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(The Detroit News)   Tax Rebate isn't; it's an advance on 2001 taxes, and if you owe next year you're screwed.   ( divider line
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3569 clicks; posted to Main » on 26 Jul 2001 at 4:30 PM (16 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

69 Comments     (+0 »)

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2001-07-26 04:37:38 PM  
primer poste

Well, not really screwed. I always buy computer equipment so I can write it off using IRS form 2106, so I end up not owing.

-he who stacks pork
2001-07-26 04:41:25 PM  
Fuzzy math in action...
2001-07-26 04:41:38 PM  
Then why don't you buy Drew a new server? :P The IRS will still find a way to screw you, its what they do :)
2001-07-26 04:43:34 PM  
And after looking at your picture in the bio, I have come to the conclusion that you probably have a mini server farm in your house.
2001-07-26 04:48:21 PM  
Leopold -- is that a Sony mini-DVD in that one shot? Those things are sweet...
2001-07-26 04:54:17 PM  
If this is true, why didn't the Dem's make a stink with it?
2001-07-26 04:57:17 PM  
Demosthenes - actually it's a Sony GV-D900 MiniDV "Walkman". I use it to play MiniDV tapes so that I can digitize them into my PowerMacs.

-he who stacks pork
2001-07-26 04:57:35 PM  
Actually, I think they did, about the same time that they stated that cutting taxes would eliminate the budget surplus that was being used to cut taxes and cause a deficit...
2001-07-26 04:58:49 PM  
Leopold: Pretty slick. I'll hafta get my hands on one of those so I can play with it for a while. Those are kind of on the expensive side, aren't they? Are they worth the money, as far as performance/convenience goes?
2001-07-26 04:58:54 PM  
I do have one of the Apple "Superdrives" in one of my dual 533MHz PowerMacs in the picture though. The Superdrive is the one that chops, slices, cuts, dices, juliennes, fricasses, and deep-fat-frys. It is essentially a CD/DVDRW drive.

-he who stacks pork
2001-07-26 04:59:40 PM  
$2,000.00 was the list price last year. They're probably cheaper now though.

-Il qui empile le porc
2001-07-26 05:02:51 PM  
It is cheaper now, with the unveiling of the new G4 Towers (quicksilver or something like that, the lower end processor G4s are suppose to go down a lot soon... if they already didn't).

If I were to buy a mac, I would name him small furry mammal. What are the names of your macs? :P
2001-07-26 05:03:21 PM  
Prophet! I dig vintage synths. Got a couple of Ensoniq Mirages and a Roland Juno 1 myself.
2001-07-26 05:06:47 PM  
Forget the that a bottle of Lag in the corner?
2001-07-26 05:12:32 PM  
Waaait a minute.
Are you telling us that the Bush tax cut was *deceptive*?

Can't be... next thing you're going to be telling us that the wealthy are actually getting more than 300$ back from this tax cut!


-= rei =-
2001-07-26 05:23:18 PM  
To the IRS I like to say:

Saugen Sie meinen fetten Penis, den Sie stoßen Esser

Every year I tell them that. They never know how to react to such a profound statement.

Hey Weenersen, glad you like it! Believe it or not, I used to have a Prophet 5, but like a dumbass back in 1994 when I was a starving college student, I sold it for, get this: $300.00!!! Boy was I young and dumb then! I also have an Akai AX-60 (used to have an AX-73 also), Korg Prophecy, used to have a Roland Super JX-10 with PG-800 programmer, Novation Supernova, Warpfactory Vocoder. Used to have a Yamaha CS15 and a CS5 also!

Meanwhile the Macs have no names, Nazzerov. If I did name them, I'd name one Holy shiat, and the other one farkin-A!. Why? I dunno. Sure beats "normal" computer names.

-he who stacks pork
2001-07-26 05:24:14 PM  
MitchCumstein - yes, that is a bottle of Lagavulin 16-year-old Single Malt Scotch Whiskey.

-he who stacks pork
2001-07-26 05:30:12 PM  
I sent this to a CPA friend to see what she thinks. If true, the politicians actually LIED to us! Good lord, what will they say to us next?
2001-07-26 05:34:15 PM  
What many people with lower incomes do not realize is that due to various credits and deductions they did not pay any tax at all.

The way the IRS is figuring weather or not you get a "rebate" check is based on your last years return. If you paid no tax last year, you will not be getting anything back because you never put anything in.

I oversee 16 tax offices, and have taken at least 300 calls in the last few weeks from people wanting to know why they are or are not getting a check.

We had a gentleman who was single last year but claimed two kids. He made around 32 grand, but due to credits and exemptions had no taxable income and therefore paid no tax, so he will not be getting a check.

