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.
“MORE what? $$$ from ???”
Borrow from CHINA I presume... :o)
“Money for nothing and your chicks for free”! Wahoo........
Heh. I just bought a new Taurus 605 .357 revolver. I didn't know at the time that the Feds were going to wind up paying for it.
That's alright, last year I bought them a new, mid-size sedan. I hope they like it. I like my new gun.
Actually, I think the article meant “pays no income taxes”, but any wage earner who makes $3000 pays payroll taxes of about 15% (for social security and medicare), which are nothing but income taxes under a different name. There are no deductions for payroll taxes.
On the other hand, as I understand it, people who get their income from dividends can make $100,000 a year and pay no taxes, because dividends are exempt from the IRS. But they would still get $600. Right?
I havent even broken in the one I just assembled and this was the first thing I thought too. At least a lower to fondle maybe.....
And I bet you looked just as fetching in it as he does. :-)
If they want to do something cut the tax rates and suspend the gas tax, INSTANTLY money in the pocket.......... No they have to issue what they call a rebate check but what it really is , is a coupon a handout.
They simply want you to associate cash with a government reward,as if Pelosi herself handed it to you from her big black pocket book, its sickening. It was our money to begin with.
Great, another "rebate" for people who paid nothing into the system in the first place!
Is the latter limited to cases of both spouses working?
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This allows the fems to bring up the fact that housekeeping is a job....
Someone on Brian Wilson WSPD Toledo said you ought to endorse the check and use while paying your taxes.
This is pandering to the nth degree....
VOTE ALL THE INCUMBENTS OUT
What's puzzling? The conservatives get the rebates for working taxpayers that they want to stimulate the economy, the liberals get the extra handouts to the leeches to get the indigent/welfare votes in Nov....
A fair bit better, if I DO say so myself.
You could've just said that and saved yourself a lot of typing. I agree BTW. Blackbird.
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