Economic Growth Act of 2008

EXAMPLES OF HOW THE ECONOMIC GROWTH ACT OF 2008 WILL BENEFIT AMERICANS

Married with children:

1) Married couple with two children, wages of $4,000, no federal income tax liability before child tax credit.
Individual rebate = $600
Qualifying child credit = $600
TOTAL = $1,200

2) Married couple with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit.
Individual rebate = $600
Qualifying child credit = $600
TOTAL = $1,200

3) Married couple with two children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability before child tax credit.
Individual rebate = $600
Qualifying child credit = $600
TOTAL = $1,200

4) Married couple with two children, no wages, no social security benefits, no veterans’ payments, AGI=$25,000, federal income tax liability before child tax credit = $70.
Individual rebate = $600
2Qualifying child credit = $600
TOTAL = $1,200

5) Married couple with two children, AGI = $35,000, federal income tax liability before child tax credit =$1,070.
Individual rebate = $1,070
Qualifying child credit = $600
TOTAL = $1,670

6) Married couple with two children, AGI = $80,000, federal income tax liability before child tax credit exceeds $1,200.
Individual rebate = $1,200
Qualifying child credit = $600
TOTAL = $1,800

7) Married couple with two children, AGI = $160,000, federal income tax liability before child tax credit exceeds $1,200.
Individual rebate = $1,200
Qualifying child credit = $600
Phaseout reduction = ($500)
TOTAL = $1,300

Head of household with children:

1) Single parent with two children, wages of $4,000, no federal income tax liability before child tax credit.
Individual rebate = $300
Qualifying child credit = $600
TOTAL = $900

2) Single parent with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000,no federal income tax liability before child tax credit.
Individual rebate = $300
Qualifying child credit = $600
TOTAL = $900

3) Single parent with two children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability before child tax credit.
Individual rebate = $300
Qualifying child credit = $600
TOTAL = $900

4) Single parent with two children, no wages, no social security benefits, no veterans’ payments, AGI =$20,000, federal income tax liability before child tax credit = $195.
Indvidual rebate = $300
Qualifying child credit = $600
TOTAL = $900

5) Single parent with two children, AGI = $22,000, federal income tax liability before child tax credit = $395.
Individual rebate = $395
Qualifying child credit = $600
TOTAL = $995

6) Single parent with two children, AGI = $60,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate = $600
Qualifying child credit = $600
TOTAL =$1,200

7) Single parent with two children, AGI = $90,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate = $600
Qualifying child credit = $600
Phaseout reduction = ($750)
TOTAL = $450

Married, no children:

1) Married couple with no children, wages of $4,000, no federal income tax liability.
Individual rebate = $600

2) Married couple with no children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability.
Individual rebate = $600

3) Married couple with no children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability.
Individual rebate = $600

4) Married couple with no children, no wages, no social security benefits, no veterans’ payments, AGI =$20,000, federal income tax liability = $250.
Individual rebate = $600

5) Married couple with no children, AGI = $25,000, federal income tax liability = $750.
Individual rebate = $750

6) Married couple with no children, AGI = $60,000, federal income tax liability exceeds $1,200.
Individual rebate = $1,200

7) Married couple with no children, AGI = $160,000, federal income tax liability exceeds $1,200.
Individual rebate = $1,200
Phaseout reduction = ($500)
TOTAL = $700

Single, no children:

1) Individual with wages of $4,000, no federal income tax liability.
Individual rebate = $300

2) Individual with no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability.
Individual rebate = $300

3) Individual with no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability.
Individual rebate = $300

4) Individual with no wages, no social security benefits, no veterans’ benefits, AGI = $10,000, federal income tax liability = $125.
Individual rebate = $300

5) Individual with AGI = $12,000, federal income tax liability = $325.
Individual rebate = $325

6) Individual with AGI = $35,000, federal income tax liability in excess of $600.
Individual rebate = $600

7) Individual with AGI = $80,000, federal income tax liability in excess of $600.
Individual rebate = $600
Phase out reduction = ($250)
TOTAL = $350