The US is on its way to give a whooping 130 million Americans a great respite from taxes – following the tax-rebate proposal.
President Bush will be signing an economic-stimulus tax rebate bill that will include tax rebates for Americans who have a minimum cutoff level of Accumulated gross income.
As per the news: Most individual taxpayers will be eligible to receive a $600 rebate, and married couples who file jointly will be eligible to receive $1,200. Other taxpayers who have dependent children under the age of 17 can expect an additional $300 per child as tax-rebate. As per an estimate, a typical family of four with two children will receive around $1,800 as tax-rebate.
The minimum requirement for getting the tax rebate is set as follows (http://www.usatoday.com/money/perfi/2008-02-10-rebate-faqs_N.htm):
The rebates will phase out for single taxpayers with adjusted gross income (AGI) of more than $75,000 and married taxpayers with AGI of more than $150,000.
The phase-out will be 5% of the amount of income that exceeds the threshold.
| If, for example, you're married and your 2007 AGI is $160,000, your rebate would be $700. One can find more responses to the FAQ about Tax rebate on the link mentioned above. Here are the additional details about how to get your tax rebate in the quickest possible way | Table of Contents |
1 comment:
Hi Shobhit,
Just heard the news on CNN that President Bush has signed the Stimulus Rebate Package.
Here is the link where one can find more FAQs on the same
http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/index.htm
rgds,
Mital
Post a Comment