House Approves Economic Stimulus Plan, Heads to Senate

http://www.foxnews.com ^ | Tuesday, January 29, 2008

[Lucky9teen]

WASHINGTON — The House, seizing a rare moment of bipartisanship to respond to the economy's slump, overwhelmingly passed a $146 billion aid package Tuesday that would speed rebates of $600-$1,200 to most taxpayers.

The plan, approved 385-35 after little debate, would send at least some rebate to anyone with at least $3,000 in income, with more going to families with children and less going to wealthier taxpayers.

It faced a murky future in the Senate, though, where Democrats and Republicans backed a larger package that adds billions of dollars for senior citizens and the unemployed, and shrinks the rebate to $500 for individuals and $1,000 for couples. That plan, written by Finance Committee Chairman Max Baucus, would deliver checks even to the richest taxpayers, who are disqualified under the House-passed measure.

Both versions would provide tax breaks to businesses to spur equipment and other purchases.

Baucus, D-Mont., planned a Wednesday vote in his committee, and Majority Leader Harry Reid has said he hopes to have it approved by week's end. Congressional leaders are aiming to send the measure to President Bush by Feb. 15.

But the divergent plans — and bids by Senate Democrats and Republicans to swell the package with more add-ons — could drag out that schedule.

[facedown]

The House, seizing a rare moment of bipartisanship to respond to the economy's slump,...

The best response they could have would be to leave town.

[Camel Joe]

“I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible.” Milton Friedman

Albeit small and temporary I will gladly take my tax cut money just the same. Even poor folk will spend it better than those imps in Washington.

Always remember; “If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.” Milton Friedman

[reagan_fanatic]

It faced a murky future in the Senate, though, where Democrats and Republicans backed a larger package that adds billions of dollars for senior citizens and the unemployed...

If this is a refund out of taxes paid by taxpayers, then why should someone who's unemployed get anything at all?

[ought-six]

A married couple with one wage earner gets nothing, unless that wage earner makes less than $75,000 per year. Thus, some jamoke who earns $77,000 per year, but supports both himself and his wife on that salary, gets nothing. But a married couple with both parties earning an income, get a big refund or rebate as long as their combined yearly income does not exceed $150,000. And, wage earners who pay no taxes at all still get the rebate!

[org.whodat]

And importers of Chinese goods get an unlimited write off and fed insurance is raised to nearly three times the national average for a home. This bill is called sticking to the American people.

[chrisser]

I’m as happy to get money back from the government as anyone.

However, if spending isn’t cut, then this isn’t a tax refund, its just more debt passed onto our children and grandchildren.

[scan59]

If it wasn’t an election year, the Democrats would have held it up demanding that welfare recipients get their “fair share.”