Posted on 01/24/2008 3:25:14 PM PST by Lucky9teen
By The Associated Press 45 minutes ago
Congressional leaders have reached a deal with the White house on a bipartisan economic stimulus package that is expected to move swiftly through Congress and give most tax filers rebates of $600 to $1,200.
WHAT'S IN
_Tax rebates: Checks of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes, so long as they earned at least $3,000 in 2007. Families with children would receive an additional $300 per child, while those paying income taxes could receive higher rebates. The full rebate would be limited to individuals earning $75,000 or less and couples with incomes of $150,000 or less, but a partial rebate would go to individuals earning up to $87,000 and couples earning up to $174,000. The caps are higher for people with children.
_Business tax write-offs: Spurring business investments with so-called bonus depreciation and more generous expensing rules.
_Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.
WHAT'S OUT
_Permanent tax cuts: Republicans conceded that their top priority would have to be left out.
_Unemployment insurance: Democrats wanted to extend benefits past 26 weeks.
_Food stamps: A boost for benefits.
_Medicaid: Democrats gave up on including Medicaid payments to states.
_Low-income heating subsidies: Democrats are surrendering the fight to include them.
_Infrastructure spending: Spending on transportation or repair projects already under way is off the table.
_Republicans dropped their proposal to let businesses suffering losses now reclaim taxes previously paid.
(This version SUBS 6th graf, Housing rescue ..., to CORRECT current FHA limit to $362,790, sted $362,000. )
Disgraceful!!!
Lovely! This rewards IRREPSONISBLE people at YOUR expense. So keep that in mind with this measly tax cut.
The whole thing is STUPID!
_Republicans dropped their proposal to let businesses suffering losses now reclaim taxes previously paid.
Yeah, screw BUSINESS the folks that HIRE people.
Really stupid ... .
The whole congress is composed of tax and spend left wingers, just like all the trash running for office.
Mere RINOplasty for the economy.
Now it looks like “stars” are supposed to influence my vote ... LOL!!!
Rambo for Mcpain and Chuck Norris for the Huckabilly.
Neither one gets my vote.
I’ll be voting for the “Mormon”, Mitt. Not ideal but the lessor of the evils.
at least the tax rebates would go into the private sector
You might not like Mitt Romney but, look at the other side,
Mitt is a thousand times better than Hillary or Obama.
The left wants you to pay the entire bill for every socialist enterprise they can come up with.
I can not see anyone paying but you and me
Conservatives better get in line or it will just get worse.
“Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas.”
This is total insanity!! Subprime loans for this much money is totally dam& mad.
this is the only option Bush has to return money to taxpayers. Why folks that don’t pay federal taxes get a return is puzzling unless your name is Piglosi.
Progressive liberals are going nuts over this: Check comments on SFgate.com: If they don’t like it return the check, but not one of these phonies will return a dime. More money in the private sector is not a bad thing.
I’m for romney...just wish there were better choices
Hey, I make less than $75,000 a year!
(I guess I probably shouldn't have said that out loud...)
By “The full rebate would be limited to individuals earning $75,000 or less and couples with incomes of $150,000 or less”
If one spouse is working and the other is not does that mean the income of the working spouse can be over 75K?
This kind of thinking defines the issue perfectly.
There is no point in Conservatives getting in line for a slower version of the same alternative. Bad news does not improve with age, and there is no point to dragging out misery.
If it does not want to join the Bull Moose, Whigs and Know-Nothings as answers to political trivia questions, the Republican party needs to get in line behind Conservative leadership.
Given a choice between a Marxist and a Marxist-lite, it is no contest. Vote for the Marxist so that the disaster comes quicker and the misery is much worse.
That way we can get on with rebuilding a Republic from the ashes that much sooner.
Additionally, if the misery is intense enough, and is purely a democrat disaster instead of "bipartisan" one, the democrats will join the Nazis, Fascists, and Communists on the ash heap of history and a true Conservative party may arise.
“Hey, I make less than $75,000 a year!”
Hey, that’s ok. Together my hubby and I don’t make that. I’m already planning on how to spend it when and if we really get it.
A new dryer comes to mind as does another round of propane!
(I probably shouldn’t have said that either!)
Well, I kind of got around that and got an E-Trade savings account on what money I am able to save. It’s a great account and the interest rate is around 5%. It’s the “Rainy Day B” fund opposed to my “Rainy Day A” fund. :)
So now I just get to laugh hysterically if I get this tax rebate since I have a love of gumm’int about the same as everyone else around here. :)
Not to mention illegal aliens. Imagine, as we speak, ACLU, HUD and open borders law-yahs scrambling to "officially" sign-up these non-citizens on the income tax payroll before the May 15th "deadline." And the Dhimmirats complain that the war against Islamofascism is bankrupting us. LMAO!
Plus, the rats will recruit them to vote in the next election.
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