So the lawmakers are trying to push through an economic stimulus package. It is not a “tax rebate” because the money can go to people who do not pay taxes. It breaks down like this (at this point in time, after it goes through the senate it could theoretically change)
If you are Single:
- If you made over $3,000 and did not pay taxes, you get $300
- If you made over $3,000 and did pay taxes, you get $600
- $300 more for each kid you have
- If you made more than $75,000 you lose 5% for every $1,000 over $75,000. Over $87,000 you don’t get anything.
If you are Married:
- If you made over $3,000 and paid no taxes, you get $600 (total)
- If you made over $3,000 and paid taxes, you get $1200 (total)
- $300 for each kid you have
- If you make more than $150,000, you lose 5% for every $1,000 over $150,000, stopping at $174,000
I got these numbers from bargaineering.com
I’m not quite sure whether this is based on 2006 or 2007 income, but I’ve heard multiple times that it is based on 2007 income. Also, I’m not sure whether or not you can get a check if you are claimed as a dependent on someone elses taxes.
I encourage everyone who gets a check to buy stuff, that’s what it’s for. Don’t save it, or you could pay down some debt (which actually, with the credit squeeze, will help more than in previous rebates) Ideally, you would use this money to buy things you wouldn’t usually buy, that was made/developed in the USA. This is the ultimate consuming with this money.
I’m rambling on now, and I’m not sure whether or not I’m making sense, but I thought I would just tell everyone some details about this. I’ll keep you updated.
If I get a check (I made enough/paid taxes, but I am a dependent) then I will probably buy an xBox and a TV. That’s my plans. I could just be a dick and wait to spend it till I go to England this summer 🙂
If you have any updates to these numbers, please feel free to e-mail me, and I’ll fix them.