03-27-2008, 09:55 AM
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Pixie's Resident Reptile
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Join Date: Jul 2002
Location: Central MD, USA
Posts: 21,196
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Quote:
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Originally Posted by wyndhy
where did you hear that gg? i had wondered the same thing and thought it would be pretty bogus indeed so i did some digging and found this - "the 2008 stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return." (according to the irs website)
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According to the "Technical explanations of the revenue provisions of 5140", http://www.house.gov/jct/x-16-08.pdf
"Net income tax liability as determined for these purposes is not reduced by the credit added by this provision or any credit which is refundable under present law"
So, if the tax liability isn't actually reduced by this 'stimulus package', then where is the money that is to be distributed to the taxpayers to come from?
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