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?