Bandit Alley
GENERAL MOTORCYCLE FORUMS => GENERAL MOTORCYCLE => Topic started by: orionburn on March 21, 2008, 10:47:17 AM
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Got to thinking about this from CWO's thread about the price of bikes going up as of late. Saw the notice from the IRS the other day in the mail about the tax rebate checks getting mailed out soon. Got me wondering what people are planning on doing with it.
Saving it? Paying off bills? New toys for the bike?? :bandit:
I figure by the time the checks go out my only real debt that I'll have will be the loan on the Bandit. Been wanting to get a new exhaust for it so kicking the idea around about doing that. Maybe a few other goodies. Course the girlfriend may have a different opinion on that...lol
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This is the dumbest boondoggle from Congress and Bush II in a long time. First, any one person may or may not get a refund. (And it is not a tax refund, even though you have to file your taxes to get the "rebate".) Second, there's been so much publicity about it, but depending on whether you have kids or your income, you may not get much of a rebate. A lot of people are gonna been steamed when they get much less than the $600 that has been widely publicized. And finally, what the IRS is spending to publicize, process, and issue these rebates will cost almost as much as the value of the rebates...meaning the nationla debt will just go up that much more.
But that's not what you asked. I don't think I'll be getting much, based on my income and not having kids. And I think most people will be putting what they do get towards existing debt, versus going out and "stimulating the economy". So what will I be doing with my check? It will probably get lost in the shuffle of the normal rounds of grabbing a meal while out and about, buying the routine staples at Target/Costco, etc. Hardly the "economic stimulus" our "leaders" envisioned.
I suspect you were hoping to start a cheerier discussion than this, and I won't criticize those who have more exciting plans for their refunds.
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Yeah Sven - Although I don't necessarily see it as stupid, I agree that it isn't going to have the impact some expect. The money is going to the lower and middle classes who are by all accounts debt-ridden. If they're smart, they'll put it all towards that debt (that's my plan). Why not give some "play money" to those that can afford to actually play with it and do some "stimulating?"
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well the Canadian tax refund being completely different, but my tax course having paid for itself, I will use this years refund to pay off the bandit.
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Why not give some "play money" to those that can afford to actually play with it and do some "stimulating?"
So, you're suggesting the government direct funds to those who have little or no debt, such upper-middle class? If so, where do I sign up? :thanks:
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well the Canadian tax refund being completely different, but my tax course having paid for itself, I will use this years refund to pay off the bandit.
You're right, this is a whole different game, since it's not a refund of overpaid taxes, or even a "tax refund", it's legally labelled a "payment" to taxpayers so they will go out and stimulate the economy, which will create jobs. Not sure how many jobs will be created by giving everyone a one-time lump sum of about $300, which is why this is just such a goofy scheme. Of course, the payment comes from the US Treasury, which is funded by taxes, but it's not a "tax refund".
Anyway...let's get this back on track. Uncle Santa is leaving *some* money in most US taxpayers' mailbox/stocking in May...who's got plans to have some FUN with it?
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Yeah...this didn't quite go the way I thought it would :lol: Oh, I did hear the IRS was spending around $50 million to send out the notices about the rebates.
Anyhoot...if I do get a refund I'm considering getting a Yosh can for the Bandit. Need a new exhaust for the FZR as well.
Then again with the exploding rate of gas prices we may all be using the refund just to fill up our tanks :duh:
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yes gas prices, aren't they fun :lol: :lol: :lol: :lol: ok not really. My bike is only marginally better on gas than my car and of course I never drive my car just for fun or at over 100mph so this summer will be pricey. Guess that 'signing' bonus my union got for me can go towards some gas.
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Well, we been talkin about this since they came up with it. The little Lady wants to git some new cloths for the kids, but we both want some new Dale jr shirts. I think we need a new flat screen TV, but she wants new tires on her truck fer muddin.
After all it's free money NOT.
SVEN has a pretty good idea with paying down the National Debt. Just keep in mind that this is an election year, so nothing will make good sense until this SH*T is done.
You all have a great weekend, it's warm and I'm headed out on the bike for a couple of hours.
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my guess is that I will just have to use it to help pay for my income tax bill.
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Why not give some "play money" to those that can afford to actually play with it and do some "stimulating?"
So, you're suggesting the government direct funds to those who have little or no debt, such upper-middle class? If so, where do I sign up? :thanks:
Uh... Yeah! At least they shouldn't be excluded from getting an opportunity add some extra stimulation. That was the whole purpose of the thing, right?
Edit: Good luck trying to get that through this congress!!!!! :annoy:
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I'll probably have to come up with about 9K for 07. (I hope less, I have to take mine in next week to get tallied up) So if they decide to throw me a Quater to try and get a vote :roll:, It just goes to what I owe them already.
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well the Canadian tax refund being completely different, but my tax course having paid for itself, I will use this years refund to pay off the bandit.
