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Income Tax Rebate - Get your federal income
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
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Income Tax Rebate
There is much confusion about Income Tax Rebate like who gets rebate & who does not on income tax. Answer of this question is anyone who pays taxes or earns at least $3,000, including through Social Security or veterans' disability benefits. Singles with incomes of more than $75,000 and couples with more than $150,000 get only partial rebates & People who earn less than $3,000, illegal immigrants, anyone who does not file a tax return, singles with incomes exceeding $87,000 and couples with incomes exceeding $174,000 are not eligible for getting rebates. The caps rise by $6,000 per child.
Individual taxpayers get a rebate of at least $300; couples receive at least $600. The rebate will equal the taxes they paid, up to $600 for singles and $1,200 for couples, plus an additional $300 per child. That amount will be reduced by $50 for every $1,000 above the income limits of $75,000 for singles and $150,000 for couples. People who earn at least $3,000 but too little to pay taxes -- including elderly people whose only income is from Social Security and veterans who live on disability payments -- will get $300 if single or $600 if a couple.
Labels: 2008 Federal Income Tax Rebate, 2008 Income Tax Rebate
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