Jan 24, 2008 6:00 pm US/Eastern
3 On Your Side: Economic Stimulus Package Details
PHILADELPHIA (CBS 3) ―
Good news from Washington D.C. Thursday, the details of a proposed economic stimulus package have finally been nailed down. Most tax filers will receive tax rebate checks of between $600 and $1,200, or even more if they have children.
Here is a breakdown of how it will affect you:
- Individuals who pay income taxes will get up to $600 tax rebate check.
- Working couples will get up to $1,200 in a tax rebate check
- Families with children will get an additional $300 per child.
- Workers who make at least $3,000, but whose income is too low to require that they file a tax return, would receive $300.
The tax rebate checks will phase out gradually depending on your income:
- Individuals making between $75,000 and $87,000 will get a partial rebate.
- Couples making between $150,000 and $174,000 will get a partial rebate.
- These income caps will rise slightly for those with children.
The income levels above are based on your adjusted income, not your gross income. But don't spend the money just yet! This economic stimulus package still has to be approved by the full Congress and even then, the checks aren't expected to mailed out until around June.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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