Joy to the taxpayers out there, the stimulus package has passed the Senate and will soon be signed into law by President G.W. Bush. The stimulus package will give each single filer a $600 rebate if their adjusted gross income is below $75,000 and each pair of joint filers will get a $1,200 rebate if their adjusted gross income is below $150,000. In addition, children are again a source of tax breaks, raking in an additional $300 per child.

Do you make too much? Well for taxpayers who are over adjusted growth income limits, you will still get a check for a 5% phased out amount. In other words, if you are a single filer and your adjusted gross income is $80,000, you will receive your $600 rebate minus 5% of each dollar over $75,000 (600-250= $350 check). But don’t worry; this may not be your last check of the year. The stimulus package is basically a prepayment of your tax return to come. If you should get a $1000 refund and you receive the $600 check, you will still get the $400 difference. In contrast, if you should only get $200 back, you do not have to pay back your stimulus check.

The senate’s version of the bill added more aide to veterans, senior citizens, and widows of disabled veterans. If you believe you fall into these categories, or you believe you qualify for more benefits than what is listed here, please consult the U.S. Congress website.

Update: President Bush has signed the stimulus bill into effect.