All the news sources are raving about this $1200 tax rebate we'd be elligible for this year. Is it really a rebate that we can take for free? or are they being sneaky and going to make us pay it back next year?
Anyone remember the last time we were given tax rebate checks? $300 in 2001 as part of another so called stimulus package designed to help end the recession after Y2K. We gleefully spent that $300, and when 2002 rolled around we were all in for a shock. It was not a rebate, it was an advance. It was not advertised before, but we had to pay back that $300 advance on our 2002 taxes. 2002 tax refunds were $300 smaller, or if you owed taxes, you owed $300 extra to pay back the $300 advance we received.
Is this $1200 the same? Is it really an advance on our 2008 taxes that we have to pay back next year? Nobody is sure yet. But then again, no one was sure in 2001 either. I just know I really don't want a $1200 shock in 2009.
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