Kansas City Real Estate Thoughts...
I'm sure most of us by now have heard about the rebate checks and the economic stimulus package. Should I refer to the checks as rebates, refunds, bonuses, gifts or small consolations? Anyhow, now that it has been signed into law, I wanted to get myself up to speed on just what it means to us here in Kansas City. I have determined the following are the nuts and bolts of the plan... The total stimulus package is estimated to be around $165 billion. - A person who made at least $3,000 in 2007 and paid in federal income tax will get a $600 check (married couples who paid federal income taxes will get $1,200).
A person who made at least $3,000 in 2007 but did NOT pay in federal income tax will get a check for $300 (married couples filing jointly who paid federal incomes tax will get $600). Those who make more than $75,000 (couples over $150,000) get $50 less for every $1,000 over $75,000 that they made (couples $50 less for every $1,000 over $150,000 they made). Each dependent child will add on another $300 per child. The date for mailing the checks is unconfirmed but it sounds like they will be mailed out sometime between April and August. The stimulus plan includes about $50 billion in tax breaks for businesses and is intended to encourage businesses to invest. There will temporarily be more lenient restrictions on FHA loans and loans purchased by Fannie May and Freddie Mac.
... and I was joking about taking the money to the river boats. I'll instead use it to fill my Tahoe in the coming weeks of $3.50 gasoline.
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