Upcoming tax rebate not all it seems to be?

[Broadlighter]

I just spoke with a friend of mine who is a tax preparer.

He said there may be another side to the big tax rebate everyone's supposed to get come May. About 40% of the people have actually been filing tax returns every year. With the rebate as an incentive, the government stands to collect a larger percentage of returns and the additional amount of taxes collected from them may exceed the amount going out to the taxpayers.

If this turns out to be true, the federal government may receive more money than it has in previous years.

I don't like that, but what I also don't like is that more tax returns filed means more people for the government to spy on.

I know this is speculation, but if true, I doubt you are going to hear about this on the evening news.

[theseus51]

I don't like more gov. spying. But I doubt that anybody who isn't filing a tax return currently, would decide to do so now, if they are going to pay the gov more than $600 by doing so. They would just forgo the refund, and continue to not file.

[Roxi]

well wheres the BILLIONS OF DOLLARS that this rebate will cost going to come from?

and yes i thought the MINUTE i heard about this rebate and the must file this year qualification was just a ruse to get more people to file this year... the reason someone would file this year that might not have filed in a few years is this.... a person didn't make enough to require them to file, and the rebate they recieve will be as much or less than what its going to cost them to file (like if they have to file a self employment form which H&R block charges an extra $200 for) then they don't file... BUT this year they file just to get the rebate....

i don't think there is a LOT of people in this situation but i know of at least one so im sure there are more

[slacker921]

"About 40% of the people have actually been filing tax returns every year." .. huh? got a link to a source for that figure. That just seems like a low number.

[Broadlighter]

My source is my tax preparer friend. This is a speculation and is by no means authoritative. Where he got that figure, I don't know.

[thuja]

I just spoke with a friend of mine who is a tax preparer.

He said there may be another side to the big tax rebate everyone's supposed to get come May. About 40% of the people have actually been filing tax returns every year. With the rebate as an incentive, the government stands to collect a larger percentage of returns and the additional amount of taxes collected from them may exceed the amount going out to the taxpayers.

If this turns out to be true, the federal government may receive more money than it has in previous years.

I don't like that, but what I also don't like is that more tax returns filed means more people for the government to spy on.

I know this is speculation, but if true, I doubt you are going to hear about this on the evening news.

you may call it speculation, i call it good instinct.

[JosephTheLibertarian]

well wheres the BILLIONS OF DOLLARS that this rebate will cost going to come from?



Out of thin air. Inflation tax. That would be wealth redistribution, but of course they call it "tax rebate" to fool the people.

[Carole]

Will this rebate have income taxes decucted from it? :)

Silly question-of course, it will.

I need to catch up and file a return. I paid my taxes, but they must owe me a ton of money after four years. I sure can use the money. :D

This would be the perfect year to colect it. :) :eek: Take that you Fed. You IRS. :)

[derdy]

I paid $7G's to the IRS this year and I only got $14 back! :eek:

That was until I got my 1099-R and had to amend my return because I didn't roll over my 401k into an IRA before 60 days.

I had to send back the $14 and then I owed them an extra $5! :mad:

Thankfully, this year I put a good deal into a Health Savings Acccount and putting 5% into my 401k. I'd rather spend $7k on back massages than give it to the IRS.