How much was the last stimulus package in 2008?

August 8, 2019 Off By idswater

How much was the last stimulus package in 2008?

That started with the $168 billion stimulus package approved in early 2008 and signed by President Bush, and ended with the deal between President Obama and Congressional Republicans that was signed into law last week.

What was the last stimulus check amount?

The government has issued a new batch of $1,400 stimulus checks, bringing the total number of payments to almost 167 million, or about $391 billion. This tranche included more than 1.8 million payments worth more than $3.5 billion. Most of the payments were prompted by tax returns recently processed by the IRS.

How much were each of the stimulus checks?

The Cares ACT included a provision for a round of stimulus payments – eligible tax-paying adults received a check of up to $1,200 while eligible dependents under 16 years of age received $500 each (a maximum of three dependents could be claimed for).

Who gets new stimulus check?

The payments are capped at $3,600 for children under 6 years old, and $3,000 for people 6 and older. People who make less than $75,000 as individuals and $150,000 for married couples filing jointly will be eligible for the full expanded federal child tax credit.

Who’s eligible for second stimulus check?

The ranges for the second stimulus check are broken down as follows: Individuals with AGI of $75,000 or less qualify to get the full $600 second stimulus check. Individuals making more than $75,000 and up to $87,000 receive a reduced amount.

What was the cost of the stimulus bill in 2008?

The total cost of this bill was projected at $152 billion for 2008. Tax rebates that were created by the law were paid to individual U.S. taxpayers during 2008. Most taxpayers below the income limit received a rebate of at least $300 per person ($600 for married couples filing jointly).

When did the stimulus package start and end?

Note: the section below was originally published in 2008 and covers the 2008 economic stimulus package. It has been updated for historical purposes and for usability. Please see this page if you are looking for information on the 2020 stimulus checks during the coronavirus outbreak.

What happened to the stimulus checks in 2008?

But then the banking crisis hit. That the 2008 stimulus was not enough to avoid a deep recession is self-evident, but that does not mean, as Parker discovered, that it did not meet its stated goal of boosting consumer spending.

Do you get an economic stimulus rebate in 2008?

You will not receive an economic stimulus rebate in 2008 if: Your net income tax liability is zero and your qualifying income is less than $3,000.

The total cost of this bill was projected at $152 billion for 2008. Tax rebates that were created by the law were paid to individual U.S. taxpayers during 2008. Most taxpayers below the income limit received a rebate of at least $300 per person ($600 for married couples filing jointly).

Note: the section below was originally published in 2008 and covers the 2008 economic stimulus package. It has been updated for historical purposes and for usability. Please see this page if you are looking for information on the 2020 stimulus checks during the coronavirus outbreak.

You will not receive an economic stimulus rebate in 2008 if: Your net income tax liability is zero and your qualifying income is less than $3,000.

What was the purpose of the economic stimulus in 2008?

The economic stimulus package is a change in the tax code that will eliminate the 10% bracket from 10% to zero for the first $6,000 of taxable income in 2008. But the government decided to do this based on tax filer’s 2007 taxes so they could distribute this money so taxpayers would spend it now and (hopefully) boost the economy.