I was just listening to the news and I was wondering that if the Tax Rebate is going to apply only?

Under the compromise bill passed by the Congress, you would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. If you had earned income of at least $3000, you would get at least the minimum rebate of $300.

While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.

It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.

Use the calculator below to compute your rebate.

The tax rebates apply to ALL classes - low, middle and upper. The difference is that at the higher incomes, the rebate amount begins to drop when the income exceeds $75,000. At the low end, even people who pay no taxes but earned a minimum of $3000 last year will still receive a $300 rebate. This is an across the board rebate to people of all classes.

If you file taxes and make under $75,000 a year, you will get $600 dollars. If you have a child you will get and extra $300.

I believe I read it will be to everyone. You can check on the IRS web site and see when you will get your check. They are sending them out according to the last two digits of your SSN. Starting from 00-10

No I heard they were going to give people on SS and Veterans pension is also going to receive a $300.00 rebate .

Just remember...that money you get will be deducted from your taxes next year.