You Have a Check Coming

The emergency government stimulus plan made it through the House of Representatives today and now moves to the Senate. This is the plan President Bush and Treasury Secretary Paulson have been talking about for the last week. The stimulus is meant to immediately inject money into the economy that has been recognized to be struggling. Earlier in the week the rumor was that there was an $800 check going to everyone, but the House settled on another plan.

The plan as it stands before it goes to the Senate is:

If you made over $3000 but don't pay taxes then you will have a $300 check.

If you pay taxes but make less than $75,000 single or $150,000 as a couple you will get up to $600 or $1200 for a couple.

The rebate is progressively reduced if you are over $75,000 single or $150,000 as a couple ending with those with incomes above $87,000 single or $174,000 as a couple.

If you have children you will receive $300 per child.

That is the quick version and only illustrates the tax rebate itself, and doesn't include the business tax cuts and mortgage changes. Remember this still has to go through the Senate before it's a done deal and it is an election year. Since the President and the House have moved so fast it does put pressure on the Senate to get it through. The biggest question is when the check will be in your mailbox, according to Secretary Paulson they can have the checks out within 60 days once approved.