T08-0029 - Individual Income Tax Measures in House Stimulus Proposal, Distribution of Federal Tax Change by Cash Income Percentile, 2008
2008 Distribution of federal tax change by cash income percentile for the individual income tax measures in the House stimulus proposal. The proposal provides a tax rebate of up to $600 ($1,200 for couples) plus $300 per qualifying child. The rebate is nonrefundable with two exceptions: households with at least $3,000 of earned income will receive a minimum of $300 ($600 for couples) regardless of income tax liability and households receiving at least $1 of rebate will receive the full increase in value for each child. The rebate phases out at a 5 percent rate above %75,000 ($150,000 for couples). Distribution is presented against a baseline of 2008 current law plus extension and indexation of the 2007 AMT patch.