Is the 800 per person tax credit a for sure thing?

Question

or is it still just being talked about?  I'm a little confused on what this would mean.  Hypothetically, if you got 300 back in taxes normally, would this mean you would get a check for 1,100 this year?

Answer 1

I read the article linked in the previous answer, and I do not agree with the interpretation of the previous answer.

The article makes it clear that whether the rebate is refundable or not has not been decided.  

The article states that an initial proposal is to eliminate the 10% tax bracket.  This does not mean that if you earned $8,000 you get $800.  It means that if your taxable income (after you have deducted your standard or itemized deductions and exemptions) is in the 10% bracket, you get the tax you paid rebated to you.  In this proposal, no one in the 0% tax bracket would get any rebate.

Answer 2

It is still in the talking stages.  Bush should have not said one word about it in the first place.  Some people have all ready spent their rebates and they even have not received it.

Answer 3

No, it's a PROPOSAL, not anything that has been passed by Congress or is a done deal.

Even if congress passes it exactly as proposed, it wouldn't come with your refund check, it would probably come sometime this summer at the earliest.

And the way it was proposed, it would bee $800 per person only if you paid that much in tax.  It's a rebate, which means you'd only get at most the amount you actually paid in tax.

Answer 4

It has also been said that the amount will depend on your income level vs the poverty limits. So, if you're like most americans that are stuck in the middle class bracket, oh well for us.