goverment tax cuts 08?
- Richard MLv 71 decade agoFavorite Answer
The President signed the Economic Stimulus Act of 2008.
Under the Act, you would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. If you had earned income of at least $3000, you would get at least the minimum rebate of $300.
According to the IRS, the Treasury will begin sending stimulus payments in May. The stimulus payments will go out through the late spring and summer.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes.
- luvmykidsLv 51 decade ago
What is the question?
- Brian JLv 51 decade ago