Sorry, GWB, it’s going into savings.
Susan
Did you mean your “economic stimulus payment”?
That’s not a refund, it’s a no-interest loan. They’ll take it back next year…
not likely.
Which part, “no-interest”, or “loan”?
Exactly!
The last time Bush did this (when was that? several years ago, but I can’t
google for it, because all the hits are for the new package…) the next year’s
1040 had a line to put down any economic stimulus payment received. And
they took it all back, though it went straight to tax owed, not into income,
thus my thought that that was an “interest-free loan”…
My understanding is that the payment will not in any way be factored into next year’s income or taxes…it’s pure bribe money to get the economy going again.
This will be the second of these in Bush’s tenure (the first was smaller), and I don’t recall it changing anything with regard to next year’s taxes and income, and wasn’t it done either by Kennedy or Johnson as well?
My dad, the liberal economist, believes these things tend to work, but I’m more pessimistic and am not sure something like this will cure what ails us.
That said, my wife is going to get that laptop she needs to write on and the outside of our house will get a nicer grade of paint.
Eric
Oops - fearfaoin - you were right about the 2001 stimulus checks…they did count against next year’s taxes. However this year:
"Linda Stiff, acting IRS commissioner, spoke with reporters from across the nation in a conference call from Washington, D.C., Friday.
Stiff said unlike the 2001 stimulus, the payments going out this year will not count against 2008 tax refunds or increase 2008 tax liability.
“It is not taxable income next year,” Stiff said."
Eric
Huh. Good to know. Thanks…
Ah! so that’s what that peeling stuff is on my place?
Wasn’t it lucky that the gov. just had these billions of dollars laying around to send to folks?! 
Susan
Why don’t you invest that money into my well being instead? Isnt my hapiness better than some interest on your saving? 
That’s the best idea I’ve heard yet.
This was done before Bush but I don’t remember if it was Ford, Carter or Reagan.
Except that he’d already given it to them on April 15. 
KAC
Hmm… well, my kid is graduating and I helped him finance an American-made bike (Cannondale fixed gear), so maybe I’ll gift him some of it from my paper contribution.
Last time GW sent a rebate, I was unemployed, but qualified as Earned Income Tax Credit. So, even though I didn’t earn anything that year save some private contracting pittances, I got the bucks. Which was weird. I felt cheap and dirty accepting it. Had to call a rightwingrhateradio talk show and confess my sins (naw, I just made up the last part).
We should be getting ours soon, based on our socials and on when we filed.
I’m planning on a new camera to take to Ireland, and my hubby needs some clothes for the cruise, but other than that…well, sorry Dubya…most of ours will be spent in Europe!
Redwolf
You know as well as I do that you’d just spend it on a binge (I was young once–I know about these things).
Susan
that’s right…we have memories
somewhere
I wonder if they’re with my glasses?
where are my glasses?
ah, what was the question, eh?
This is confirmed on the IRS website:
http://www.irs.gov/newsroom/article/0,,id=182003,00.html
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…
…
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No> , the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
I had a binge once. It was bright red, and I hauled all sorts of stuff
downriver with it. It was grand. Wait… that was my barge. Damn.