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Feb 9th, 2008 | By CJ | Category: Gov't and Politics, GripesLooking forward to your nice little gift from the government? That $300-1200 bump the lads and lasses in Congress and the White House are giving us to spur spending and put the skids on a bad recession? Ever wonder where the money is coming from to pay for that $161 billion (or so)? No? You should.
The government isn’t just raiding cookie jar in the cupboard. You see, because of seven years of supply-side economics, the U.S. cupboard is as bare as Mother Hubbard’s. What they are doing, and not really telling you what they are doing, is giving you a tax refund…for the 2008 tax year (that you have to deal with in 2009).
You see, the money you are going to be getting is basically an advance on the taxes you are going to be filing NEXT year. That’s right, don’t be expecting a hefty refund in 2009, since this year’s “stimulus” is getting paid from that.
What’s that? News to you? Well, what do you expect in an election year? The unvarnished truth? You think Congress would have passed this so quickly if it wasn’t the government getting squeezed, but us?
The important thing here is that you plan for this. If you count on and typically use your refund for some yearly mad money…or simply to pay your bills…then you need to budget for that now as what you get in this year’s “gift” won’t be there next year in your refund. Fair warning…which is more than Congress gave you.
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