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02/08/2008

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That's exactly what they did last time, too. For most it's simply an early 2009 refund.

That's what I wondered too. I went back to look at the article again and the sentence has been removed from the article. Take a look. It is gone now.

That's the thing. Everything else I've read says it's a rebate based on 2007 taxes.

The IRS has this comment on their webpage "The Administration and Congress have announced an economic growth package that would provide advance payments to many Americans.” So I'm wondering the same thing, and why are they presenting it as a rebate if its going to be an advance? I would think CNN would investigate this! The people need to know if their refunds will be reduced this amount next year...

Ok. I thought it was just me. I read the article on CNN.com and zeroed in on the statements made about the rebate check being advances. I was confused to say the least b/c everything I've read to-date has assured the public that these rebates have nothing to do with tax refunds, yet there it was in black and white. I left for lunch and was telling a co-worker about it, came back to show her the article and mention of the checks being advances had been removed. I knew I wasn't crazy and feel something weird is going on.

I don't want anything that I will have to later pay back, just keep it! Everything talks about benefit to us, the taxpayers, but I see no benefit in a 'loan'....

Yep, I was confused. Still am, to some extent. But I like your idea: just have another glass of wine and maybe it won't matter after a while. ;)

Thanks for the linkage.

Actually, Sinfonian, my idea was to have another bottle of wine, but you've captured the spirit of the thing, anyway.

When have they ever told you the truth? There are some 16 million people who do not pay the IRS. Go to WE THE PEOPLE and learn how you are being ROBBED. They can not produce a law that states you must pay taxes.
NO LAW, NO TAXES!

Tom,

Aren't you happy to have gotten another, different kind of, nutcase at your blog?

"I DONT UNDERSTAND THE 16TH AMMENDMENT! AND I DONT WANT TO PAY TAXES! SO TAXES ARE ILLEAGLE!!!"

Now I don't feel so alone. And aren't you lucky!

This new US Law, titled “Recovery Rebates and Economic Stimulus for the American People Act of 2008”, and to be signed into law by President Bush, does not, in fact, give any money at all to the American people, but instead is a loan on taxes for money earned by US citizens during 2008.
The deception by is contained in the very words used in this new law, and which says: “SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS.`(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--`(1) net income tax liability, or`(2) $600 ($1,200 in the case of a joint return).”

The significance in understanding the exact wording of this new law, lies in the section name that states ‘rebate’ (a return of part of the original payment for some service or merchandise; partial refund), but in the actual wording of the law states that these monies are a ‘credit’ (an entry of payment or value received on an account) against imposed taxes for 2008.

This new law is, in fact, a deceptively engineered ploy by the United States to pump billions of dollars into their failing banking system as nearly half of Americans (currently staggering under a record $2.5 trillion in personal debt), in a new poll conducted by International Council of Shopping Centers and UBS Securities, have stated they will use these checks to pay off creditors.

An American economist, Peter Morici from the University of Maryland, has also noted the odd ‘coincidence’ that the amount of monies under this new law equal the massive losses incurred by US banks from their loan debacles, and as he states:

“It’s a good thing [US stimulus package] , but it’s not enough to head off recession. We’re talking about $150 billion, so this roughly offsets what the banks have lost” in soured housing investments."

The greatest affect of this new law upon the American people will be felt in 2009 when these ‘rebates’, given to them in 2008, will become due against their taxes, and which will push vast numbers of them into financial freefall.
An American married couple with 3 children would receive $1,200.00 for the man and wife with an additional $300.00 for each child, bringing the total to $2,100.00. But, with the average US Tax Refund amount being just over $2,500.00 per family, this exampled family would see no tax refund at all in 2009.

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