In Feburary 2008, President Bush signed the Economic Stimulus Act of 2008. Initially designed to give low and middle class taxpayers a little relief in light of real estate downturns, rising inflation and high gas and food prices, the act has been further expanded since that time and offers a variety of incentives for both businesses and individuals. The overall goal of the Act is to “jumpstart the economy.”
Individuals and couples filing Federal Income Tax Returns for 2007, even up until the late filing deadline of Oct. 15, 2008, may qualify for up to $2400 in rebates (for a family with four children and $70,000 in adjusted gross income). Other
However, additional credits were added to assist in trying to give the housing market a boost. First time home buyers, who have the ability this year to choose from more houses on the market at lower prices, can receive up to $7500 as a tax credit if they buy their first house this year.
Whether the goal of the Economic Stimulus Act is achieved is a topic for later discussion. At this point, it’s still too soon to tell.
The rebate checks are distributed to citizens in hopes that they will spend them on goods and services and keep the economy moving. With millions of the checks already distributed, no one is quite sure if this theory has worked, a
Example Essays Home
