PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: asenna1 who wrote (171924)	8/16/2001 1:55:24 PM
From: Neocon	Read Replies (3) of 769670

Actually, it is a rebate: If I'm eligible, how much is my advance payment? The amount of your payment is based on the taxable income shown on your 2000 return. The amount is 5% of your taxable income, up to a maximum of $300 for a single taxpayer, $500 for head of household and $600 for a married couple filing jointly. The payment may be further limited by the fact that it cannot exceed your tax liability after nonrefundable credits. If you did not have a tax liability for 2000 but do have one for 2001, you may be able to claim the tax credit on your 2001 return. It is called an advance payment because it is a token payment in anticipation of the entire tax reduction package. What is the purpose of these 2001 Advance Payments? The law is intended to give taxpayers the benefit of a new 10% tax bracket had it been in place for 2001.

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