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Mar 7, 2008 5:55 pm US/Eastern
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Income Taxes And Rebate Checks, Be Ready For Both
MIAMI (CBS4) ―
Look for a check signed by Uncle Sam to hit your mailbox this May.
Pres. Bush signed a $168-billion rebate package which will translate checks of $600 to $12,000 to most taxpayers, plus $300 checks to disabled veterans, the elderly and low-income Americans who do not pay taxes.
Administration officials say the $168-billion plan will provide cash for people to spend and tax relief for businesses to make new investments which will boost an economy battered by a housing downturn and a credit crunch.
An Associated Press-Ipsos poll found that only 19 percent of those surveyed said they planned to spend their rebate checks. Forty-five percent said they would pay bills, while 32 percent said they planned to invest the money.
The amount of the rebate check each individual will receive is based on their 2007 tax return. Most single filers will receive a check for $600, joint filers will receive a check for $1200 and checks of $300 will be issued for each child under 17 years of age. People earning at least $3,000 and those who owe little or no taxes would get $300 for singles, $600 for couples. Those making more than $75,000 and couples with income exceeding $150,000 are to get smaller rebates - $50 less per $1,000 they make over those thresholds.
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