Economic Stimulus Package for Upper Incomes?
Written By: admin on September 3, 2009
One Comment
If this rebate is really an advance on 2008 taxes AND if in 2008, taxes will be cut from 10 percent to zero percent on the first ,000 dollars of taxable income for individual taxpayers — will those people whose AGIs exceeded the tax rebate threshhold (and therefore didn’t get an advance rebate) get a larger tax refund next year?
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Yes, as things stand now.
As you point out, according to the Economic Stimulus Act of 2008, taxes will be cut in 2008 from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
The rebate balances out this tax cut. But for those who don’t get the rebate, they get the tax cut when they file in 2009, unless Congress also somehow phases out this reduction of the 10% bracket.