While our country is drowning in debt, the answer to economic recovery from George Bush is his multi-billion dollar economic stimulus package, signed into law on Wednesday, that will churn out $120 billion in rebate checks.

You may well turn up your nose at the idea of a rebate, while the most basic tax benefits are denied same-sex couples, even when legally married.  You're not alone in your disdain of the lack of the most basic fiscal and moral responsibility from our fearless leader.  

The billionaire businessman-mayor of New York City, Mike Bloomberg, likened the rebate to "giving a drink to an alcoholic."  He was not, it should be noted, suggesting that people (mostly middle income and lower income folks) who receive checks are part of the problem.  The "alcoholic" in this case is the Federal government.

The government "is spending money it doesn't have," said Bloomberg yesterday. "I suppose it won't hurt the economy, but it's in many senses like giving a drink to an alcoholic."

His point, of course, was that rebates are too simple a fix for a much more complicated economic problem. That said, if you're still in anticipation of your exciting rebate check, here's how it will play out:

• The rebates will be based on 2007 tax returns. If you didn't file in 2007 for some reason, no rebate.

• You must have at least $3,000 in income to get the rebate. At $75,000 in adjusted gross income for individuals, the rebate begins to phase out.

• Most married couples who file jointly will get $1,200.  Please note, this "married" status does not apply to gay couples because they are not recognized by the Federal government. 

• If you're a parent, though, you'll an extra $300 for each child under age 17 for whom you claim a child credit on your 2007 return.

• Low income seniors and disabled veterans who don’t owe enough income tax to qualify for the full rebate can qualify for checks of $300, or $600 if they filed joint returns.

As noted, you must have filed your 2007 returns to get a rebate. The checks that will begin going into the mail (as early as May) will be  based on information on 2007 tax returns, according to the IRS. Kiplinger's wisely notes: the rebates are actually a prepayment of a tax reduction that will go into effect for 2008.

People who file after the April 15 deadline, or who file for an extension to put off their deadline until October 15, will also delay their receipt of this so-called "stimulus" check. It goes without saying, early filers will get early rebates.

Kiplingers offers a handy calculator to help you configure your rebate; just answer a few questions and you'll have your answer.

Happy stimulus.