Experts: Rebates not free windfall

[MikeNearMcChord]

By JOHN GOODALL Tribune Chronicle

WARREN — Experts are cautioning against viewing the tax rebates that many will receive as windfalls of extra cash.

In reality, they will be advances on tax refunds that people would have gotten in the future anyway, said Margaret Filaccio, a certified public accountant in Liberty. The new wrinkle is that they will get them early, she said.

http://www.tribune-chronicle.com/page/content.detail/id/500571.html?nav=5021

As they say there is no such thing as a free lunch, a payday advance from Uncle Sugar. BOHICA Baby BOHICA!

[LARED]

1. So if I understand

Instead of taking my money during the year and giving back a portion the following year. The government will now take a portion of the money during the year and give it back in the same year before they finish taking it.

[Igel]

2. So it seems.

Of course, that's via a tax cut, so it's money you wouldn't have had otherwise--with an equal amount added to the national debt to pay for it.

[mcscajun]

6. Exactly! And if you're not dizzy either thinking about it, or saying it...

I'd be amazed. :crazy: :crazy:

[Fire Walk With Me]

3. Quite the bit of economic mockery, isn't it?

K&R.

[pitohui]

4. oh dear well it's what i thought

not a problem as long as i know and plan for it, i suppose, but they aren't really giving us a gee-dee thing, as usual

[SeattleGirl]

5. As we used to say when I was a kid: Well, duh!

Since when did the government ever give away something for free, except to corporations.

[williesgirl]

7. But the tax breaks for companies will be permanent. Fuck them all.

[NMDemDist2]

8. so instead of me having it figured out exactly what deductions I need to

break even at the end of the year, I'll end up sending it back?

that sucks

so I should just save the check to pay next year's taxes eh?

[annabanana]

9. Just exactly like they did with the ones a couple years ago!

A friggen "payday loan"!

heckofajob, Georgie...

[high density]

10. Well it's not a loan because you don't have to pay it back

unless your eligibility fluctuates between 2007 and 2008. It's just an advance on a tax cut that otherwise wouldn't be realized until people do their taxes for 2008.