Update on the Tax Rebate
So if you read my last post here, I mentioned an article on CNN that said we’d have to pay the rebate back next year. Well, it was a typo as I thought it might be. From CNN:
An earlier version of this report incorrectly described the federal tax rebate as an advance on 2008 tax refunds. The rebate is an additional tax credit for 2008, and it will not be taxed.
It is essentially an early credit for the 2008 tax year. I found the low down here.
It still doesn’t change my mind about the effect of it. I still think those politicians in DC are just handing out money, hoping to look good for the next election cycle. Really though, what’s the worst that can happen for them. If there really wasn’t going to be a recession in the first place, then they can say their tax rebates are the reason we didn’t go into a recession. If a recession happens anyways, most likely this tax rebate will push it out until after the next elections, so they won’t get called out.
Save The Rebate!
