How Much do You Expect From Tax Rebate - The Bush Economic Stimulus Package

February 4th, 2008 by Andrew Chen

The house recently passed a bill proposed by the Bush Administration to give individual tax rebate in an effort to prevent the economy going into recession.

The bill states that if you are single and earn more than $3,000 last year but not enough to pay income taxes

then you will get $300 in tax rebate check. If you do earn enough to pay income taxes then the rebate will be $600. For married couple who file tax return jointly the amount is doubled correspondingly. In addition to that you can get $300 for each child who is qualified as dependent. But the rebates will phase out if you are single and earned $75,000 or more. The rebate will be decrease by 5% of the amount you earn over the $75,000 limit. For married couple that files jointly this limit is also doubled.

If you are married, have two children, file tax return jointly and make $160,000 last year. The amount of your tax rebate check is calculated as follow

600 x 2 + 300 x 2 - 5% ($160,000 - 150,000) = $1,300

I would image most individual will get the $600 tax rebate. What can you do with 600 bucks? I am planning to use my rebate check to buy a blank new desktop. I heard the check is supposed to arrive in May.

If you still have question about how to calculate your tax rebate the US Department of Treasury has set up a lot of examples to explain to you how much you expect to receive. And you can find them here, http://www.ustreas.gov/press/releases/reports/fact_sheet_examples.pdf

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