 UK Question. When do Tax Credits send out renewal forms? |
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When I went ... |
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A good number f answerers ... |
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..will they ask me to send them money ... |
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aveyyoung24 | How will this 700 billion dollar bailout effect my income tax check? |
when i file taxes in feburay 2009 i usally get around 4,500. $ back will i get less back because of this bailout? |
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Michelle
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It won't affect your income tax. It will affect your children's income tax.
The bailout is being funded by selling government bonds with a twenty year term. So no increase in income tax is needed. None of the current generation has to pay for this screw-up.
However, twenty years in the future when your kids are working, these bonds will come due. That future government will need $700 billion plus the interest on that amount. How will they get all this money? By taxing your children. Heavily.
The other answerers are incorrect on this one, and that's really sad. No wonder government can get away with this horrible bailout - nobody has financial literacy. Nobody realized the current generation just robbed their own children.
The bailout will not have an effect on taxes until 2028. |
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Judy1
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No, your refund won't be affected.
But if you are getting that much you should adjust your W-4 - you are making an interest free loan of your money to the government for the year. |
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nemeczek
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unlikely. The tax rates for 2008 have been known well before the bailout business. |
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Mathew
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None of us know if there would be any effect as the details have not been released. At first glance my guess is that it will have no effect at all on the ability to get a refund if you have one coming. |
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Sprocket
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nothing to do with it. same. |
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Omaha
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The government's just going to borrow the money. Your income tax will not be affected.
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Reena
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It should not have any effect on your 2009 tax return yet.
Simply because they won't have enough time to impose
higher taxes and or changes to the tax code.
But if you think about it that for that 700 billion dollar each person
from adult to newborn is going to be liable for about $2300
I would assume that we will see changes in the tax code coming
at us... meaning that at least starting 2010 I predict that we
will get less back... it has to be paid for somehow...
Of course we can expect huge cuts in welfare and schools.
But we already are used to those. Pretty soon you won't see
the pot holes fixed on your street and the parks will be closed
because they don't have enough money to maintain them. |
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pomegranatepants
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Well, since nothing is finalized yet, there's no way to tell. With the state of the economy, anything's possible. We all better think before we vote! |
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chuck norris
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no you will get the same. |
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arammikha
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probably decrease on it. |
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Ray
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maybe, It all depends on which way the economy goes..
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Steve D
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Your question compelled me to look up the progress on the bailout and you will be happy to know that if the bailout gets passed in its current form, it probably shouldn't affect anyone -
1) the bailout is no longer $700 billion, it's only $350 billion (well, only in relation to the $700b)
2) Any profits made in the bailout go to the taxpayers first
3) Any company that fails after getting bailed out has to repay taxpayers first from the proceeds
4) Mortgages held or backed by Fannie and Freddie can now be extended, principal lowered, interest lowered - this may forestall up to 2 million foreclosures.
5) CEO won't get all those bonuses they were hoping for.
There's a bunch of other stuff, but it looks like Congress has decided to actually try to protect the taxpayer. Check out the link: |
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Bob F
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It won't affect it a bit. The government is used to spending more than they take in - they are not raising taxes because of this, just printing more money and borrowing more money. |
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TNT
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The middle class will foot the bill. If you make under $250,000 a year, all I have to say is what check...lol |
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Alex H
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if your getting money back your to poor (myself included) to even feel any effect besides it aint gonna happen |
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music2man2
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no because it is illegal to cheap people out of their money
that's called stealing known to most people as a federal offense
the gov has to give you all the money they owe you no matter what
the only problem you might have is if your income is coming from the stock market which most people's are
so what you want to do is stay standing in the market until things get better
and believe me
they might take a long time but they will get better before they get worse |
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FrinkZoe
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The amount of your return will probably not be directly affected, but the value of your money will be. $4,500 in 2009 dollars will probably be like $3,000 in 2007 dollars... or worse. |
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SlimJim
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Does anyone in this thread know how to spell "you're"? |
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madgychic
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i dont know really how to answer but on taxes you will have to pay about $7,000 dollars more, but if we dont do the bailout, then it could be another great depression and you will lose more than $7,000 dollars |
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italian_singer_1989
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no idea |
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pedito
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you will now be sending them a check........... |
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Aleks F
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It already has... |
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Dr. Rushd
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No, in theory it wouldn't affect it slightly unless they actually raise the income tax because of it.
And the $7000 per citizen number is bogus when discussing the bail-out. You guys are forgetting corporations and business pay most the taxes, not citizens. |
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Sad Spirit
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Yes, it's projected to raise taxes steeply since it gosts almost $7,000 per tax payer to come up with this amount. And please stop calling it a bailout, it's a handout to some of the richest CEO's who make upwards of $16 mil/year and don't want to lose some of their investments. The tax dollars spent don't grow on trees, they come from your pockets. And it was very sneaky of them to pass it Saturday when people are not following the news so by Monday it will be yesterday's news with not much attention given to it. Biggest white collar crime to date. |
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Michael K
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dtuhyxftujhcfjy |
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Ryan
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your already paying around 300 dollars a month extra for the iraq war |
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Amir H.
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your rich |
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