2008 Tax Rebate Stimulus Plan Announced

Update: See my latest posts on the Tax Rebate Payout Details in the 2008 Tax Rebate Category!

The  Government’s 2008 Tax Rebate Stimulus Plan have been announced. 117 million families will receive rebates to help kick start the slowing economy. This package would give most tax filers refunds of $600 to $1,200, and more if they have children.

The breakdown is that Indivuidal Tax payers will receive $600 and Families will receive $1200 plus $300 for each child. The current plan is to get these checks out sometime in November.

So everyone will receive these rebates right? Of course not! According to the Associated Press, “The full rebate would be limited to individuals earning $75,000 or less and couples with incomes of $150,000 or less, but a partial rebate would go to individuals earning up to $87,000 and couples earning up to $174,000. The caps are higher for people with children.”

I am assuming that they are basing this off of the 2007 tax year since it won’t happen until May. Actually hoping is more like it! My wife and I were married in May of last year so in the governments’ eyes right now we are still two single tax payers and she can qualify for the rebate, but I can’t. Once we file taxes for last year in the next month, we will be eligable for the $1200 family rebate under the combined income limits. So I guess it depends on how they decide to do it. I imagine I will be getting screwed and they will use the 2006 tax year and we will only get the $600. This is what usually happens to me!

Overall I kind of have mixed feelings on this. I understand we are trying to reverse an economic slowdown, but we always tend to bank on the poor and middle class to do it, when in reality they probably should be saving this money. The other question is where is all this money coming from, with the war still costing us billions more every year I am wondering if going into further debt is a good sacrifice for improving the economy.

So I guess the big question is are you gonna spend it or save it? No matter what money we get back, it is going straight into the bank!

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