Will Your Business Be Affected By Tax Rebates?
With this talk about tax rebates to stimulate the economy in the United States, do you wonder how it will affect your home business?
If the rebates do go through, who will pay for them? There’s no free lunch, much as some people think there is. Someone has to pay.
So will our taxes eventually go up to do it, both business and personal?
Is this handout being considered because it’s Presidential Election Year? Is this just another way for candidates to “buy” the votes? Will those who advocate the largest handout/rebate get the most votes? Then who will figure out whom to tax or what business to tax when it comes time to pay the piper?
What are your thoughts about the rebate? Do you wonder how it will affect your home business? Or you personally?
(Kelly at b5media Taxgirl has written a number of posts on this topic. Miranda at Yielding Wealth has another one.)
(c)2008 Mary Emma Allen
4 Comments
We are paying tax for improvement to our country. So it is realy just our responsibility to pay or not.
Excellent questions. In general I don’t like this kind of economic stimulus.
I’m telling my tax clients , “Do NOT help stimulate the economy! Instead start your emergency fund with your tax check or pay down debt!”
How many will listen? Probably not a lot. I feel like a lone voice out there! (well, me and Dave Ramsey and other smart financial advisers)
I personally am in a recession-proof industry (accounting and tax prep), so I won’t see more income as a result of the tax checks.
Carol Topp, CPA
Thanks you for stopping by, Anes. Depends on how tax money will be spent…wisely or unwisely and to the general good or to gain votes.
Thank you, Carol, for stopping by and sharing your insights about this so called rebate, especially from a CPA’s perspective. It’s my understanding that some people, who haven’t paid taxes, will be getting rebates, if it goes through as some propose. Seems like that’s a “handout” at the expense of those who have paid taxes. I think, too, that extra spending with a rebate instead of paying off debt or saving for those stormy days may only lead to more debt.