View Full Version : Guess who wants part of your tax rebate?
06-05-2001, 09:42 AM
It's been a while since I've been on here so I don't know if this has been discussed, but I was listening to the radio this morning and burst out laughing when I heard that the Governor of Iowa (Vilsack) thinks Iowa should tax the rebate checks being sent to Iowa taxpayers later this summer.
They figure taxpayers in Iowa will be rebated about $400 million and the state stands to make about $20 million if the rebates are taxed.
It doesn't sound like a done deal in Iowa but how is it going to be handled in other states?
06-05-2001, 10:01 AM
I've already been taxed on that money...thats why they have it in the first place....and ol' Tom already got his cut too.
This will P!$$ me off to no end......me and ol' tom may have to talk about this.
06-05-2001, 10:08 AM
Is he a Democrat? Anyway, I'm curious about whether we have to report this as income on the 1040, 1040a or 1040ez for 2001. Here in MO when we have received a state tax refund (under the Hancock tax limitation law), we have to show it on the federal and state returns. In reality, I deducted this as an itemized deduction on my state return as "federal tax paid" so it will be interesting.:confused:
06-05-2001, 10:09 AM
Actually this rebate check is for the year 2001 and it's an upfront refund that you get now instead of next year after you file your taxes, and in some cases you may have to give it back. As Iowanian correctly points out, you have already (or will this year) paid tax on that money. Someone needs to tell the Gov of IA he needs to go F himself. The trouble is, MO is in a money crunch now and some moron here will probably get the same idea.
06-05-2001, 10:13 AM
The rebate check is in lieu of changing the tax tables for the year 2001.
06-05-2001, 10:14 AM
Vilsack is a Dem.
I believe his thinking is Federal taxes paid are deductable on a state return so with the rebate you in essence paid less in federal taxes, thus that money should be considered taxable at the state level.
I haven't heard how he expects to collect it.
06-05-2001, 10:17 AM
One term Tom.
I hope the people of Iowa who voted for this loser have learned their lesson about tax and spend liberal governors.
I'm think anyone who voted for Vilsack should be required to sign the refund checks over to the state.
06-05-2001, 10:21 AM
I'd like "1 term tom"(i really like that...i'll use it in the office full of DEM, old ladies I work with...only guy, only independant/leaning right.) to come and pick it up personally. I'll be waiting in the yard with my karate shoes ;) If he wins, I'll let him have the whole refund...If I win, I get his...fair trade?
06-05-2001, 10:21 AM
Interesting -- you're right about the bozos in JC. Bob Holden is nothing more than a "tax tax and tax" liberal. Did you see the comment from his wife about being "shocked" about the coverage of the deficit spending on his inaugural ball? She said is was done to "heal" the citizens of the state of Missouri after the death of Mel Carnahan. OMG, give me a break!!!!!!! I'd rather be healed by you spending less of my money, then I could afford an aspirin for the pain. :mad: :mad: :mad:
06-05-2001, 10:28 AM
Do you ahave a link that has him saying that? I am very intrested in finding that. I am working to make sure he is a one term Tom.
Thanks for your help.
Clint in Wichita
06-05-2001, 10:37 AM
Bush should've skipped sending out refund checks to us & simply made them out to Mobil/Exxon.
06-05-2001, 11:40 AM
Man, Iowa has cajones the size of basketballs to want to tax a tax rebate. I would hope the legislature has more sense.
06-05-2001, 11:47 AM
Legislators want to take state tax off federal tax rebates
by O.Kay Henderson
Another issue's added to the list for the special legislative session in two weeks: ensuring Iowans don't get taxed on those federal rebates in the mail soon. The rebates of about 300-dollars per taxpayer will be mailed by the feds sometime later this summer. House Speaker Brent Siegrist a republican from Council Bluffs says President Bush and others hope the rebate money will help stimulate the economy. Those rebates will not be taxed at the federal level, and Siegrist says they shouldn't be taxed by the state, either. Siegrist says it's important to make that assurance now rather than wait 'til lawmakers come back in regular session in January. Siegrist says some taxpayers file their returns in early January, before lawmakers would be in session and have a chance to make the move. State officials estimate the refund checks will put about 400-million dollars into Iowans' pockets.
