Will the stimulus bill compromise lower your tax rebate to $8 per week? That appears to be true. The final version has not been passed, but reports indicate the $500 per year in reduced tax withholding has been reduced to $400 per individual and $800 per couple. That only comes to $8 per week for an individual and $16 for a couple. If they start the payments in June and make it retroactive to the beginning of the year, you will get $13 per week until next January. Then, your rebate would drop to the $8 per week level. Are you felling stimulated yet? In a stimulus bill of almost $1 trillion dollars, you would think President Obama would have more for the working class. Since the final bill has not passed, this number could change. We don't know what is in the bill because the democrats broke their promise to post it online 48 hours in advance.
Tax credit reduced in U.S. stimulus bill-sources
Wed, Feb 11 2009, 17:10 GMT
WASHINGTON, Feb 11 (Reuters) - Congressional negotiators working on a U.S. economic stimulus plan have scaled back some of the tax provisions, including a credit for workers championed by President Barack Obama, congressional sources said on Wednesday.
In an effort to reach a final deal on a package that could cost in the range of $789 billion to $800 billion, the sources said the tax credit for workers would now total $400 per individual and $800 per couple, down from a previous $500 and $1,000 respectively. (excerpted) read more at fxstreet.com