FAIL.

[apocalypsos]

Rebate plan passes

Something I haven't seen mentioned in any other news story about it that phillyexpat pointed out that I kind of figured after the last rebate in 2001 (it's the only year I ever owed money on my taxes):

The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.

Boy, really makes you want to go out and spend it now, doesn't it? *eye roll*

Comments

[phaballa.livejournal.com]

Yeah, that's how rebate plans always work, generally. I'd really like it if there were a way to just... REFUSE to get the rebate.

[apocalypsos.livejournal.com]

Yeah, I learned that lesson the last time. (Me: "Wait, I have to pay it back?" My mother: *headsmack*) It's amazing how many people still don't know it, though, you know? Maybe if we don't mention it, nobody will figure it out! *sigh*

[phaballa.livejournal.com]

That's what they're hoping. They whole point of tax rebates or whatever they're calling this scam now is that they give you an advance on future tax returns to put money in your pocket when the economy is failing. This is supposed to encourage people to buy shit, because they suddenly have an extra $300 or whatever in their pocket, thus stimulating a failing economy.

Of course, most people don't realize they'll be paying it back next year. Also, it hardly ever works the way it's intended to because the economy sucks which means instead of spending the money, people are more likely to save it or pay off credit cards with it.

[apocalypsos.livejournal.com]

I'm really hoping that I get the pay-for-performance bonus at work in addition to our regular bonus, because that'll be an extra thousand bucks I can use on bills instead so when the tax rebate comes I can toss it into a savings account and forget about it. I'm probably going to do that anyway, but at least with the extra bonus I can buy me some extra rent and not worry about that for a few months. And then I won't be tempted to touch the money until then. (Although when Christmas rolls around ... who knows? *sigh*)

[spyderqueen.livejournal.com]

I will give you my father's wise and cynical statement on this (he works for CBO) when I asked about spend vs debt-pay:

"But in any case, we know you will pay down your debt (which provides no stimulus) and swear that you won't run it up again. Then, within a few months, you will run your debt back up again, and we will get the effect we want."


Dismal science indeed.

[phaballa.livejournal.com]

I would rather just not get the money at all. I'm sort of hoping I don't qualify.

[neonhummingbird.livejournal.com]

Yeah, I caught that way down at the bottom of the story. :P Funny how this hasn't come up the whole time they've been garnering support for the thing....

[apocalypsos.livejournal.com]

Oh, we're just supposed to know that's the way it works. Which, okay, I knew (although like always, I was kind of hoping it wasn't) but then again I had to deal with the hassle last time when I was totally broke and owed the IRS three hundred bucks.

[neonhummingbird.livejournal.com]

Apparently, we are supposed to just know -- or not know, as they've removed that line from the article. < gives CNN the fisheye >

[dawnmipb.livejournal.com]

More shortsighted stupid cluelessness by the federal government.

If they REALLY cared about getting the economy going, they'd get gas prices down to a human level. That's what's strangling business right now.

[apocalypsos.livejournal.com]

I know, right? I live in the middle of nowhere and half of the reason I don't go to the movies and the mall as often as I used to is because it costs too much to refill my gas tank. It would be so nice if we had public transport up here, but no such luck. That's the one thing I miss most about living in DC.

[tviokh.livejournal.com]

Eh, it'll put me that much closer to a new laptop, so I'll take it.

They ought to be paying us more for putting up with all the shite coming out of Congress and the White House of late.

[apocalypsos.livejournal.com]

I'm tossing mine into a savings account and hoping it'll last in one piece until next year, but I have a bad feeling that either Christmas will roll around and I'll need it then or my laptop will crap out and I'll use it to go buy a new one.

[xturtle.livejournal.com]

This is what I suspected, and I asked everyone about it, and they said, no, it's an actual refund. There's no free money. It's really like being forced to accept a loan from the government, with no guarentee that you'll have the money to pay it back next year out of your refund.

[apocalypsos.livejournal.com]

Yeah, I was pretty sure I was just going to toss it into a savings account anyway, but now I'm sure. Right now, I'm just praying I get that extra bonus at work, because if I do I'm paying ahead on my rent and my bills and alleviating a lot of my financial stress that way.

[xturtle.livejournal.com]

So CNN now has an article up clarifying that there will be no repayment expectation for overestimated rebates.

Sounds like everyone's confused, but that's a bit more promising. Though I'd really rather get my full refund next spring when I'm used to it, rather than this May...

[anonymous_sibyl]

I remember finding that out also. I've been looking to see if it's been mentioned this year, but no, no mention at all, just like last time. I really, really, really do not want to get one.

[phillyexpat.livejournal.com]

The plot thickens! CNN pulled that line from their article.

[killerweasel.livejournal.com]

Well... crap.

I really need that money now though.

Stupid bills. Stupid crappy car.

[doqz.livejournal.com]

Yep, it's basically an interest free loan based on your projected earnings.

Or in other words, there was a bipartisan consensus in Congress to buy a couple of poll-points with your own money.

[palmetto.livejournal.com]

Gah.

It was going directly to savings anyhow, mind, so at least I'll squeak out some interest on it. T_T