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Thursday, January 24, 2008

Personal Finance QuickTake: Tax Rebates in May

As we talked about earlier this week, Congress and the White House have hammered out a final tax rebate stimulus plan that could have rebate checks in your hands as early as May, but most will recieve theirs by July.

The rebates will run as low as $300, as long as you worked and earned $3000 or more in 2007, up to $1200 per couple, with potentially a kicker per child in house.

Per the report:

"The rebates would phase out gradually for individuals whose income exceeds $75,000 and couples with incomes above $150,000, aides said. Individuals with incomes up to $87,000 and couples up to $174,000 would get partial rebates. The caps are higher for those with children."

For us that means we could get $2100 as long as the Senate doesn't change too much. This would be enough to pay off a Snowball debt, which would be great am get me my bigger snowball for my car (the next debt) faster.

While I don't like the Government robbing Peter to pay Paul, they are (for the most part)basically giving us our own money back. However if any of you want to protest this move feel free to give me your check!


CatherineL said...

Mrs M mentioned something about this. Why are they doing it? Is it to help people get out of debt? Or is it just to win votes?

Can Bush be re-elected, like Prime Ministers in the UK, or will his time be up soon?

Mrs. Micah said...

I almost feel like it's the lottery--now knowing whether we'll get money, when, or how much. At least we'll use it against debt.

RacerX said...

@CathL - Nope two and out is the American Way...Unless you can get you wife to run :) The idea is that people will spend it (and hopefully more) it is a way to jumpstart ye olde retail heart.

@Mrs M - You'll have it by July. I am happy to pay off the next Snowball Debt! w00t!

Thanks for commenting!

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