Even though a rebate check from the Government may be on it’s way, this is not free money! Most people don’t realize that whatever amount you receive in 2008, will come off your 2009 tax refund. The Government did this once before and there were a lot of angry people who hadn’t realized the money would have to be “paid” back with the next year’s tax return.
So, beware, this is more like an “Advance” than a “Rebate”.
Congress did change the original proposal. Retirees and Social Security recipients will also receive checks. People who did not pay any income tax, but earned at least $3,000 will get $300, this includes veterans disability or Social Security benefits. Most taxpayers will receive $600 and $1200 for couples. Although if your adjusted income is more than $75,000 or couples making more than $150,000, you will see less, if anything at all. Families will also get $300 per child. The checks will start being mailed in May.
If you do decide to blow the money, please, BUY AMERICAN!
You can read an article on MSN about the rebates here.
**UPDATE – Tax Rebate Calculator can be found HERE**
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Mike Harmon