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Tax Refunds (the real ones that you get once a year not the stimulus thing)

I have been filing taxes for 6 years so, obviously I haven't dealt with it when a Dem is in office. Will I still get a tax refund? Will it be the same or higher/lower? I don't depend on it but, its nice to have for vacations and savings and things. My hubby makes about 30,000 if that makes a difference.

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matthewscandi

Asked by matthewscandi at 6:07 PM on Nov. 10, 2008 in Politics & Current Events

Level 26 (27,814 Credits)
Answers (16)
  • I don't think things will be different this next year, but rather in 2010. After Obama gets into office and starts to make his plans known, you will have a better indicator as to how it will effect you (good or bad). Best thing to do is to keep an open ear and consider meeting with a financial advisor to find out your best options as far as deductions (many will likely not be allowed like they are now).

    QuinnMae

    Answer by QuinnMae at 6:12 PM on Nov. 10, 2008

  • I don't even want to think about it, ugh. We use them to pay an extra couple grand on our house or car loan to get them paid off sooner and build equity. I'm a little worried that we won't be getting as much once Obama has his way.
    ReneeK3

    Answer by ReneeK3 at 6:34 PM on Nov. 10, 2008

  • yeah this yr won't be affected but wait til obama is in. make sure you get good use out of this last tax return. we plan on paying off all our debt since we also qualify for the first time home buyers tax credit. thanks to bush. i just love him. Obama plans on taking away the child tax credit which will really hurt us.
    melody77

    Answer by melody77 at 7:20 PM on Nov. 10, 2008

  • not trying to start a debate here but obama is NOT planning on change the child tax credit at all nor does he plan on taking it away.

    to answer op's question, your taxes will be filed in the same manner as in previous years.
    if your taxes were to be raised you would see that on your paycheck. you'd also know prior to that because any proposed tax cuts will have to pass through congress first.
    heatherama

    Answer by heatherama at 7:34 PM on Nov. 10, 2008

  • Is there a link to where Obama is proposing to take away the child tax credit? I'd like to read more about it if I could...thanks!
    ReneeK3

    Answer by ReneeK3 at 7:56 PM on Nov. 10, 2008

  • I'm not an Obama fan, but, really...where would he (a man with 2 kids!) benefit from taking away the child tax credit?! He knows how much kids cost and he won't be President forever! I doubt that's really true...
    Anonymous

    Answer by Anonymous at 8:26 PM on Nov. 10, 2008

  • This coming year you should expect to see the same kind of trends because it is not nearly enough time for Obama to have anything changed or passed by the time tax returns start to come in. I usually get my tax returns in late Feb or early march b/c I file electronically and ASAP so I get the return sooner. Keep your eyes and ears open for 2010 though b/c that is when you will see changes possibly, good or bad I have no idea.
    amyrw

    Answer by amyrw at 8:26 PM on Nov. 10, 2008

  • Does he really want to take the child tax credit? I hadnt heard that. That would suck.
    Anonymous

    Answer by Anonymous at 9:04 PM on Nov. 10, 2008

  • Well we do live in a democ. he cant just say something and have it happen... it has to go thru congress and all that.....thank God
    JuLiAnSmOmMy317

    Answer by JuLiAnSmOmMy317 at 9:08 PM on Nov. 10, 2008

  • Here is the link about it http://origin.barackobama.com/taxes/
    aimige

    Answer by aimige at 10:04 PM on Nov. 10, 2008

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