How the National Tax Rebates Will Affect Your Family

There's a lot that can happen between now and when the bill passes the Senate and then gets signed into law, but with all this talk about tax rebates, how will this bill actually affect you directly?

While exact details are still sketchy, enough is known about the House bill to get at least a basic idea of how some families and individuals will be affected. The tax rebate plan is expected to apply to nearly 116 million households, and the average full rebate will be in between $600-$1,200 range. While the full details of who gets how much haven't been released yet, these parameters have been made public:

· Individuals paying taxes can get back a maximum of $600

· Working couples can get back up to $1,200, and even an extra $300 per kid

· Almost everyone working will get $300

This bill was a compromise between Republicans and Democrats, and the hope is that the tax rebate will stimulate the economy. The tax rebates will be sent out in June, and there are income restraints. Anyone making less than $75,000 a year is eligible for a full tax rebate.

The rebates begin to phase out in the $75,000-$150,000 range (the low end for individuals, high end for couples). An individual making more than $75,000 and a couple making more than $150,000 won't get anything back unless they have kids. Individuals or couples with family have a higher ceiling. Anyone making considerably more money won't see any tax rebate at all.

Almost everyone working for a paycheck will get some type of a rebate, up to the $300 range, even if they did not make enough to pay income taxes. Assuming everything goes smoothly and these rebates are signed into law, the earliest returns would probably begin to trickle back from the IRS sometime in June.

These numbers aren't set in stone, yet. The package still has to pass the Senate and get signed into law by the President, and there are other sources that even have the tax rebate's plan paying out differently than above: with $300 to everyone working who made less than $3,000, and $600 to every worker who made enough to pay income taxes. Couples will get more, $600 and $1,200, depending on job situation.