Tax Rebate Deal Reached, Large Scale Refunds Expected

In an attempt to stimulate the economy and put more money back in the hands of consumers, congressional leaders reached a deal with the White House on Thursday that would provide most tax filers a refund of up to $1,200.

President Bush had favored the idea of distributing refund checks as a method of stimulating the economy but it took a week for Democrats and Republicans to come to an agreement on who would be included in the package.

In the end the Democrats won inclusion for some 35 million families that would have been left out of the original plan while the Republicans found favor with the bulk of the refunds going to individuals who pay taxes.

The break down in refund payments includes up to $600 for an individual, working couples would receive $1,200 and those with children could receive an additional $300 per child. Democrats were able to work into the plan a $300 rebate for those who make at least $3,000 but don’t pay taxes.

Checks would begin going out some time in May while the majority of people would receive their payments in July.

For more news on Politics please go to:

http://news.finditt.com/NewsList.aspx?cat=5&wcat=2