irs rebate - Bush’s Tax Rebate Is Not Free Money

January 25th, 2008 · No Comments

irs rebate -

Money My local TV news is interviewing people and asking them, “What would you do with the money from Bush’s Economic Stimulus Plan?” Almost all of them, including the reporter, are calling it free money.

These people have short memories. It’s not free money. It’s your money.

Back in 2002, when Bush did this the first time, everyone had the same attitude: free money! What everyone seems to forget is that in 2003 the IRS took that money back. The $600 we received in 2002 was deducted in 2003 from our 2002 tax return refund checks.

Now, I’m not saying the government shouldn’t do this (they should, otherwise we get inflation and a bigger deficit). It just bugs me that no one treats this money like what it really is: an advance on our tax refunds. If you get $1,200 in May of this year, expect the tax refund you get in 2009 to be $1,200 less. You might even owe money to the IRS.

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Source: irs rebate - Bush’s Tax Rebate Is Not Free Money