Millions to Receive Economic Tax Rebates
In a package offered by congress and approved by President Bush to help the U.S. economy, approximately 117 million families will receive tax rebates that will hopefully give the country’s economy the stimulus it so desperately needs. Rebate checks will be between $600 and $1,200 and in some cases more depending on the amount of children within the family.The rebate breakdown is as follows: individuals will receive $600, working couples will receive $1,200, and couples with children will receive an additional $300 per child. The package will also help businesses. Business owners, including small business, will be able to increase the percentage amount of write offs for equipment and plant purchases.
The approved package gives a lower dollar amount in rebates to families, but includes almost 30 million families that would have been left out of the original package proposed. With the lower dollar amounts, more working families will be able to receive the rebate.
Although an exact date has not been specified as to when the checks will be printed and mailed, don’t expect a check within days. Congress is asking that it happen immediately, but since the stimulus package is not expected to go in front of President Bush until February 15, it looks to be like weeks before receiving your check.