Question about the pending "rebate"

[TechBear_Seattle]

The last time Bush handed out bread to the masses, the money was a "pre-refund." When people filed taxes the following year, the bill was due and many desperately needed refunds were wiped out. Some people were even sent a bill, as their withheld amount was not enough to pay it back.

So I'm wondering: Should I be socking money away this year to make up for my "rebate?"

[lonestarnot]

1. One day at a time. Save money every time you can save money.

A wheelbarrow full may get a loaf of bread next year.

[Buzz Clik]

2. Excellent question. However, I wonder a lot about the entire notion:

How can one increase the amount of water in a lake by taking bucketfuls of water from the lake and pouring the water back in the lake?

:shrug:

[napi21]

3. This "refund" is NOT the same as that last one. It will NOT affect

next year's tax refund.

Although I still suggest you put it into savings if you can. The economic picture in the World is pretty bleak now, and I sure not's see any glimmer of improvement in the neat future.

[peace13]

6. Your comments mirror my accountants. n/t

[elocs]

4. Even if my rebate was taxable,

how much would I have to sock away to pay taxes on $600?

[Iwasthere]

5. in 2002 we had to pay the entire thing back

not just a part of it, as I also expected. When I put the amount in it subtracted 100% of our previous rebate

[Breeze54]

7. you don’t have to “pay it back.”

How Will the Economic Stimulus Tax Rebate Affect 2008 Tax Returns?
http://www.consumerismcommentary.com/2008/02/08/how-will-the-economic-stimulus-tax-rebate-affect-2008-tax-returns/

[fasttense]

8. The last time they gave us a supposed rebate on our taxes

I had to subtract the amount from my normal tax refund. So, 100% was what I would have gotten anyway. I bet some such scheme is planned but they are just pretending otherwise. There is no way the bush would give money (even their own money) back to the middle class.

[Frustratedlady]

9. The WSJ brought up a good point, last week...

With the cost of food skyrocketing, people should stock up on staples, canned goods, laundry/cleaning supplies and paper products NOW. If your grocery bill hasn't gone up substantially, hold on...it will.

Why put the money in savings at 2.5% when grocery prices are going up faster? If you buy what you always use, you are that far ahead, and you have actually saved more. The government says food prices have risen 4+%, which is not true when looking at actual prices in the store. They may have a list of food items they track, but they should revise that list. It isn't true to real life experience if they think 4% is all groceries have risen. We know their numbers cannot be trusted.

[orangerevolution]

10. YES n/t