Deal Reached on Tax Rebates
Earlier today, Congressional leaders reportedly reached an agreement on the economic stimulus plan.
The agreement is thought to be a mishmosh of the plans offered up earlier.
The Democrats failed to gain increases in food stamp and unemployment benefits (increased unemployment benefits were also part of Obama’s plan) that they hoped for. The Democrats did, however, win a key point which would allow almost every worker a rebate - even those who do not pay income tax.
Families look to be the overall winner with a rebate of an additional $300 per child, subject to an overall cap of $1,200 (hmm, I wonder if I could have another child before the end of the year - kidding!).
Rebates will likely be restricted to those single individuals earning $75,000 or less and married couples with incomes of $150,000 or less.
What did the GOP get in return? A whopping $70 billion in business tax incentives - far greater than originally contemplated.
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economic stimulus, economy, income tax, tax, tax rebate


