The Federal Reserve

The Federal Reserve - Mariam Khan March 17, 2008 The...

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Mariam Khan March 17, 2008 The Internal Revenue Service Tax Rebate The Internal Revenue Service (IRS) is the United States federal government agency that collects taxes and enforces the internal revenue laws, and was established in 1862 during the Civil War. Today the IRS is giving tax payers a break. They are returning about $600 to individuals and up to $1200 to couples who filed together. Families also get an additional $300 per child. To avoid serious complications from the rumored recession, the American government is actually giving money to the tax payers. A recession is a decline in a country's gross domestic product (GDP), or negative in economic growth, for two or more successive quarters of a year. The check for $600 is expected to come to people’s mailbox some time in May or June. To be eligible for the rebate, taxpayers must file a 2007 tax return. The payments are part of a $168 billion economic stimulus package signed into law last month by President George Bush. The Federal Reserve is hoping that almost all people will spend the money
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The Federal Reserve - Mariam Khan March 17, 2008 The...

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