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Thanks, but no thanks 

a way of saying a polite no!
Thanks can be used to show approval. It could also be used to avoid doing sth undesirable and hence a No-Thanks.
Smith: How would you like to hang out with Lisa and Jane.
You: Thanks, but no thanks. I hate that fat chicks man!

Thanks, but no thanks 

When you want to emphasize something wonderful you did, that you didn't really do.
Sarah Palin:
I told congress about that bridge to no where, "Thanks, but no thanks!" Then I took the money.

you: Wow, good job, Sarah

tanks but no tanks 

saying, "no thanks" to a fat chick. Usually used when the opportunity for sex is at hand.
This fat girl named Betty wanted to go home with me for some late night action. My reply was "tanks but no tanks!"
tanks but no tanks by Donky Puncher September 9, 2005