A tax rebate plan is being proposed by Congress to help improve the economy. If it’s passed, all taxpayers can look forward to getting a check in the mail. It could send $150 billion to middle and lower income families, according to Dr. Demetrios GIannaros, Professor of Economics at the University of Hartford.
“In order to qualify based on that plan, an individual has to be making less than $75,000, and for a family of two less than $150,000 a year,” he explained.
These rebates are going out to help encourage consumer spending, which the government hopes will aid the economy.
But where are we getting the money from?Giannaros says from any American who’s willing to buy American Bonds and Treasury Bills, and that most of it will be loaned by China.
The rebates are not just reserved for families, but for students, too. If you are a working student, making $3,000 or more, the government will put $300 back in your pocket.
Neil Patel, a senior at the University of Hartford, has some reservations about the plan.
“It’ll help the economy for, probably, I say about two or three weeks, but I say then we’re back to where we started.”
Unfortunately, Congress is having some difficulty in passing the bill due to opposition on both sides.
President Bush hopes to sign the bill in the middle of February. Individuals will receive $600 and couples will receive $1,200 with an extra $300 per child.