I you think your IRS letter was wrong, look on line 57 of your 1040. That line shows your total tax. They should be sending you a check for that amount up to $300 for single, $500 for head of household, and $600 for married.
2001-07-26 05:34:45 PM  
Mmmmmmmm..... Lag.......
2001-07-26 05:42:19 PM  
Mmmmmm is right. Best scotch for under $100
2001-07-26 05:47:03 PM  
Balvenie 21 year old port wood aged single malt is my current fave.... the 12 year old Doublewood is the best you can get for under $50.00 in my opnion, as far as the single malts go.

I think their website is still up.... it was down the other day, but it might work now...
2001-07-26 05:51:49 PM  
So how much scotch are you going to buy with your check?
2001-07-26 05:59:16 PM  
Geez, everyone bend over and take it like a good republican.....

I know the money is no way 'bonus'. But since the whole income tax scheme is optional if you are not a government employee anyway, it is about time more people start making themselves exempt from taxes. We need to do it while we still have a funds surplus, since we seem to be heading for another deficit.
2001-07-26 06:13:47 PM  
Nobody lied - this has been clear from the beginning to those that listened.

It's actually not as bad as all that. A tax bracket was lowered and this "rebate" is an advance refund on half the difference. You'll see your paycheck go up slightly through the rest of the year as the new tax rate takes effect.
2001-07-26 06:18:34 PM  
I sure hope that was printed on an editorial or opinion section, because, if it isn't, it damn sure has the worst slant on it than anything I've ever read passed off as "serious" news.
2001-07-26 06:21:52 PM  
Macquariumguy-But I, like the majority of Americans, listen to hear only what we want. And buy what is spun to sound like politicians tell us.

Now that this article mentions it...yes, that's what has been said all along. But up till now; I was thinking "Woo hoo! Easy Money!"
2001-07-26 06:36:27 PM  
"Waaait a minute.
Are you telling us that the Bush tax cut was *deceptive*?"

Only to those who were not in possesion of all the facts from the start ...aka... the Dumb-0-craps

Nothing has changed but our actual withholding (it went down for once), this is immediate relief, not a bonus.

Being a republican has really helped me w/taxes. I've learned quite a bit about writing things off. Aint that right leo?
2001-07-26 06:37:42 PM  
Easy money? That is a very small portion of YOUR money given back to you
2001-07-26 06:43:24 PM  
Pay Attention!!!!!! Your government is taking care of you!!!Go back to sleep Amerikkka!!! Everything is being handled nicely....
2001-07-26 06:44:44 PM  
Chilly Willie:

Democrats know how to do taxes too, silly :) I expect to get about half of my tax dollars back.

Nothing has changed but our actual withholding (it went down for once), this is immediate relief, not a bonus.

That's the whole point of this article. Most people think its the tax cut. No, if this was the tax cut we were talking about here, there would be no cap on it ;)

-= rei =-
2001-07-26 06:46:09 PM  
dream on the only people who are going to be seeing any "bonus" from this are those people who have a taxable income of more than $300,000. These people are getting the largest share of their taxes back and next year are going to be paying less in taxeses a whole on the next tax period.

Bush is trying to reinstate the trickle down economics the Reagan introduced in the 80s. This economic plan has been proven to be an unsound plan for stable economic growth, hence why we were in a slow recession for all the years of Reagan and Bush Sr. I would have thought they would have figured that one out.

Trickle down economics, or as I like to refer to it as piss on economics, depends on the people with the top 80% of the nations wealth to spend as much of their wealth as they can so as to spur economic growth by increasing the demand for items. But the problem is is that there is not enough of a population of people with that money to spend it and create an effective swell in demand for goods. This is because 80% of the countries wealth is held by 2% of the countries population. And such a small group of people cannot effect a national economy. The people who need to have the money to create a constant steady economic growth are the middle and lower classes, because they are the larger contingent of the population and they can positively effect an economy just with sheer numbers.
2001-07-26 07:00:42 PM  
Trickle down economics:

[image from too old to be available]
2001-07-26 07:03:16 PM  
I wonder what Bill Gates is going to do with his $600 and what Larry Ellison is going to do with his $300?
2001-07-26 07:06:30 PM  
They are gonna spend it on estate lawyers to avoid the death tax
2001-07-26 07:06:50 PM  
Reaganomics add the ingredients
one old asshole an entire country
reaganomics stir up the batter
the poor get poorer
while the rich get fatter
reaganomics isn't it wonderful?
we love our president (sarcasm)

-Lyrics by Tomas Squip
2001-07-26 07:39:20 PM  
So, getting back to the issue at hand... is this article correct? Is it just an advance on next year's refund??
2001-07-26 07:48:44 PM  
yes its correct.
2001-07-26 08:28:30 PM  
No, this artical isn't correct. It's shoddy journalism and should be burned. I'm a liberal so I'm not a strong, pro-Bush supporter, but I think the truth needs to be told here:
The check you will be receiving is a refund of your year 2000 taxes. Yes it's capped at $300, yes it's costing the government over $100,000,000 in postage and paper to mail it out to you, but it's has nothing to do with next years tax season.

