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- 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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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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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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Bush Tax Rebate 2008 Questions
Rebate checks? 1 Answercheck out the website you might find the answer. sorry about that coz i couldnt find better answer read more
Has Anyone done their Personal Taxes Yet for 2008? 1 AnswerI 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 c... read more
do you need to file an extension for your georgia state tax return? 1 AnswerBasically, 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 reque... read more
What is the highest income 2008 tax return you have seen which owed zero federal taxes? 1 AnswerSingle 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 child... read more
view more questions...
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Bush Tax Rebate 2008 Blogs and Commentaries
- Google Blog Search: Bush Tax Rebate 2008
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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