2008 tax rebate plan details,2008 tax rebate plan stimulus package,rebate checks,president bush
Today the details of the economic stimulus plan, aimed at stunting a possible recession, were revealed. The plan was designed by the congress and the President to go toward those who need it most as well as those who are most likely to spend the money and help our economy going forward.
The nitty gritty appears to fall like this:
If you are a tax paying individual making $75,000 a year or less you would receive a $600 rebate check.
If you are a couple filing jointly and make $150,000 or less between the two of you, you would receive a $1,200 rebate check.
Families will also receive an additional $300 per child added to their tax rebate check amount.
If you fall below the amount necessary to pay income taxes, but make over $3,000 a year you would receive a check for a minimum of $300.
Also a part of the economic stimulus plan is that the government will be temporarily allowing for an increase in the size of jumbo mortgages that can be bought by Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) from $417,000 to as much as $625,500.
Now the question that everyone wants to know is when they will receive this tax rebate check. As of now it is purely a guess since this has to get through the house and the senate before being finalized. Passage of this bill as all but guaranteed, but it will still take some time. Most likely the very earliest anyone would see a tax rebate check is sometime in late May of this year.
The support for this bill in congress was widespread, as everyone seems to be understanding quite clearly just how badly this economy needs the stimulus.
The government hopes to get this done as soon as possible so this money can get back into our economy. The hope is that this will help lift consumer confidence and spending will go back on the increase. Time will tell if that works or not, but I certainly hope that this doesn’t get bogged down in congress, because our economy needs a boost, and quickly.
source:growyourfunds
Tags: 2008 tax rebate plan details, 2008 tax rebate plan stimulus package, president bush, rebate checks