Thursday, January 24, 2008

Tax Rebates from Stimulus Package in June

Looks like the President and Congress have agreed on a stimulus package aimed at helping the economy get through this current crisis and sub prime housing mess. An article is linked here. It appears they have decided to give tax rebate checks to be sent out in June in the amount of $600 for singles making less then $75k a year and $1,200 to married couples making less then $150k a year. If you have children you will get an extra $300 per child. There is also a partial rebate for individuals making up to $87k per year and couples making up to $174k per year.

The article states that Democrats pushing for more food stamps and unemployment payments gave up this idea when Bush agreed to include workers who don't make enough money to pay taxes in the plan. I'm not sure why Bush would not want to give rebates to those who don't pay taxes since they will be the ones needing it the most and in my opinion most likely to spend the money which is the goal of the package.

Overall I am pleased to be receiving a rebate which will greatly help out my fiance and I for our wedding. I am not sure if this package will accomplish what it is set up to accomplish but I do know it will help us out.

I am unclear on how this money will be disbursed. I don't know if we will need to claim it and get it back with our regular tax refund or if it will be sent out as a separate check. The article states that rebates will be sent out in June so I'm assuming a separate payment.

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