Tax Debt Help - Bush Administration Considering Tax Rebates and Other Tax Breaks

President Bush and Congressional leaders are considering various options to boost a slowing economy, according to this Associated Press article showing up in the news headlines:

"United for urgent action, the White House and Congress raced toward emergency steps Thursday to rescue the national economy from a possible recession, including tax rebates of at least $300 a person — and maybe as much as $800. Federal Reserve Chairman Ben Bernanke endorsed the idea of putting money into the hands of those who would spend it quickly and boost the flagging economy."

The last time we had a tax rebate was 2001, when taxpayers received an advance on our tax refund called the rate reduction credit, which was a one-time rebate of $300 to $600.Noteworthy is that policymakers in both the executive and legislative branches are calling for immediate, but temporary, tax relief to help stimulate a sluggish US economy. Also noteworthy is that the President isn't pushing hard for making his tax cuts permanent. A host of tax breaks, lower marginal tax rates and various deductions, are scheduled to expire at the end of the year 2010.

S. Raines, Sr. Financial Advisor/Tax Preparer