Tax Rebates Official - US Congress Giving Away Money!
January 24, 2008
It’s official, we’re getting tax rebates. Will it be enough to jumpstart the economy, who knows……
House Speaker Nancy Pelosi said Thursday 117 million U.S. families would receive a tax rebate check under a deal reached to provide stimulus to the U.S. economy.
Individuals who pay income taxes would get up to $600, working couples $1,200 and those couples with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don’t pay taxes would get $300 rebates.
The rebates would phase out gradually for individuals whose income exceeds $75,000 and couples with incomes above $150,000, aides said. Individuals with incomes up to $87,000 and couples up to $174,000 would get partial rebates. The caps rise higher for individuals and couples with children.
The rebate part of the plan would cost about $100 billion, aides said. The package also includes close to $50 billion in business tax cuts.
How will you spend yours?
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I’ll likely just save whatever I get. I still don’t get how this is going to solve any problems with the economy.
As you can probably guess, I totally disagree with the use of debt to fuel the economy. This is like a person using a home equity line of credit to purchase a car… Using debt for a non-appreciable item. They(the government)really don’t know where this 150b will actually come from… yeah, probably borrow more money from the Chinese which won’t lead to any future problems… NOT!
Have to agree with Jeremie here. Horrible idea by our government. While I think the government takes too much of our money as is (and waste what they get) I don’t at all advocate causing more of a deficit for a rather weak stimulus plan.