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2008 Economic Stimulus Package - How Much Will You Get?

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2008 Economic Stimulus Package - How Much Will You Get?

Old 01-25-08, 07:51 AM
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2008 Economic Stimulus Package - How Much Will You Get?

From Reuters: http://www.reuters.com/article/ousiv...26178220080124
Individuals would get rebates of up to $600 and married couples could get up to $1,200, plus $300 per child, no limit. Individuals with annual incomes above $75,000 in adjusted gross income (AGI) or married couples making $150,000 in AGI would get less depending how high their incomes are above those thresholds. Phase out thresholds for individuals is $87,000, for married couples it is $174,000. Democrats estimate some 117 million families will receive a check.

The plan also includes a provision that Democrats had sought that would allow some low-income workers who do not earn enough money to owe income taxes to receive a check. Those who made at least $3,000 last year and paid no income taxes would be eligible for a check of up to $300 for individuals and $600 for couples.
This appears to break out as follows:

For Individuals (including MFS):
AGI under $3K = Amount of taxes paid, capped at $300
AGI between $3K and $75K = Amount of taxes paid, capped at $600 ($300 minumum)
AGI between $75K and $87K = $600 less $50 for every $1K AGI above $75K
AGI over $87K = $0

For Married Couples (MFJ):
AGI under $3K = Amount of taxes paid, capped at $600
AGI between $3K and $150K = Amount of taxes paid, capped at $1200 ($600 minimum)
AGI between $150K and $174K = $1200 less $50 for every $1K AGI above $150K
AGI over $174K = $0

To the above, add $300 per dependent child.

Edited: Updated to include the $300 ($600 MFJ) minimums for low wage earners.

Last edited by kenbuzz; 01-25-08 at 08:15 AM.
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Old 01-25-08, 08:16 AM
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Old 01-25-08, 08:18 AM
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Nothing.....
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Old 01-25-08, 08:22 AM
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Old 01-25-08, 08:35 AM
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$600.

What I still want to know, as discussed at the end of this thread is whether these are true rebates or if they're just advances on next year's tax refund. Can anyone find any information on this?
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Old 01-25-08, 08:37 AM
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$1800. But, just like the last time the government did this, I'm sure I will receive a nice little postcard that I will have to give to my tax preparer in 09 so I can report this as income.
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Old 01-25-08, 08:38 AM
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Old 01-25-08, 08:41 AM
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Which tax year's AGI are they basing it on? 2006? Estimated 2007?
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Old 01-25-08, 08:41 AM
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Zero. I already pay ridiculously more in taxes than the "average" yet I don't get any freebie money. Figures.
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Old 01-25-08, 08:44 AM
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Old 01-25-08, 08:56 AM
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Old 01-25-08, 08:58 AM
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Old 01-25-08, 09:06 AM
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WTF!! I pay the most into the system, but they give me nothing back!! They stick me with paying extra due to the F'd up AMT tax etc, but do you think it would kill them to send me back just a little bit!

No - but Johny "work under the table" - who doesn't even pay Federal tax gets some extra money! in addition to the unemployment that he collects every winter because his boss "let's him go."
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Old 01-25-08, 09:13 AM
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Old 01-25-08, 09:19 AM
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Old 01-25-08, 09:21 AM
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Old 01-25-08, 09:22 AM
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Old 01-25-08, 09:29 AM
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Huh. First I've heard of it, but apparently I'll be getting $1,200.
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Old 01-25-08, 09:29 AM
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So those posting that they will get nothing... I'm guessing it's because you make over $87 G's per year? If that's the case.. Take your frown and shove it up your arse...


$1,500 here
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Old 01-25-08, 09:30 AM
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$1200 for the wife and I.

Last edited by GradVT06; 01-25-08 at 10:42 AM.
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Old 01-25-08, 09:30 AM
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Old 01-25-08, 09:52 AM
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$1800 OMG so happy So, when do I get it?
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Old 01-25-08, 10:00 AM
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Let's see...I made $11,000 last year and I have 14 children. I really wish there were more programs like this out there!
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Old 01-25-08, 10:01 AM
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Which is ironic, because I would have taken that money and spent it on a vacation (domestically). Pretty dumb fucking move govt. Now we both lose.
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Old 01-25-08, 10:03 AM
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So If I'm married but my wife doesn't work (and I make under 75K), does that mean I get $600, $1200 or some other amount?
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