Assuming a person qualified for the proposed stimulus package, how will that affect
2007 tax returns?
2008 tax returns?
I understand it will not affect tax returns- my interpretation is the
gov't is temporily adjusting the tax brackets so everyone has $1200
more to spend (married) or $600 more to spend (single) assuming they
are under the income cap.
Some media is reporting this is an advance of the 2008 tax return. If
this is the case, someone which only gets a $200 refund would then owe
the government $1000 6-8 months later.
In addition, some reports suggest this is deficit spending, which
implies they are lowering taxes, not giving an early tax return. What
do the people here understand this stimulus to be?
- posted 12 years ago