Posted on 01/24/2008 1:37:30 PM PST by jaydubya2
Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.
House Speaker Nancy Pelosi said Congress would act on the agreement -- hammered out in a week of intense negotiations with Republican Leader John A. Boehner and Treasury Secretary Henry Paulson -- "at the earliest date, so that those rebate checks will be in the mail."
President Bush praised the agreement in a statement he delivered to reporters at the White House. "This package has the right set of policies and is the right size," he said.
The rebates, which would go to about 116 million families, had appeal for both Democrats and Republicans. Pelosi's staff noted that they would include $28 billion in checks to 35 million working families who wouldn't have been helped by Bush's original proposal. Republicans, for their part, were pleased that the bulk of the rebates -- more than 70 percent, according to an analysis by Congress' Joint Tax Committee -- would go to individuals who pay taxes.
Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.
The rebates, expected to go out in June, would cost about $100 billion, aides said. The package also includes close to $50 billion in business tax cuts.
The package would allow businesses to immediately write off 50 percent of purchases of plants and other capital equipment and permit small businesses to write off additional purchases of equipment. A Republican-written provision to allow businesses suffering losses now to reclaim taxes previously paid was dropped.
Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining the rebates of at least $300 for almost everyone earning a paycheck, including those who make too little to pay income taxes.
"I can't say that I'm totally pleased with the package, but I do know that it will help stimulate the economy. But if it does not, then there will be more to come," Pelosi said.
“FREE MONEY!!”
Which belonged to us to begin with!
;)
Robbin’ Peter and payin’ Paul (or what ever his name is that doesn’t work anyway)
Sure, we will just borrow some more money from China to fund this. Fabulous. Why don’t we just cut the Fed Rates to 0%. that will sure provide some economic stimulus. Don’t worry about the inflation factor and the fact artificially low rates are what got us into this credit/housing mess in the first place. It is not fun watching our leaders whore out the fundamental essence of what made America great.
Oh wait! They do know all this, they just don’t want to keep their greedy hands off our money. They want to spend, spend, spend and spend.
including $300 to those who make so little money that they don’t pay taxes....
That jerk stole my coat.
artificially high rates aren’t good either.
$600, eh?
I’d like to thank all the FReepers who are pitching in for my share. And my wife’s share. And my daughter’s share.
AR-15 coming up!
BOHICA!
Is the latter limited to cases of both spouses working?
The spell checker doesn't handle silent and invisible Hs very well.
“including $300 to those who make so little money that they don’t pay taxes....”
Or make it all under the table so they have no DECLARED income
Atleast you’re not wasting the money.
Money which shouldn’t have been taken out of my pocket in the first place. Even so my credit card balance will be close to zero come tax refund time.
Somebody with more Photoshop-fu ought to paste Dubya’s face onto that pic.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.