A deal was reached today between the White House and Congress to give out $600 to individual taxpayers and $1200 checks to taxpayer couples to jumpstart the economy. The checks will be paid out to anyone who paid income taxes last year or paid social security taxes.
Basically anyone who worked at all last year will be getting some kind of rebate. Considering Social Secuirty taxes are about 8% an individual would only have to make $7500 to get the full rebate. There is also talk of giving an additional $300 rebate out for each child. So a family of four could be elgible to receive an $1800 check.
Checks will be mailed out by the Treasury most likely by June 2008. The downside of this is that it will double this years deficit spending by the goverment to $320 Billion from $160 Billion and will be piling on more debt for our future generations to pay back. Leave it to the goverment to pay Peter by stealing from Paul to use an old adage.
