In looking through the Tax Policy Center's website http://www.taxpolicycenter.org/numbers/ I see several proposals so I'm guessing from your post the below passed:
- T08-0028 - Individual Income Tax Measures in House Stimulus Proposal, Distribution of Federal Tax Change by Cash Income Level, 2008 - 2008 Economic Stimulus Proposals - - Distribution Tables by Dollar Income Class - 2008 (January 24, 2008) 2008 Distribution of federal tax change by cash income level for the individual income tax measures in the House stimulus proposal. The proposal provides a tax rebate of up to $600 ($1,200 for couples) plus $300 per qualifying child. The rebate is nonrefundable with two exceptions: households with at least $3,000 of earned income will receive a minimum of $300 ($600 for couples) regardless of income tax liability and households receiving at least $1 of rebate will receive the full increase in value for each child. The rebate phases out at a 5 percent rate above $75,000 ($150,000 for couples). Distribution is presented against a baseline of 2008 current law plus extension and indexation of the 2007 AMT patch.
Rather than this:
- T08-0027 - Tax Rebate of $800 ($1,600 For Couples and $1,200 For Heads of Household, Static Revenue Impact and Beneficiaries (thousands) by Individual Characteristics, 2008 - 2008 Economic Stimulus Proposals - - Revenue Tables - 2007 (January 23, 2008) Static revenue impact and number of beneficiaries for a tax rebate of $800 ($1,600 for couples) and $1,200 for heads of household by six options to limit eligibility: (1) full refundability, (2) limited by the sum of income tax liability plus 15 percent of earnings, (3) limited by 15 percent of earnings, (4) limited by income tax liability, (5) phased out for AGI greater than $75,000/$110,000, and (6) phased out for AGI greater than $100,000/$200,000.
So you have to earn at least $3000 to get the $300 rebate but if you get a refund you aren't eligible for any more unless you have children? If you don't get any refund you get the full $600 plus an additional $300 per child or is the amount of the refund over the $300 dependent on income? If the later how is that broken down? This last part is what I can't seem to get answered.
John Thornton