The U.S. government created a Stimulus Act in 2008 in preparation for the looming recession. What did it entail? Who benefited? What was it for? Wrap your head around these tax facts and figures and take this not-too-taxing quiz.
The IRS sent two letters: one covered the Economic Stimulus Act of 2008, while the other was a confirmation of eligibility for a rebate.
The Bush administration's aim was to encourage consumer spending at a time of looming recession.
This was the clear advantage of the tax rebate -- it was not taxable, whereas a tax refund was.
Economists were of the opinion that long-term measures were needed in order to boost investment and business growth.
According to the IRS, the taxpayers had to have a valid Social Security number, a $3,000 income and a 2007 filed tax return.
Children under 17 were required to have a valid Social Security number.
Mostly, yes. Even those living in Guam and other territories were eligible.
The AGI is a figure derived from one's taxable income after certain deductions have been made.
Tips, some railroad benefits and wages counted; rental real estate income, pension income and SSI didn't.
Married taxpayers with joint tax returns got a $1,200 rebate.
Each dependent under 17 entitled the taxpayer to a $300 rebate.
The checks were deposited according to your Social Security number.
The check deposit date went according to the Social Security number of the first person filed on the tax return.
Whoever sent in a tax return early was processed earlier by the IRS.
The checks were mailed from May through July of 2008.