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Personally, I'd rather they keep the rebate money and lower payroll taxes and let us keep more of our hard earned money!
if they actually wanted Americans to save money right away they would cut the gas tax, and put this money towards lowering the gas prices overnight and keep them low for 6 monthes to a year (like $1.50 a gallon). We could start saving tomorrow, unlike June with this plan, and they would save millions on postage and the manpower to send out these checks.
But it's an election year, and although this is a better plan, they would never do it.
Personally, I'd rather they keep the rebate money and lower payroll taxes and let us keep more of our hard earned money!
Deal Completed for Tax Rebates in June
By ANDREW TAYLOR – 59 minutes ago
WASHINGTON (AP) — Congressional leaders completed a deal Thursday with the White House 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 and Republican Leader John Boehner scheduled a news conference for 1:30 p.m. EST to announce the $150 billion package, hammered out in a week of intense negotiations with Treasury Secretary Henry Paulson.
"We are pleased that the negotiators have been able to reach an agreement on an economic growth package," White House press secretary Dana Perino said Thursday afternoon. She said Bush would make a statement about the deal later in the day.
Congressional aides, speaking on condition of anonymity because the deal had not yet been announced, said they hope the checks could go out as early as June.
Individuals who pay income taxes would get up to $600, working couples $1,200 and those couples 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 rebate part of the plan 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 rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes.
The rebates would phase out gradually for individuals whose income exceeds $75,000 and couples with incomes above $150,000, aides said. Individuals with incomes up to $87,000 and couples up to $174,000 would get partial rebates. The caps rise higher for individuals and couples with children.
Sen. Max Baucus, D-Mont., scheduled a meeting of the Senate Finance Committee for next week to consider the stimulus package.
"The Senate will want to speak, as well," Baucus said, adding that he and Sen. Charles Grassley of Iowa, the panel's senior Republican, had "agreed to work together, move quickly, and mark up economic stimulus legislation next week."
Senate Majority Leader Harry Reid said the goal is to send the package to the White House by Feb. 15 for President Bush's signature
Bush has supported larger rebates of $800-$1,600, but his plan would have left out 30 million working households who earn paychecks but don't make enough to pay income tax, according to calculations by the Urban Ins ute-Brookings Ins ution Tax Policy Center. An additional 19 million households would receive only partial rebates under Bush's initial proposal.
To address the mortgage crisis, the package also raises the limits on Federal Housing Administration loans and home mortgages that Fannie Mae and Freddie Mac can purchase to as high as $725,000 in high-cost areas. Those are considerable boosts over the current FHA limit of $362,000 and the $417,000 cap for Fannie Mae and Freddie Mac's loan purchases.
After a key Wednesday night meeting in which the parameters of an agreement were reached, Pelosi and Boehner spoke again Thursday to cement the accord.
In the talks, Pelosi pressed to make sure tax relief would find its way into the hands of lower-income earners while Boehner pushed to include upper middle-class couples, according to congressional aides.
The emerging package was already drawing fire from liberal activists and labor unions upset that proposals to extend unemployment insurance and boost food stamps had been dropped. Many Democratic lawmakers had assumed those proposals would make it into the package, and critics of the deal said those ideas could pump money into the economy more quickly than tax rebate checks that won't be delivered until June.
Democrats wanted to extend unemployment benefits for people whose 26 weeks of benefits have run out, but Republicans resisted.
Conservative Republicans, meanwhile, were likely to be restless over tax rebates going to those without income tax liability.
Democratic aides said greater GOP flexibility over giving relief to poor families with children — who would not have been eligible under Bush's original tax rebate proposal — was the catalyst that moved the talks forward.
What rebate? I just get to help pay for YOU deadbeats rebate LOL
god this country is going to be in major trouble in a couple years when somebody with some sense takes a look at our National debt. Our National debt will cripple our future.
but, $600 gets me golf clubs so I might as well enjoy them while I can
your just a fat cat making your cash off the backs of us hardworking deadbeats!
go home and clean the house!
When do I get my check??
$300 for each kid? Good times ...
OK, I'm officially pissed. The amount goes down, the income ceiling goes down so that people can be rewarded for breeding? Sorry, most parents should be put in JAIL for what they raise, not rewarded to the tune of $300 per pup.
.
The rebate went down so all of the people that don't make enough money to even pay taxes get $300 each.
But yeehaw ... that's $300 X 2 for me. The breeder.
No soup for me.
I will visit a local establishment where you can drink watered-down alcohol and watch medically-enhanced hooters sway this way and that way to bad music.
Thanks W!
The right thing to do would be to give that $300 to your kids. But you'll probably end up spending it on them anyway so. . .The rebate went down so all of the people that don't make enough money to even pay taxes get $300 each.
But yeehaw ... that's $300 X 2 for me. The breeder.
Like the majority of my money doesn't end up spent on them, anyway?
Like the majority of my money doesn't end up spent on them, anyway?
no !
Hahaha. I was just joking.Like the majority of my money doesn't end up spent on them, anyway?
Actually the other day I was talking to my mom on the phone asking for some money and she said some remark about me always nickel and diming her. I don't remember exactly what I said but it was something like "You should've anticipated this day would come before you decided to have a kid."
And then she said back "I know, that's why I only had one."
you should wait for the senate to approve this before you become officially pissed. just get preliminarily pissed right now. and no need to be sorry. alot of crappy parents out there. i have to believe that most are good though. and their kids are not pups! reserve 'puppy' terminilogy for young doggies and nice s! besides, you already have a nice bigscreen...what do you need the loot for?
I'll use it to pay bills and gas money.
According to the E-N, it's adjusted gross income. That's your income that you actually pay taxes on, after you directly subtract all pre-tax deductions like medical and 401(k) and your itemized deductions. Looks like I'm in.
I'm still pissed that rug rats are getting $200 of my $800, though.
Ditto.
I'm still pissed that rug rats are getting $200 of my $800, though.
Does anyone have an update on this whole thing. I heard from a friend that its already been passed and approved but I couldn't find anything.
From what I heard on FNS yesterday from SecTreas, The House and President agree on the package, but the Senate wants to muck things up with all kinds of free for po' folks.
I'm gonna drop my $1500 on a new TV for the bedroom.
Hurry the up, Washington!
Free hahah like what cheese? I thought that was already done.
it still has to be voted on by congress, but seeing as this was agreed upon by the leaders of both parties in congress, they think it will pass with flying colors. I think there was only one Representative that was opposed to it.
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