Individual Tax Rebates
Data File:
Date:
February 13, 2008
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Tax Break
Maximum Amount:
$106.00 billion
Amount Spent:
$96.00 billion
Deficit Impact:
$106.00 billion This law (H.R. 5140) provided tax rebates to certain individuals filing for tax years 2007 or 2008. For individuals with a income-lax liability or an earned income of at least $3,000, rebates were between $300 and $600. For couples filing joint tax returns, the tax rebates were between $600 and $1,200. In addition, individuals or couples received a $300 tax credit for each child living in their household. The law stipulated that the rebates would be phased out for incomes exceeding $75,000 for individuals and $150,000 for couples filing together. The rebates were not given to individuals who did not report their Social Security number on their tax returns.
Source:
Notes:
Maximum amount and deficit impact indicates CBO estimates for Fiscal Year 2008 and Fiscal Year 2009. Amount spent indicates money distributed as of 12/31/2008 (http://www.treasury.gov/press/releases/hp1351.htm).