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Thursday, February 7, 2008

Personal Finance QuickTake: Rebate Compromise

It looks like we will get a tax rebate this summer after all! Today the Senate worked out a deal that adds a benefit for disabled Veterans an the elderly.

The rebate would still be $600 for individuals and $1200 for couples. The Senate plan would also cut business taxes in hopes of reviving the economy. Individuals making up to $75,000 a year and couples earning up to $150,000 would get rebates.

They are going to try to get the Bill to President Bush to sign as soon as possible in order to start mailing checks as soon as May. Thirty-three Republicans joined 46 Democrats and the Senate's two independents to pass the measure. Sixteen Republicans voted against the plan.

Here is a link to a calculator for a potential rebate.

I habve to say that I am surprised that they worked this out so quickly, but it seems that someone (Pelosi) brought the Senate to their senses that derailing this would be really bad politically.


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