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February 07, 2008
The Checks are in the Mail
This story puts me in a weird spot.
WASHINGTON (AP) -- Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush indicated he would sign the measure.On the one hand, I don't think it's a great idea, policy-wise.House passage by a 380-34 vote came a few hours after Senate leaders ended a drawn-out stalemate over the bill. Still, by congressional standards, lawmakers approved the legislation with exceptional speed to jolt the weak economy. The plan, which adds $168 billion to the deficit over two years, is intended to provide cash for people to spend and tax relief for businesses to make new investments -- boosts for an economy battered by a housing downturn and credit crunch.
Rebate checks could begin arriving in May. They would be based on 2007 tax returns, which are due April 15.
On the other, $1,200 bucks. Wait, I have a kid...$1,500 bucks.
I'm so conflicted.
Okay, maybe not that conflicted. $1,500 bucks is $1,500 bucks.
Posted by slublog at February 7, 2008 09:05 PM
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Comments
I went shopping the other day an barely filled a third of my shopping cart. Total was almost $60. $300 bucks is just stupid.
And notice they are calling them "rebates." This amount will be deducted from your tax return next year. And you'll be that much short again.
Stupid, stupid, stupid.
Posted by: Steve B at February 8, 2008 05:19 AM
How will this work, tax wise?
Are they taxable income? A pre-bate? Any idea?
Thanks Slu.
(i have 3 little ones. $2100 is nice. But I wish they'd have taken the $170billion out of earmarks to do this)
Posted by: steve at February 8, 2008 01:53 PM