U.S. Tax "rebate"?

I heard that we are supposed to be getting between 600 and 1200 dollar tax credit sometime this year. Also heard if you have a child/children it could be more? Would someone please enlighten me on how this is going to work, and when we could expect to see this come about?

U.S. Tax %26quot;rebate%26quot;?

The House has passed a tax rebate bill currently stalled in the Senate, but some form of tax rebate will almost certainly pass.

Under the terms of the House bill, you would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. Similarly, married taxpayers filing jointly are eligible for rebates up to $1200. If you had earned income of at least $3000, you would get at least the minimum rebate of $300. If you qualify for a rebate, you would get an additional $300 for each dependent child.

While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.

It%26#039;s like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.

Nothing has passed Congress yet, so all details are subject to change. Estimates for the rebate checks range from May to July.

Check out the referenced site below for an automated estimate of your rebate.

U.S. Tax %26quot;rebate%26quot;?

Look for a check in the mail around May

U.S. Tax %26quot;rebate%26quot;?

The %26quot;economic stimulus%26quot; package is on hold for now - U.S. Senate has not passed it.

U.S. Tax %26quot;rebate%26quot;?

Yesterday I got an e-mail at work with a chart showing rebates being mailed by last 2 numbers of SSN. I will be in the first batch around July 3rd, and as a single filer, I will be looking for a 300.00 check.

This was from a CFO of a Bank...

U.S. Tax %26quot;rebate%26quot;?

First off, it hasn%26#039;t been approved by the Senate yet, and even though we might all want some extra cash, with a $400 billion deficit coming up it%26#039;s a really bad idea. BUT, it probably will be passed, and checks could start being sent in May. It%26#039;s $600 for an individual, $1200 for a couple, and $300 per child. It would be a check based on your 2007 return, then you would have to claim the amount as income on your 2008 return.

U.S. Tax %26quot;rebate%26quot;?

There is no %26quot;rebate%26quot; yet so there is no way to answer any questions regarding it. It%26#039;s still being debated in Congress and there%26#039;s about an equal chance that it will never become law.

The %26quot;rebate%26quot; is nothing more than a budget-busting vote buy by Bush and Congress. Hopefully cooler heads will prevail and the whole thing will die off quietly.

From the Federal deficit perspective it%26#039;s about the same thing as getting a $5 a week pay raise but having your credit card debt doubled in return. A good deal if you don%26#039;t have any debt, but a crushing burden if you%26#039;re already saddled with too much debt, and this country is already saddled with WAY too much debt -- about $40,000 worth for every man, woman, and child in the country.

U.S. Tax %26quot;rebate%26quot;?

This is how I understand it: It has not been passed Compleatly.

But if and when it passes everyone who earns a paycheck will get at least 600.00 if you have kids its an extra 300.00 per child. And you will have to claim it next year as additional income.

U.S. Tax %26quot;rebate%26quot;?

If you make less then $75,000 a year you get $600 or $1,200 a couple and then $300 a child but to get any of it you have to make less then $75,000

U.S. Tax %26quot;rebate%26quot;?

Live your life assuming that you won%26#039;t get a dime.

Then, if you do, you%26#039;ll be surprised.

If you don%26#039;t, you won%26#039;t have already spent it.