Bush's Tax Refund - How Much to Average Guy?

[Ravenman]

No refund checks unless you have kids - you’re looking at $8.11 per check, WorldEater.

And I believe the numbers cited by CNN and various wire reports anticipate that the individuals/families in the examples would also enjoy the tax cuts on capital gains and on dividend taxation. Your mileage may vary.

[World_Eater]

Thanks Raven. Works out to about a bag of cheese doodles a day.

[ElJeffe]

Hey, I wouldn’t mind receiving a complimentary bag of cheese doodles every day.

Jeff

[Bruce_Daddy]

*Originally posted by Penumbra *
**What about under $41,000? :rolleyes: **

Ah, don’t worry about it. Someone with 41k/year income isn’t paying that much anyway.

Somewhere around a bag of cheese doodles a day

[John_Mace]

Don’t rush out and buy those cheese doodles too fast! It’s likely you’ll end up giving most of the fed money to whatever state you live in. In CA I think the budget shortfall is on the order of $35B.

[manhattan]

It should have gone without saying that we are not going to have an exchange about the fairness of the tax cut in this thread.

Should have, but didn’t. I’m a little saddened and embarrassed by that.

[Diceman]

I’ve never understood the logic of giving the gov’t a zero interest loan every year.

It’s better than me having to write a check to them

Is there anything in the OP left to answer?

[sqweels]

Considering how much rich people pay, good on them for getting a refund.

But do people with kids pay more?

[In_Conceivable]

*Originally posted by Diceman *
**Frankly, I think that this refund check stuff is a bit misleading. After the last “refund” (advancement), I remember hearing plenty of people bitching and complaining when they did their 1040s and their refund was way smaller than it usually was. (I wasn’t elidgeable for the last advancement, and I’m not gonna get this one, and frankly I’m glad. I like getting that nice big refund check in early April.) **

The advance didn’t lower their refund in April. If their 1040 refund was smaller then usual then it had to do with their income or their withholdings, not with the advance.

[Early_Out]

It appears that, because of a last-minute change in the tax cut bill, the full tax credit for children won’t be available to lower-income taxpayers: cite.

[John_Mace]

*Originally posted by Diceman *
**It’s better than me having to write a check to them

Is there anything in the OP left to answer? **

If you plan well, it is better. Then the gov’t is giving you a no interest loan. Even if you simply put the extra money in the bank until tax time, you come out ahead.

It’s painful to have to write that check, but it’s still much better for you to write the check than for your to get one back from the gov’t. Assuming, of course, you didn’t blow the extra money in Vegas and came back empty handed.

[Fear_Itself]

*Originally posted by Early Out *
**It appears that, because of a last-minute change in the tax cut bill, the full tax credit for children won’t be available to lower-income taxpayers: cite. **

As this is GQ, I can’t tell you how disgusted that article makes me feel.

[mok]

Actually, if you do the math, families who make between $16,500 and $26,625 will still receive the full $600 rebate if otherwise eligible. Below $16,500, they will receive 10% of the amount they earn over $10,500. So the article is misleading in implying that those folks are entirely “shut out”. Remember, that group is paying very little in taxes in the first place, and folks below $10,500 pay no taxes at all.

So I don’t see how anyone can rightfully complain that they are not receiving a rebate on taxes they DON’T PAY.

-mok