What Cha Gonna do with all the money your gonna get?

[Quicksilver]

Tax rebates deal announced:

WASHINGTON - Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.

House Speaker Nancy Pelosi said Congress would act on the agreement — hammered out in a week of intense negotiations with Republican Leader John A. Boehner and Treasury Secretary Henry Paulson — "at the earliest date, so that those rebate checks will be in the mail."

President Bush praised the agreement in a statement he delivered to reporters at the White House. "This package has the right set of policies and is the right size," he said.

The rebates, which would go to about 116 million families, had appeal for both Democrats and Republicans. Pelosi's staff noted that they would include $28 billion in checks to 35 million working families who wouldn't have been helped by Bush's original proposal. Republicans, for their part, were pleased that the bulk of the rebates — more than 70 percent, according to an analysis by Congress' Joint Tax Committee — would go to individuals who pay taxes.

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, expected to go out in June, would cost about $100 billion, aides said. The package also includes close to $50 billion in business tax cuts.

[R8DX5]

Saaweeeeeeeeeeeeeeeeeeeet!!!!
New E70 here I come!!!!

[ncx]

It'll go straight to an interest earning account if I am allowed to play. The max income for this rebate will affect many here. http://money.cnn.com/2008/01/24/news...ion=2008012416

[rh71]

My twins won't be coming till July.

It's a conspiracy, I'm telling ya.

[MrLabGuy]

My $1,500 goes into my 14 month old sons college account. So much for a stimulus package, though I'm not complaining about getting some of what I paid in taxes back from the Government.

[soccerjunky]

As usual there is an income limit 87k/174k

[Eric5273]

Originally Posted by MrLabGuy

My $1,500 goes into my 14 month old sons college account. So much for a stimulus package....

As some in the media have pointed out, if this is an economic stimulus package, then the goal should be to give money to those who will spend it, and that tends to be poor people. That's the main reason why those over a certain income level should not get a rebate -- they are more likely to put the money into savings, or even move the money to overseas accounts. A stimulus package only works if people spend the money.

[Derek]

I might be in the minority here but I have doubts that the economy really needs the rebates. I know our defecit doesn't need another $150 billion dumped on it.

[nupe10123]

Originally Posted by soccerjunky

As usual there is an income limit 87k/174k

That's a good thing. You want the money in the hands of people who are going to spend it - not save it (or just pay off bills). The goal is to stimulate spending and higher income levels are less likely to take the cash and spend versus someone who earns in the 22k area.

[MrLabGuy]

Originally Posted by soccerjunky

As usual there is an income limit 87k/174k

removed.