You won't be taxed on it, it's not income.

p.s. Chillie Willie, if you are going to call people names at least be creative. "Dumb-o-craps" sounds like something a third grader would come up with.
2001-07-26 08:52:12 PM  

I went to the IRS's website, and actually, the article does appear to be correct. It appears that the 2000 checks are just used to determine who will get the checks this year. The IRS refers to the checks as "an advance", not a refund. So, unfortunately... the article is right. This "tax refund", as they've been treating it, is more deceptive than it even looked (and it looked pretty deceptive to me...).

Advance Payment Information

BTW, that number of $100,000,000 - I never thought about that, but if you estimate postage, paper, and extra labor costs, that's probably about right. Scary, really...

In short, sending out this advance now, when you calculate the interest a person could earn on it, would make them about 5$ - so, in short, you're getting an extra 5$ because of this, and the government is losing that 5$. If you consider they'd put the extra money on credit cards, and be paying interest for it, that's probably about 15$ people are getting back and the government is losing. The first number has about an 8% waste factor, and the second number a 3% waste factor, just to relocate the money.

*sigh*, something's just wrong with that.

-= rei =-
2001-07-26 08:57:11 PM  
"Saugen Sie meinen fetten Penis, den Sie stoßen Esser"

Finally, all those years of German class have paid off for I can now read a sentence about sucking penis. Joy!
2001-07-26 09:10:17 PM  
yeah, it's true. My mom's the controller (like the head accountant) at a cableing company and she tried to explain it to me, but after about 30 seconds I think I passed out. Not good since I'm taking accounting next year in high school, eh well.
2001-07-26 09:11:17 PM  
Wow, rei, you are correct and so is the aritcal. This of course means that the Budget secretary on NPR Talk of the Nation was lying yesterday. Blatantly.

I'm angry. They're not giving me anything that I wouldn't have gotten anyway.

This is similar to the Roman empire's tactics of throwing loaves of bread to the starving, it doesn't permanately improve anyone's situation, but it makes you look good for a little while.
2001-07-26 09:52:09 PM  
For those of you who want to laugh a little at what is going to happen rather than cry in dismay here is a couple of Doonesberry strips to cheer you up. 1 2 3
2001-07-26 10:13:22 PM  
"Trickle down economics, or as I like to refer to it as piss on economics, depends on the people with the top 80% of the nations wealth to spend as much of their wealth as they can so as to spur economic growth by increasing the demand for items"

Thats silly, no one with any sense of economics would believe that. The idea is that the people holding the top 80% of the wealth are mostly good businessmen, and reducing the impact of taxes for them will allow them to employ more people (or pay more, either way they are moving more money into the economy).

Its probably a valid idea, but judging by the stock market, I think that the plans that work the best are the plans that people think will work best. If people don't have confidence in the economic situation and plan, everything starts to collapse.

In short, shiat rolls downhill faster than money.
2001-07-26 10:31:07 PM  
Yes trickle down economics depends on one major thing though that has been proven to be a false assumption time and time again.

1. That the rich will actually employ more people if they do not have to pay more taxes.

2. That the rich will not just save most of their money in the bank for their next generations locking it away from the general economy.

In the 80's when Trickle down economics was enacted by the reagan administration both of those things happened. Companies and rich employers did not hire more people or increase their salaries. And a majority of them saved most of their money in bonds and lived on the intrest from those. Hence Trickle Down economics can not work for the same reason that comunism cannot work... GREED.
2001-07-26 11:36:21 PM  
Yes, now is a time I sure as hell would not want to be in the accounts payable division of the IRS.

Quidquid latine dictum sit, altum viditur.
2001-07-27 12:03:43 AM  
michael, i say dumb-o-craps because that's what i call them in rl. I just say it real fast so they dont know. Haw Haw Haw
2001-07-27 12:25:42 AM  
Chilly Willie... have you even bothered reading what is said here or are you simply listening to the ultra-conservative voice boxes that are telling you to be calm and ignore the person behind the curtain.

You, me, and every single one of us is being had right now. Not because of the democrats but because of an ill-begotten "tax relief" that is actually a waste of our money. Bush and the republicans are trying to play us all as fools by throwing something at us dressed as a "gift" that is actually nothing more than a hook prize for getting him elected (ie. a free gift who's cost is actually included in the cost of the product).

There are no free lunches I don't care how you play with the numbers. And this supposed free lunch by Bush is going to pull us further down that hole.
2001-07-27 12:28:59 AM  
Okay. That does it. I am convinced George W. Bush (Dubya) is a farking genius,,!!

Even I was almost faked out by this recent ploy...

~ Pinky ~
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