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I call it “so called” because it still has to pass the Senate. And also, cause I don’t really understand how a couple hundred dollars here or there will help. Unemployment rising. People $50 thousand in the hole on the value of their houses. Banks on the brink of bankruptcy.

I guess the idea is you will run out to Target and buy a new wide screen TV. That MIGHT save us from a recession. But doesn’t that money go to Japan or Korea or China? And hey, fill up your gas tank a couple of times and the rebate is gone, right?

Anyway, here is how WiseBread figures it. This is who gets what in tax rebates if this thing goes through:

First, let’s see what singles could get back.

Earnings Rebate

$3,000 or less A big fat zero.
$3,000 or more, paid no taxes $300.
$3,000 or more, paid taxes $600.
Have children? $300 per child

Now, the reductions.
It’s fairly simple math. Once you earn over $75,000, your check is reduced by 5% per $1000 above the $75k threshold. After $87k, you get nothing. Here are some rough examples.

Single person earning $50k a year with 2 children = $1200
Single person earning $80k a year with 1 child = $675 ($900 – $225)
Single person earning $90k a year with no children = $0

Couples get the same treatment
, only everything is doubled to take into account the two people in the household:

Earnings Rebate

$3,000 or less A big fat zero.
$3,000 or more, paid no taxes $600.
$3,000 or more, paid taxes $1200.
Have children? $300 per child

And the reductions.
Once again, simple math. Once couples earn over $150k, the check is reduced by 5% per $1000 above the $150k threshold. After $174k, you get nothing.

I found these further examples, all based on the 2007 filing period.

A couple with no children, with adjusted gross income of $100,000:
$1,200 couples rebate. A $1,200 rebate.

A couple with income of $145,000, with three children:
$1,200 for the couple, plus $300 for each child. A $2,100 rebate.

A couple with income of $160,000 with two children:
$1,200 for the couple plus $300 per child — BUT would go down by 50 percent (5% for every $1000 over the $150 threshold). A $900 rebate.

A couple with income of $200,000 and four children:
Disqualified, income exceeded $174,000. No rebate.

Related posts:

1. Calculate Your Tax Refund Today
2. What People Are Forwarding Us This Week: Economic Summary Edition