Tax Rebates: How Much Do They Want To Give You?

If you’re like me, you’ve followed the news on the “economic stimulus package” working its way through Washington D.C. with at least a passing interest this week. Kelly Phillips Erb over at Taxgirl ® has all the information you need to know. I’ll run down a couple highlights, and here’s a good post of Kelly’s for more details. Caveat lector: This isn’t law yet, so everything is subject to change.

• Married couples filling jointly will receive rebates of either $600 or $1200 depending on their income level and federal income tax.
• Rebates would be increased by $300 for each dependent child with no limit currently.
• Unlike the 2001 rebates, where were more like an advance on your tax refund (or loan which increased your tax liability), the 2008 rebates are straight up payments.

I’ll stay out of the debate on whether or not I think this is a good idea. I’m just a messenger today. But I will leave you with a quick civics lesson.