say the money would have been better spent on rebuilding and upgrading U.S. infrastructure instead of something that will stimulate China's manufacturing more than America's own labor market. Assuming it was best to spend the money at all with these huge deficits, of course.
What can I add. ziggy is right.
__________________
Tadpole is offline   Reply With Quote
Old 03-17-2008, 10:45 PM   #11
Full time employment: Posting here.
UncleHoney's Avatar
 
Join Date: Aug 2006
Location: Columbus
Posts: 769
I got my letter today and for the most part I agree that it was a waste. But, and there is always a but, for people with very low incomes that don't normally file a tax return, the only way they will get a check is if they file a return for 2007. I think this was a wake-up call to them mostly to file a return and along the way they might even catch a few suckers that haven't been filing and should have, but they just can't resist a free check.

For 99.9% of us they could have saved the postage and the paper.
__________________
UncleHoney is offline   Reply With Quote
Old 03-17-2008, 11:14 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
I'll take my refund just like I take my dividends, because I know that company management cant invest it for beans anyhow and I can put it to good use!

As far as requiring $42M to explain to people why they're getting a check from the government to avoid confusion...uh...why not just attach the letter of explanation to the check when you mail it and get all the benefits for free?

Oh yes, thats right, its not supposed to make sense unless yer an idiot.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 03-17-2008, 11:38 PM   #13
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,234
Well I for one will be doing as they ask and spending my rebate check. I've decided to buy a kayak with it - an Innova Sunny. Yes, yes, please, keep down the applause, you can thank me for saving the nation later.

We estimated our taxes, found out despite adjusting our withholding we are still going to get back close to ten grand. Stupid! Stupid! Stupid! How weird is that? We up are deductions and lower our estimate checks (DW consults) and yet we still have a fat return coming in!
__________________
laurence is offline   Reply With Quote
Old 03-18-2008, 05:47 AM   #14
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
Here is the schedule of payments: When you'll get your rebate check - Mar. 17, 2008 . I see it pays to efile and have direct deposit or payment out of your account(s). Gee, I will have mine in enough time to pay the VISA bill; since I spent it all, and then some, already. I also spent refund already; direct deposit of refunds is great too.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 03-18-2008, 07:37 AM   #15
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,852
Quote:
Originally Posted by R Wood View Post
Here is the schedule of payments: When you'll get your rebate check - Mar. 17, 2008 . I see it pays to efile and have direct deposit or payment out of your account(s). Gee, I will have mine in enough time to pay the VISA bill; since I spent it all, and then some, already. I also spent refund already; direct deposit of refunds is great too.
Great info! I hadn't see this schedule.

Looks like I will get mine by May 16th. I had thought of using it to soften some of my recent market losses, but it won't even make a dent. That's my excuse! So, I'll probably spend it on fun stuff, instead.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 03-18-2008, 07:53 AM   #16
Full time employment: Posting here.
UncleHoney's Avatar
 
Join Date: Aug 2006
Location: Columbus
Posts: 769
Think I'll just endorse my check and send it back for second quarter estimated taxes.

Easy come, easy go.
__________________
UncleHoney is offline   Reply With Quote
Old 03-18-2008, 08:06 AM   #17
Recycles dryer sheets
 
Join Date: Feb 2008
Posts: 452
Quote:
Originally Posted by R Wood View Post
Here is the schedule of payments: When you'll get your rebate check - Mar. 17, 2008.
Thanks for the info. Since we paid the IRS by a check, it seems we won't see the rebate until the end of June at the earliest. Gee, I just hope our mailman doesn't put that particular letter in someone else's mailbox. He's been placing our neighbour's mail together with ours in our mailbox...
__________________
aida2003 is offline   Reply With Quote
Old 03-18-2008, 08:07 AM   #18
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
Quote:
Originally Posted by UncleHoney View Post
Think I'll just endorse my check and send it back for second quarter estimated taxes.

Easy come, easy go.
Since you really don't have to file taxes quarterly (you can pay them a few days before Dec 31st), just put it in your MM account and get a few cents interest ...

- Ron
__________________
rs0460a is offline   Reply With Quote
Old 03-18-2008, 08:25 AM   #19
Full time employment: Posting here.
UncleHoney's Avatar
 
Join Date: Aug 2006
Location: Columbus
Posts: 769
That would work, but I might be tempted to blow it. You know things like a big screen TV or maybe a tank of gas for the truck. Then they'd come and take me and all my toys away to the pokey.
__________________
UncleHoney is offline   Reply With Quote
Old 03-18-2008, 12:36 PM   #20
Administrator
Janet H's Avatar
 
Join Date: Feb 2007
Location: Pacific NW
Posts: 4,955
Quote:
Originally Posted by UncleHoney View Post
I got my letter today and for the most part I agree that it was a waste. But, and there is always a but, for people with very low incomes that don't normally file a tax return, the only way they will get a check is if they file a return for 2007. I think this was a wake-up call to them mostly to file a return and along the way they might even catch a few suckers that haven't been filing and should have, but they just can't resist a free check.

I wonder how many low/fixed income folks (seniors in particular) who have not had to file, will now pay a preparer to get this refund. Looks like it may be a full employment economy for tax pros for a while.
__________________

__________________
E-R.org Custom Google Search | You're only given a little spark of madness. You mustn't lose it. (Robin Williams)
Janet H is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Current Tax Rebate Risk TBPu FIRE and Money 0 01-30-2008 11:34 AM
Economic Stimulus rebate question rickier55 FIRE and Money 6 01-29-2008 07:03 PM
Rebate or RipOff? UncleHoney Other topics 20 07-17-2007 11:48 AM
Credit card rebate programs Jay_Gatsby Other topics 4 03-14-2006 07:34 PM
My rebate suspicions confirmed laurence FIRE and Money 35 03-07-2006 10:40 AM

 

 
All times are GMT -6. The time now is 03:13 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.