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Income Tax Rebate - Get your federal income
For stimulating the economy, President Bush and Congressional Democrats begin negotiations on a package of measures; the big fight will be over whether to put extra money in the hands of tens of millions of low-income families who paid little or no income tax last year. Nearly 40 percent of Americans owed no federal income tax last year, though even low-income workers paid taxes for Social Security and Medicare. While Mr. Bush has refused to disclose specifics of his $145 billion plan, administration officials and Republican lawmakers favor a proposal that would offer rebates of up to $800 for individuals and $1,600 for families — but only if they paid that much in taxes last year.
For practical purposes, analysts estimate, a family of four with an income of $24,000 would receive no government payments at all, and families with incomes below $40,000 would at most receive partial rebates. But a household with an income of $100,000 or more could get back $1,600.
Administration officials and Republican lawmakers say it only makes sense to give tax rebates to people who actually paid taxes. But Democrats are gearing up to fight that approach, arguing that a stimulus plan should put money in the hands of low-income people, both as a matter of fairness and because people who are struggling to make ends meet are most likely to spend any government payments quickly. For the purpose of jump-starting the economy, economists want people to spend extra money as quickly as possible.
For practical purposes, analysts estimate, a family of four with an income of $24,000 would receive no government payments at all, and families with incomes below $40,000 would at most receive partial rebates. But a household with an income of $100,000 or more could get back $1,600.
Administration officials and Republican lawmakers say it only makes sense to give tax rebates to people who actually paid taxes. But Democrats are gearing up to fight that approach, arguing that a stimulus plan should put money in the hands of low-income people, both as a matter of fairness and because people who are struggling to make ends meet are most likely to spend any government payments quickly. For the purpose of jump-starting the economy, economists want people to spend extra money as quickly as possible.
Labels: 2008 Federal Income Tax Rebate, Income Tax Rebate Checks
# posted by E-File Tax Return @ 4:51 AM 
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