Jan 29, 2008

The 2008 Tax Rebate- many proposals on the table

It appears the House has a plan that is approved. It will be a $600 rebate check per person, $1200 if married filing jointly for people who have more than $3000 in adjusted gross income. Also, an additional $300 will be paid for each child. These rebates will be eliminated by $0.05 for every dollar over $75,000 in AGI ($150,000 for married filing jointly). This will effect about 111 million Americans according to Congress.

The Senate does not have a plan approved. However, it appears to be somewhat simiar except that some Senators want to eliminate the income caps.

Regardless, it appears to be similar to the 2001 rebates. These rebates came in August of that year. Bush signed this bill in May, 2001- four months before the rebates were issued. It allowed for the IRS to handle their busy season and effectively send out rebates.

Mostly it appears that it will essential part of any plan to have the check issued to taxpayers rather than via payroll deductions (i.e. changing the withholding tables and adjusting what is received in each paycheck).

If you owe tax debt, the IRS will just simply take your check and apply it to the debt.

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