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Will President Bush Tax Rebate Really Help?

Section: Business

Kyonne Gibson

Congress and the White House made a deal Thursday to begin rushing tax rebates of $600 to $1,200 to most tax filers by spring, hoping they will spend the money just as quickly and bring the economy to life. Rebates would be even higher for families with children. The one-time tax rebates are at the center of a hard-won agreement to pump about $150 billion into the economy this year and perhaps stave off the first recession since 2001. About two-thirds of the tax relief would go out in rebate checks to 117 million families beginning in May. Businesses would get $50 billion in incentives to invest in new plants and equipment. Individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child under the agreement. In a key concession to Democrats, 35 million families who make at least $3,000 but don't pay taxes would get $300 rebates. Families are saying that it will definetly help and that the could pay off debt, buy food etc. Many individuals and families are looking forward to the tax rebates.

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