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In February of 2008, the United States Congress approved a $168 billion economic stimulus plan to help stave off economic recession. The bill includes tax rebates for many citizens and families, a rescue plan for distressed mortgages, and tax breaks for small businesses. In April 2008, it was announced that the rebate would actually go out a week or so early, thanks to a change at the IRS. The first checks arrived in homes during the last week of April 2008.
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Fast Facts
- The plan sent rebate checks to more than 100 million people
- Rebates based on 2007 tax returns that were due April 15
- Citizens must have filed a 2007 tax return to be eligible for a rebate
- Rebates mailed separately from tax refunds
- Economists say the impact of the stimulus package is unlikely to be felt in the economy until at least the third quarter of 2008
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Bipartisan Decision
Democrats and Republicans came to an uncharacteristically swift agreement on the terms of the stimulus package, which President Bush outlined in his January 28, 2008, State of the Union address. -
How Much
- $600 for individuals with incomes of up to $75,000 a year
- Partial rebates for those earning $75,000 to $87,000
- Couples: $1,200 for those making up to $150,000 a year
- Families: additional $300 per child (up to age 17)
- Partial rebates for couples making between $150,000 and $174,000
- $300 for low income people—disabled veterans, veterans' widows, senior citizens
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Related Pages on Mahalo
George W. Bush | 2008 Recession | IRS | 2008 Economic Stimulus Plans | How to Spend Your Tax Rebate | How to File Your Taxes | How to Check Your State Tax Refund Status | IRS Rebate Calculator | How to Avoid a Tax Audit | Economic Stimulus Bill | What is in the 2009 Stimulus Package | How to Get Your Ohio State Tax Refund | What is a split refund | How to Get Tax Breaks -
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Managed Since: 06/02/2009
Views: 757
Money Earned: M$5.23
Page revenue is subject to change as we obtain data from our partners
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The Mahalo Top 7
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USA Today: Bush: Tax Rebate Checks Are on the Way
usatoday.com (April 25, 2008) -
ABC News: A Look at Economic Stimulus Package
abcnews.go.com (February 13, 2008) -
Fort Worth Star-Telegram: Senator hits IRS for letters touting rebate checks
star-telegram.com (March 09, 2008) -
USA Today: Reasons for delayed and no-show tax rebate
usatoday.com (May 20, 2008) -
The Economist: Scattering cash
economist.com (January 24, 2008) -
YouTube Video: Bush Unveils Stimulus Plan (Time: 0:56)
youtube.com -
Financial Times: Senate backs economic stimulus plan
ft.com (February 08, 2008)
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USA Today: Bush: Tax Rebate Checks Are on the Way
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Questions and Answers About Bush Tax Rebate 2008 | View All | Ask a Question
View All Bush Tax Rebate 2008 Questions (915) | Ask a QuestionRebate checks? (1 Answer)check out the website you might find the answer. sorry about that coz i couldnt find better answer read moreHas Anyone done their Personal Taxes Yet for 2008? (1 Answer)I did ours at the beginning of this month and already received our refund. The faster you file the better. Most people procrastinate so it takes 6 weeks or so ... read moredo you need to file an extension for your georgia state tax return? (1 Answer)Basically, no, you don't have to file any paperwork in advance. As long as you filed a Federal extension, GA extension is automatic. You will only need to request a ... read moreWhat is the highest income 2008 tax return you have seen which owed zero federal taxes? (1 Answer)Single income or married filing jointly? My wife and I filed jointly and our combined income was $54,000 We still got nearly $2,000 return, and we have no children. read more
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Bush Tax Rebate 2008 Blogs and Commentaries
- Google Blog Search: Bush Tax Rebate 2008
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Are Tax Rebates Effective?
- HeraldNet: Tax Code Tweaks Would Provide a Better Stimulus (February 17, 2008)
- TheStreet.com: Rebate Checks Could Spark Urge to Splurge (February 14, 2008)
- MarketWatch: Tax Rebates Really Will Boost Economy, for a While (February 13, 2008)
- San Francisco Chronicle: Consumers Not Likely to Spend Tax Rebates (February 5, 2008)
- The Washington Times: A flawed Stimulus Package (January 28, 2008)
- Christian Science Monitor: Would Tax Rebates Work? (January 22, 2008)
- The Daily Show: Lewis Black on the Tax Rebate(Time 3:31)
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