Extra tax rebates coming this year?

When reading through my feeds just now, Consumerist linked to an AP article on Yahoo about tax rebates coming this spring to 117 mullion families beginning in may. This is planned to pump $150 billion back into the economy.

If I am reading this right, individuals would get up to $600, working couples would get $1200, and any children would include an additional $300. For those with higher incomes though the rebate would phase out, but Deb’s and I dont have to worry about that just now.

This is something that would really help us out. We have been doing a lot of investing, saving, etc. We are already expecting a larger refund that we have had before due to the purchase of the new house.

While some of that money was going back into a high interest savings account, a good part of it was going to go towards some of the home improvements we are doing.

Hopefully this finishes going through the senate and all of us see a little bit more in our tax refund this year!

Listening To: ‘Open Book’ by The Rakes

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2 thoughts on “Extra tax rebates coming this year?

  1. I wonder what that “phase out” is going to be…

    It kind of sucks because just because the government classifies someone as “higher income” doesn’t mean they have loads of money just hanging around. Oh well…

  2. I think someone/couples that do make more than that will still see something, but a gradual decline in brackets above 125k as a couple. For example, you and the lady may get quite a bit more than my stepdad and mom.

    Oh and I totally agree that higher income doesnt mean extra money. Debs and I for example do have ‘extra’ money right now, since we pretty much planned our life around my much lower income :). Not as much as I would like, but oh well.

    Age should possibly be something to look at as well. A lot of people in our age range are not only the ones buying stuff (houses, cars, electronics, etc), but we are also probably the ones with the most debt. Its ashame, because of course these rebates will prob end up going towards renovations or school loans and car payments more than the nice new TV I want for the bedroom :).

    Hope the little one is doing good!

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