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[Comments] (4) I'm not Joe or Sumana: But I still have an opinion. (Kristen had asked what Joe &/or Sumana thinks of the stimilus bill). But I am a tax accountant. And that does qualify me to state my anger at this bill. It's NOT free money. It's an advance on your 2008 tax return. So if you normally get a refund, your refund in 2009 will be smaller. If you usually owe, expect to owe a lot more.

How is this helpful? It's a timing difference only. And my guess is that most people won't realize this, spend the money, and will find themselves in dire straights next spring. Where's the beef? they'll ask. And then, with the realization that the money they spent is no more, a real spending freeze will occur, and the potential for another recession will loom. What a fiasco.

What with busy season in full swing now, I was having fun thinking of how to spend my money. Now I'll probably just end up saving it. Bye-bye elliptical. Bye-bye new computer. Back to work.

UPDATE: Apparently I was misinformed. The tax rebate is indeed free money. It will appear as a one-time refundable tax credit on your 2008 tax return that you have already received. (two cents)But that still doesn't make it good. Anytime the government issues money and thereby increases the national deficit, we as Americans have elected to place our spending policies on the backs of our posterity. So I will probably still save my money for Maggie's/future children's college funds. I cannot in good faith spend money I've stolen from my children and grandchildren. I know it is the American way, but as for me and my house, we will not squander their inheritance. (/two cents).


© 2003-2015 John Chadwick.