In early January, President Bush proposed a tax rebate in effort to stimulate the economy and prevent a recession. When the bill arrived in Congress a few changes were made which resulted in over 20 million more people being included. Although it reduced the amount Bush projected I believe the package would be more effective.
As of now it stands if you made under 75,000 for singles and 150,000 for couples and paid income tax you are subject to the full rebate which is up to $600 per person leaving the couple with $1200. In addition to that they will get $300 per child they have. The changes congress made included those that did not pay any income tax they would be receiving rebates of $300 if their income was more than 3,000. Congress included the retired into the package as well and they will be subject to the same guidelines.
A few examples are couple with one kid that made 45,000 and paid in 850 dollars in taxes their rebate will be 1150. Were as a single mother of two making 25,000 with no taxable income will receive $900.
The rebates from the stimulus package are expected to arrive between May and August of 2008. The IRS will be the ones sending out the checks and they already have all the information they need. Please be careful if anyone calls you asking for personal information regarding your tax rebate. Plenty of people have already got scammed. If you get a phone call please contact your local authorities.
Please enjoy your rebates as they are meant to stimulate our economy. This can not be done if they are put in a savings account. Go out and buy a new car, upgrade something in your house, or use it toward closing cost on a new home, since mortgage rates are at an all time low which is a whole other story in it's self.
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7 comments:
Whatever they have done before they have to done that now also so that they can face the debt crisis now .
Rebates are for some time guys so enjoy till that period as there are ups and down so when the rebate season will be off you don’t know.
I would suggest please be careful if anyone calls you asking for personal information regarding your tax rebate. Plenty of people have already got scammed. If you get a phone call please contact your local authorities.
The rebate is limited to the net tax liability. For many people, this amount will be the same as found on Form 1040 Line 57, Form 1040A Line 35, or Form 1040EZ Line 10. The rebate is concentrated if the net tax liability is less than the maximum credit.
It’s the good decision taken by the Bush to make the impact of the recession less and certainly its pretty much enjoyable too.I like your informative post.
Nice work. I think this information is of great importance for people and I am sure they will definitely implement on this
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