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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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- 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
