Tax Rebates Finalized
Kiplinger has posted an article describing the Federal tax rebates that will be due this summer.
Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don’t pay taxes would get $300 rebates.
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.
So that works out to $1800 for a 2 children family. That would be a nice injection towards the emergency fund. Of course this is not what the rebate was designed for. Uncle Sam expects that we should be purchasing a 46″Plasma TV with the money. That is not going to happen here.
Filed under: Finance and Investing
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Mike Harmon
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