THESTATEMENT's Blog

REBATE:
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.
If you have at least $3,000 in certain types of income, you may be eligible for the economic stimulus payment.
Determine Phase-out Reduction for SINGLE:
The phase-out levels begin at $75k and end at $87k, at a reduction of 5% per $1,000 over the lower limit. If you earn above $87k, you’re over and thus get nothing regardless of the math.
SO anyone earning OVER $87,000 will not receive a rebate or stimulus is you file SINGLE
Determine Phase-out Reduction if you file for a COUPLE:
The phase-out levels begin at $150k and end at $174, at a reduction of 5% per $1,000 over the lower limit. If you earned above $174k, you’re over and thus get nothing regardless of the math.
So do the math, the government is not giving a stimulus or rebate check to the wealthy, as it caps at a certain wage amount