The package, which passed the Senate 81-16, will send rebate checks to 130 million Americans in amounts of $300 to $600 for people who have an income between $3,000 and $75,000, plus $300 per child. Couples earning up to $150,000 would get $1,200.
The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.
Someone mentioned earlier in this thread that the $600 rebates after the year 2000 rebates were doled out just like this.
Does that mean if you don't normally get a refund you will have to pay the amount of the "rebate" next year on top of any 08 taxes due?
Also, how can they call it a rebate when it appears to be an advance on 08 refunds?
[edit on 8-2-2008 by Kellter]
