Jan 30, 2008

The 2008 Tax Rebate: The Senate Version

The Senate version of the rebate is a little different from the House version- ultimately what the Joint Committee on Taxation- the House/Senate subcommittee that reconciles the House and Senate version of tax bills- decides and what the President signs could be vastly different- a true lesson in American politics.

The Senate version major differences are this:

$500 per individual ($1000 for joint taxpayers)
$300 per child

Also, the Senate version adds 13 weeks to the unemployment insurance. This was done to appease most Democrats because the Senate version has no limits on income to receive the rebate checks (the House version limits the income to $75,000 for individuals and $150,000 for married couples). Also, those receiving Social Security checks only, would get the rebate checks- this differs from the House bill.

The good news is that the State of the Union emphasized the need to have this done ASAP. Treasury Secretary Paulson states that after the bill is passed, he can have rebate checks issued in 60 days.

However, if you have tax debt, the rebate check goes to the Government.

2 responses:

Anonymous,  February 1, 2008 at 12:13 AM  

want to stimulate the economy? try taxing the oil companies on obcene profits, that will definately drive down the price of gasoline which will ultimately stimulate the economy on a long term basis

Beckie February 5, 2008 at 8:46 PM  

Did we really think this would be easy?? By the time this is passed, we will probably have a new president!

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