US Economic Recovery Act of 2008 Bush Stimulus Check amounts (tax-rebates) by household type and income array for Nygaard, Sorernsen and Wang (2021)

Source: R/ffp_snw_stimulus_bush_2008.R

Bush checks, not used in matlab, meaning matlab solution functions do not call this. There are separate R functions that implement the checks that are unrelated to this, this is just to graph out the stimulus schedule for visualization

Economic Stimulus Act of 2008: 600 ($1,200) for singles (couples) making less than $75,000 ($150,000). $300 per child. Amount phases out at a rate of 5 percent (drops by $50 per $1,000 in income exceeding $75,000 ($150,000)).

IRS rules for stimulus checks (tax rebates) under the Economic Stimulus Act of 2008: https://www.irs.gov/newsroom/single-head-of-household-with-children, https://www.irs.gov/newsroom/married-with-children, https://www.irs.gov/newsroom/married-without-qualifying-children, and https://www.irs.gov/newsroom/single-without-qualifying-children.

ffp_snw_stimulus_checks_bush(
  ar_income = seq(0, 250000, 5),
  it_kids = 0,
  bl_marital = 0,
  fl_stimulus_child = 300,
  fl_stimulus_adult_min = 300,
  fl_stimulus_adult_max = 600,
  fl_per_adult_phase_out = 75000,
  fl_phase_out_per_dollar_income = 0.05
)

Arguments

ar_income

array of income points over which to evaluate taxable income and also tax liability by kids count and marital status.

it_kids

integer the number of children from 0 to 4 allowed

bl_marital

boolean if 1 means married, if 0 means unmarried

fl_stimulus_child

float the amount of stimulus per child, note that this is unrelated to the tax-liability issue.

fl_stimulus_adult_min

float the amount of minimum stimulus per adult (for lower income households), even if tax liability is below this, so no tax-rebate should be given, still provide this stimulus amount.

fl_stimulus_adult_max

float the amount of max stimulus per adult, in another word, the maximum amount of tax-rebate.

fl_per_adult_phase_out

float the amount per-adult (household-head only or household-head plus spouse) where phase-out for stimulus/tax-rebate begin going down. 75k under the actual policy for singles, and 150k for married.

fl_phase_out_per_dollar_income

for every addition dollar beyond the phaseout point, how much stimulus/tax-rebate to reduce. 0.05 means for every additional dollar of income, stimulus go down by 5 cents.

Value

an array of tax-liabilities for particular kids count and martial status along an array of income levels

Author

Fan Wang, http://fanwangecon.github.io

Examples

ar_income <- c(1e4, 2e4, 4e4, 8e4, 1.6e5)
it_kids <- 0
bl_marital <- 0
ar_stimulus_check <- ffp_snw_stimulus_checks_bush(ar_income, it_kids, bl_marital)
print('ar_stimulus_check')
#> [1] "ar_stimulus_check"
print(ar_stimulus_check)
#> [1] 300 600 600 350   0