I just read that the government is going to start mailing
out TAX rebate checks for those who filed this year.
It breaks down this way:

Single filer to get back $300
Joint filer to get back $600

Whooa, I see spending money coming my way soon!

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Serious Soldier

Everybody gets money back if you filed taxes?

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ActiveTuning - Partner & Director Of Sales & Marketing

It's the way that I understood the article. There is
criteria that you have to meet in order to get this refund.
I don't remember the details but you had to earn a min.
amount for the tax year.

I'll see if I can't dig that article up again. Interesting reading.

The article also talks about increasing IRA's up to a max
of $5,000 per year!

I know I qualify!

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Serious Soldier

Dave: I found the article:

I hope you can link to it because you have to be subscribed.

http://www.nytimes.com/2001/05/28/p...?searchpv=day03

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Serious Soldier

Nope, didn't work Just paste the good stuff here.

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ActiveTuning - Partner & Director Of Sales & Marketing

Check your Systemlogic email. I sent a copy to you.

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Serious Soldier

quote from New York Times Newspaper dated 27 may 2001

"Congress Passes Tax Cut, With Rebates This Summer

By RICHARD W. STEVENSON
May 26 — Congress gave final approval today to the biggest tax cut in a generation, voting to reduce all income tax rates over the next five years and to give the weakened economy a quick jolt by sending rebates to taxpayers this summer.

The benefits of the bill will begin flowing this summer in the form of rebate checks — $300 for single people and $600 for couples who file joint returns. (Those who earn less than $6,000 in taxable income, $12,000 for couples, would not get the full rebate.)

The bulk of the tax cuts come in the form of reductions in personal income tax rates. In addition to reducing income tax rates, the bill gradually doubles the child credit and applies it to many low-income families who cannot currently claim the credit.

The legislation gradually reduces the federal estate tax, and then repeals it in 2010. Married couples get a tax break. Contribution limits to 401(k) and individual retirement account programs are increased. The bill creates a deduction for college tuition expenses.

The bill would provide a married couple with two children and income of $100,000 with a tax cut of $911 this year and $2,790 a year once fully phased in, according to calculations by Deloitte & Touche, the accounting firm. A single person with no children who earns $60,000 a year would get a tax cut this year of $375, and $802 once the bill is fully phased in.

The bill immediately creates a new bottom tax rate of 10 percent that applies to the first $6,000 of taxable income for single people and $12,000 for married couples filing jointly. The change is retroactive to the first of the year, and it is this part of the tax cut that will lead to the mailing of rebate checks in the coming months. The current 15 percent rate would remain in place for income levels above those covered by the new 10 percent rate.

The child credit will increase to $1,000 from $500 in a series of steps over nine years, starting with an increase to $600 this year. Families whose incomes are above $10,000 but not enough to pay federal income taxes could claim a cash credit of 10 percent of their earnings, rising eventually to 15 percent.

The bill provides for estate tax rates to be reduced and for the amount of an estate exempt from taxation to be increased, from $675,000 currently to $1 million next year and eventually to $3.5 million in 2009. In 2010, the tax will be repealed entirely.

Contribution limits for 401(k)-type plans gradually rise to $15,000 from $10,500 under current law. Limits for contributions to individual retirement accounts rise to $5,000 from $2,000.

The bill allows up to $4,000 in college expenses to be deducted, subject to income limits. That deduction, however, would disappear after 2006 if a future Congress did not extend it.

The bill also removes limits on the deductibility of student loan interest, and increases the contribution limit for tax-advantaged education savings accounts to $2,000 a year from $500."

END OF Partial quote.

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Serious Soldier

Man sounds like Bush is doing something good! Looks like I'll be gettgin $300!!!! WOOHOO!!!

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ActiveTuning - Partner & Director Of Sales & Marketing

I'll have six hundred coming!! That'll get a nice PC upgrade!!

De Prez is also doing things for the military, which I'm a part
of over here in South Korea.

We just started to receive an extra $50 a month in our checks
for being assigned here. People in 2ID get $150.

There is also alot of other little things for the military that
are being implemented right now.

President Bush seems to be on the right track.

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Serious Soldier

Hey I went to Seoul 2 Winters ago to see my dad who was working for Samsung at the time

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ActiveTuning - Partner & Director Of Sales & Marketing

I was here. I been hear since 1992. I live in
Itaewon Dong, Yongsan Gu, Seoul, South Korea.

It's right next to the big Army base here.

Did you happen to get over to the Electronic's Market
while you were here?

A very special place!

Over 5,000 stores with everything a PC nut could want and
more!

It's the only reason I stay!

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Serious Soldier

I just saw on CNN where Uncle Sam is going to start
sending this rebate checks out in July this year!!

Just in time to buy some new parts!

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Serious Soldier

so is anyone's state going to tax there refund ... from what i hear IOWA is going to ....


well i think it's time to move

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~Jon~
if you have to stop and wonder then you have already lost

Sad but true, some states will do that.
The Federal Government will treat this as income
for 2001 and you'll have to pay tax to them too!

But look on the bright side. At least your'e going to
get money you didn't count on!

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Serious Soldier

thas true, thas true

__________________
~Jon~
if you have to stop and wonder then you have already lost