06-05-2001, 11:55 AM
Clint - nice observation from a left wing liberal;) However, I suppose if Clinton were still in office, he could of just cut checks directly to his hit squad to take out another Democrat whom he thought would ruin his Evil Empire of Deceit. :p
06-05-2001, 11:59 AM
I still don't think these politicians understand what this rebate represents. It is NOT taxable income by any stretch of the imagination. It is no different than the Federal Government changing the tax tables for the remainder of 2001 to reflect $300 less in withholding. Only in this case, they are not going to change the tables but give us the $300 in a lump sum. (Personally I think that's a stupid idea but it's what we have.)
It does NOT increase your taxable income EXCEPT to the extent that an individual state allows you to deduct your Federal Income taxes paid from your taxable income for STATE income tax purposes. Less Federal tax liability = lower deduction from your taxable income and therefore a slightly higher state tax liability. I'm not sure all states do this.
06-05-2001, 12:13 PM
Wasnt it Clint that promised to count the number of days before his pay check increased? Cmon Clint, how many days has it been?
Clint in Wichita
06-05-2001, 12:14 PM
You know that a large percentage of that refund will end up in the hands of oil companies due to ridiculously high gas prices.
Empire of Deceit? Surely you were laughing when you typed that. Bush has already either backpeddled or done a complete 180 on almost every campaign promise he made.
The "Empire of Deceit" is not the Clinton Administration...it's the Presidency, regardless who the President is.
Clint in Wichita
06-05-2001, 12:17 PM
It's been well over 100, and my paychecks are still being taxed at the same rate.
This "refund check" is a crumb and you know it.
Even if I get $600, I overpay in taxes at least that much every month, and did even before Satan...errr....I mean Clinton took office.
06-05-2001, 12:23 PM
The refund check is a reimbursement of your earlier taxes withheld.
You call it a crumb now, but that wasnt your tune before the election.
One thing we can both agree on, is that if Gore were in the WH, you wouldnt be seeing a refund check or the prospect of lower taxes. 600 bucks is 600 bucks.
Clint in Wichita
06-05-2001, 12:36 PM
Of course I'll take the $600, but I feel like it's almost a payoff...getting the public to "look the other way" while they make off with the real loot.
06-05-2001, 12:36 PM
I don't think it is legal: this, after all, is <i>Tax money</i>. How can you apply a tax on money that was already 'taxed'?
06-05-2001, 12:43 PM
A payoff? You mean you getting back some of the money that was withheld from you is a payoff? I need to do business with you.
what's the 'real loot'? Is that like missle technology to China in exchange for campaign contributions?
keg in kc
06-05-2001, 01:33 PM
How about an entire spy plane with all it's hardware to China for campaign contributions and continued most favored nations status. :cool:
06-05-2001, 02:00 PM
Interesting notion...does Bush have ties to a family that has funnelled cash from the Chinese army through one of his cabinet officials? I havent seen any reports about that. It must be a vast right wing conspiracy keeping that quiet. ;)
I find it silly for someone who did nothing but b!tch non stop about getting his taxes lowered now seems ungrateful that he's getting money back. We damn well know Gore would not have passed any tax cut.
Maybe Clint will set a good example and return the check to the IRS refusing the 'crumb' given to him by his political opponents...sheesh.
06-05-2001, 02:07 PM
I view this "measly $300-$600" as
1. 1 1/2 free truck payments
2. Drywall, carpet front door for my impending living room remodel....batteries not included ;)
3. free rebuild on honda cr 125 engine this fall.
4. New Mathews bow.....better to kill bambi's daddy with.
~can think of alot of cool stuff to do with this refund....clint if you don't want yours, I'll give you my address...endorse and send...I'll even buy the stamp.
keg in kc
06-05-2001, 02:08 PM
Actually, the going rumor for a while was that the Chinese "switched horses" so to speak, from Gore to Bush on election day (this isn't liberal-related news, this is paranoid people like me news...), and that's how he won the election. Then the entire plane debacle happens. Coincidence? Might be/might not be. Not like we'll ever know really what's going on...
I've said it before and I'm sure I'll say it again. We're talking about politicians here. Nobody is innocent, and nobody is in it with our best interest in mind.
06-05-2001, 02:14 PM
keg: nobodys innocent, that's true, all Im looking for is consistency. If a politician says 'Im going to lower your taxes', better damn well do it. I dont care if it's Newt, Clinton or even Al Sharpton (2004 hopeful), if they're lowering my taxes, that's more money for me and less money for them.
06-05-2001, 02:19 PM
Actually, Iowanian...I was thinking more like:
40 cases of Budweiser or 10 bottles of Cabo Wabo Tequila, but we all have different priorities.
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