According to an AP report:
Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1, 200, and more if they have children…
The rebates will go to 117 million families, according to a Democratic summary. That includes $28 billion in checks to 35 million working families who wouldn’t have been helped by Bush’s original proposal, the analysis estimated…
Individuals who pay income taxes would get up to $600, working couples $1, 200 and those with children an additional $300 per child under the agreement. Workers who make at least $3, 000 but don’t pay taxes would get $300 rebates.
While they say that the bill calls for rebates to go to “almost everyone earning a paycheck, ” there are income limits, as follows:
The full rebate would be limited to individuals earning $75, 000 or less and couples with incomes of $150, 000 or less, but a partial rebate would go to individuals earning up to $87, 000 and couples earning up to $174, 000. The caps are higher for people with children.
The package, which will cost about $100 billion, includes about $50 billion in business tax cuts.
This all begs the question of what you will do with your rebate… Save it or spend it?
Update: I’m running a poll on what you’re planning on doing with your ‘economic stimulus’ check.