Saturday, January 26, 2008

What ARE You Going To Do With Your $600?

Looks like your $600 tax rebates could be in your hot little hands as early as mid-May.

Reports are that the IRS is already gearing up to get these checks out.

Now the really controversial part of this thing is that people who don't earn enough to pay income taxes but had at least $3000 in earned income would be eligible for a $300 rebate.

What many people don't understand is that someone working and making as little as $3000 HAS paid taxes - Social Security taxes.

In fact, I've often wondered why they even go through the illusion of separating out the Social Security and regular income taxes.

It all goes into the same pot.

With no true "hard" currency, there is no "reserve" currency. Current activity HAS to pay for people drawing Social Security benefits because there truly is no way to "save" any money under our current system.

Supposedly the last time they did these "rebates" after 9/11 it helped the economy in some measurable way.

Of course there's still some details to be ironed out in the Senate, but I'm guessing a pretty good collection of people will have some extra money to spend foolishly quite shortly here ...

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