The $600 rebate? It's really an advance.

[strredwolf]

Here we go, West Wing again.  If  you're slated to get a $600 rebate, consider it an advance on your 2008 tax returns.  You'll get the $600 now, and your rebate will be reduced by $600 next year.

More info on the consumerist.com.

Comments

[darthparadox.livejournal.com]

Not that borrowing from the future to pay for the present is unusual with this government. Cripes.

[kazriko.livejournal.com]

Hrm, That's how the last one was, though it also tied into a decrease in taxes the following year. Did they switch this time over to that as well? The democrats are in control now, so it makes sense that it wouldn't be funded by a tax decrease this time.

I've been saying this was one of the lamer things that the government has done. Trying to keep the business cycle from working and keep people from feeling any pain.

[kazriko.livejournal.com]

Actually, according to the consumerist article, http://consumerist.com/354606/600-rebates-are-a-tax-credit-advance , It's an advance on a tax cut. It would theoretically be an advance on a tax refund, but it's a tax refund that would be larger than one you would have gotten without the tax cut. It appears they've put clauses in that would prevent you from having to pay more money next year if they determine they gave you too much.