The news tonight is all about the US Tax Rebate to “stimulate the economy”.
The idea behind the rebate is for us to get our hot little hands on some “free cash” and go down and blow it at the mall to get America back in business.
Here’s my question… how many people will take the cash infusion and use it to start a small home business?
Couples filing jointly under the “phase out” threshold (see below) will get $1200 + $300 per child.
So what kind of little business venture could you start for $1200?
It’s an interesting thought.
Do you plan to turn your “windfall” into another income stream or just blow it? Alternatively you could plan to save it or help pay down expensive credit card debt.
What are your plans?
Here’s what ABC News is reporting people will get from the newly announced deal:
How Americans in different financial situations would fare under the rebate plan proposed by House leaders and the White House.
— An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate.
— A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate.
— A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate.
— A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate.
— A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by 5 percent for every $1,000 in income above the $150,000 threshold. An $1,800 rebate — $1,200 for the couple plus $300 per child — would go down by 50 percent for this family. A $900 rebate.
— A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate.
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