What is the economic stimulus plan?
To help families feeling the crunch of todays slow economy, the federal government will send rebate checks to millions of taxpayers as a way to increase families spending power and boost the economy. The payments range from $300 to $600 for individual taxpayers and up to $1200 for married couples. Parents may also qualify for a $300 payment for each eligible child younger than 17. It’s not taxable, and it won’t reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return. Who is eligible to get a payment? Most people with a 2007 net income tax liability will qualify. This includes most people who get tax refunds. Families with children under 17 generally will qualify for an additional payment. Some other taxpayers may also qualify, including Social Security, Railroad Retirement and veterans’ affairs beneficiaries; low-income workers with earned income or benefits of at least $3,000; and individuals who have combined income of at least $3,000 from any co