I’ve pretty much ignored everything about the upcoming tax credit… until now.
That’s because on Tuesday night I paid a visit to my CPA to wrap up my personal taxes. I still owe the government $1,228.00, so we needed to finalize the paperwork and get the payment out.
Before I left, he said, “Here’s good news,” and he passed a sheet of paper over the desk.
It was an estimate of how much I’ll receive when the economic stimulus tax rebate payments are made this coming May/June.
The estimate says I’ll receive about $2,100.00. Which is really ironic since I’m cutting a check to the government right now for twelve hundred bucks.
I sincerely doubt the rebate has anything to do with showing benevolence to taxpayers. It’s really U.S. politicians’ last-ditch effort to save themselves and the Fed-run economy.
So the government gives and the government taketh away, depending on what self-serving goal they’re trying to accomplish.
I try to stay emotionally uninvolved in these things. Rather, I do whatever is required to avoid audits, penalties, and jail time. (I have been audited, and it’s no fun.)
On the positive side, assuming cash flow is good when the rebate comes, I’ll be able to use 100% of it for reducing my debt. I’m looking forward to that.
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{ 3 comments }
I’m glad to see you’re not jumping for joy over the rebate. It’s hardly going to cover the mess they made.
Our country (Canada) is even stranger. They’ve just reduced the Goods and Services Sales tax from 6% to 5%. An insignificant shift that doesn’t even offer any psychological benefits.
You are right: this “rebate” doesn’t help any of us…its just more deficit spending so that the govt can try and “look like they are working.” PS hit me up the next time you are in the Fort Collins area, we’ll hit up a brewery and talk personal finance.
John – I never want to get in the mindset of depending on the government or looking to them for “salvation” (like so many people do).
Companies that import goods to Canada probably see the lower GST as more of a positive than Canadian citizens.
Jesse – Exactly. Thanks for the invite. I’ll let you know next time I’m up your way.
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