What is the Economic Stimulus Package?
CF had this to say:
***They're temporarily removing the 10% tax bracket on the first $6,000 in income for single filers (total of $600), and the first $12,000 in income for married filers (total of $1,200)***
To use an example: Assume congress never passed this bill, and suppose you are someone (an individual filer) who would receive a $300 refund next year for your 2008 taxes. What would you rather have?
1. No stimulus package: $300 refund in April 2009
2. Stimulus package figured on your tax return: $900 refund in April 2009
3. Stimulus package as it has been passed: $600 in June of 2008 and $300 in April of 2009
I'm taking #3 every time.
While it may be an "advance" on next year's taxes, it's a prepayment of an excess that they've decided to give. If they had passed nothing, we'd be worse off. I hope this makes sense - sorry if it doesn't, but bottom line, we're better off financially with the stimulus than without.
I think thats the best summary so far of what is in store for us. My thanks to CF for clearing it up.
Labels: income tax, saving
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home