Poof! So much for my rebate

Good news and bad news.

The good news is that there is a report in The New York Times (actually an Associated Press report) that a deal has been reached for a fiscal stimulus package that includes rebates.

The bad news is that is is rumored that the rebates will have an income cap of $75,000 for individuals, so a lot of people (including myself) will not be getting any rebate.

The Times tells us that:

Under the tentative plan, families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.

Of course, none of this is final yet.

More importantly, the idea is that we all benefit from stimulating the overall economy, especially those of us owning stocks.

So, overall it is good news.

Update 4:19 p.m. PT: From The Washington Post:

Full rebates would be sent to single taxpayers who earned up to $75,000 and couples with incomes of as much as $150,000. The value of the payments would decline after that and phase out entirely at incomes of roughly $87,000 for individuals and $174,000 for joint filers.

That is a little better than the initial report, but I will still not be getting any rebate. Sigh. OTOH, I personally do not need it as much as a lot of people do.

-- Jack Krupansky