Lucky you. My tax refund goes to pay my MC insurance (which in ontario is stupidly expensive)... somehow they aways end up being the same amount.... and come-in around the same time.
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What's a tax rebate?
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I have to double check on this, but it's my understanding that even though I'm a Canadian citizen and resident, I'm getting some money from Uncle Sam this year. It all has to do with having a daughter who is an American national.
Will let you know if it actually happens :beers:
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...I'm getting some money from Uncle Sam this year. It all has to do with having a daughter who is an American national.
Does your poor little half-breed (read that with tongue in cheek) file an US tax return? Because it's US taxpayers who are getting the payment.
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We get tax rebate every December in Finland :bandit: or we must pay more tax. :taz:
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We get tax rebate every December in Finland or we must pay more tax.
That would be a hard choice to make. Not.
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We get tax rebate every December in Finland or we must pay more tax.
That would be a hard choice to make. Not.
The choice is really yours because you can define tax rate.If tax rate is too small you pay more tax and if it is
too big you get tax rebate.Tax rate is between 0%-60%.
example:You obtain $ 50.000/year tax rate is about 27%.(below $7000 0% more than $ 400.000 max 60%)
Public health service and education are almost gratuitous therefore taxs are large.
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...I'm getting some money from Uncle Sam this year. It all has to do with having a daughter who is an American national.
Does your poor little half-breed (read that with tongue in cheek) file an US tax return? Because it's US taxpayers who are getting the payment.
She doesn't, but I can if I want...
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We get tax rebate every December in Finland or we must pay more tax.
That would be a hard choice to make. Not.
The choice is really yours because you can define tax rate.If tax rate is too small you pay more tax and if it is
too big you get tax rebate.Tax rate is between 0%-60%.
example:You obtain $ 50.000/year tax rate is about 27%.(below $7000 0% more than $ 400.000 max 60%)
Public health service and education are almost gratuitous therefore taxs are large.
The tax system in the US sounds similar - we get rebates or have to pay depnding on how we claim to the governmant and how much is taken from our paychecks. What this topic has been about more than the normal tax rebate, is the "extra" rebate Pres. Bush decided to give us, hoping it will stimulate our economy.
Public health isn't free here and neither is public education beyond 12th grade. However, our tax rate is lower. We'll see if it stays that way if we get the "free" health care some folks and candidates want us to have.
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Yea,I have red that you have little time of depression in USA.
I hope it is soon over.
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I'm visiting the closest bordello.
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Tax Rebate ????????????? Who the hell would let the government keep all that money and draw interest on it while you could be doing the same thing for yourself. It is your money...
banditone1250s..... :stop:
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Tax Rebate ????????????? Who the hell would let the government keep all that money and draw interest on it while you could be doing the same thing for yourself. It is your money...
banditone1250s..... :stop:
I understand how to keep from getting a REFUND, but the REBATE is not the same thing.
I do let them keep a few buck and draw interest on it... they need the money to gas up those F/A-18's. :lol:
I might have to reconsider that thought process now that they've decided to buy new tankers from Brand X.
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I owe
I owe
on to work I go....
I owe, I owe, I owe, I owe,
I OWEEEEE
I Owe
:duh:
:boohoo:
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I owe
I owe
on to work I go....
I owe, I owe, I owe, I owe,
I OWEEEEE
I Owe
:duh:
:boohoo:
time to get our payroll clerk working for you, I think she secretly hates us and constantly makes payroll and taxation errors. The positive is none of us ever owe.
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:stop: :stop: before you spend your millions :bomb: :bomb: the government isn't telling you that its not a rebate, not a tax relief, however its actual income therefore it will be charged to you when you file your '08 taxes therefore your $300-$600 you receive.. if you do :stickpoke: and i wouldn't hold your breath they'll tax you on it next year therefore the $300 to $600 will probably actually cost us a lot more than we receive.. i mean com'on the government givin us money without a catch... we're not exxon-mobil who received over a 18,000,000 (no i don't have too many 0's) tax break last year.. everyone has us over a barrel(of oil) least thats what they're blaming, it on, we as truckers out here can't stick together... we have a percentage that wants 100% fuel surcharge, we have another group that wants higher freight rates, and another that wants cheaper fuel, everyone fighting for different things... we know we're weaker in small groups as we are as a whole.. ok i've ranted enough... i'd put the $$ in a savings account.. or in an envelope, to pay uncle sam next year... and then spend the penny left on penny bubble gum... well you'll have to steal 4 cents from your piggy bank.. done ranting..
shawn
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I'd be happy to take $600 off what I owe
:duh:
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its actual income therefore it will be charged to you when you file your '08 taxes...they'll tax you on it next year
Not true. From the IRS website: Q. Is my stimulus payment taxable? A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
I've been vovcl here about how stupid this whole plan is, and I know that IRS says you must report all income, but this was designed by congress as NOT income.
PS: "Next year"? Who said they are doing this again next year?!