The House passed a final version of the 'stimulus' plan to jumpstart the economy. Here are the basics.
$100 billion will go back to American taxpayers in the form of:
- $600 rebate for individual taxpayers earning less than $75,000/year
- $1,200 rebate for married couples earning less than $150,000/year combined
- $300 for each child
- incomes higher than $87,000 and $174,000 will get partial rebates
$50 billion will go to American businesses in the form of tax breaks.
The checks should -- assuming the Senate and White House sign off -- start coming out in May, with most being delivered by the end of the summer.
As stated before, if these tax refunds are good for the economy at times like this, why don't they keep it up all the time? Lower taxes means stronger economy, so why not make it permanent...?
There's my two cents.
1 comment:
This stimulus package is too little too late.
Bernanke did the most to stimulate the economy with the Fed's once-in-a-generation rate cut.
While this money will be nice to have, it will do absolutely nothing to stimulate the economy. Most people will not use it to shop, they will use it to pay off debt, or save it.
However, I may be one of the few "doing my part" and putting it back in with the purchase of an iPhone ;)
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