Tax Rebate deal reached

C

Chapdog

Abreast of the situations
WASHINGTON (AP) - Democratic and Republican congressional leaders reached a tentative deal Thursday on tax rebates of $300 to $1,200 per family and business tax cuts to jolt the slumping economy.

Congressional officials close to the negotiations said House Speaker Nancy Pelosi and Republican Leader John Boehner of Ohio reached agreement in principle in a telephone call Thursday morning.

The officials, speaking on condition of anonymity, said the two wanted key members of their parties to sign off on the accord before any announcement.

The accord came as the White House said Thursday an agreement was imminent.

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.

Families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.
 
this news artical has different totals:

WASHINGTON (CNN) -- American taxpayers would get checks of several hundred dollars from the government under a plan to stimulate the economy, sources said Thursday.
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Treasury Secretary Henry Paulson is the administration's point person for the economic stimulus plan.

Congressional leaders of both parties were still talking with their membership to sell the plan, sources said.

Sources on Capitol Hill and at the Treasury Department said congressional and White House negotiators agreed upon checks of $600 per individual and $1,200 per couple.

A Democratic aide and a Republican aide said there will be an additional amount per child, which could be in the neighborhood of $300.

Checks could be in taxpayers' mailboxes by June, according to an Associated Press report.

The numbers must still be analyzed by the Treasury Department to see what the total price tag of the stimulus package would be, sources said.

To get to the agreement, Democrats dropped calls for increases in food stamps and an extension of unemployment compensation. Republicans agreed to allow people who pay Social Security taxes but not income taxes to get the checks, sources said.

An announcement on the plan could come Thursday afternoon, the two sources said.

Aides in both parties said Treasury Secretary Henry Paulson has been working aggressively in recent days as he tries to make progress before House Republicans head out of Washington for a legislative retreat at the end of the week.

To win over conservatives, the package also is slated to include business tax breaks, according to officials in both parties.

The stimulus package also may face resistance from fiscal conservatives in both parties over worries that it would increase the federal debt. The talks are occurring as auditors report that the federal deficit -- the difference between what the government takes in and what it spends -- is increasing.
 
Chapdog said:
hope they dont cap it at 150K. that would suck balls.
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I don't have a big issue with that.

Groups in the income levels below that are more likely to spend it when they get it, which is the purpose. While I agree that $150K isn't wealthy, it's a level that most people have a decent discretionary budget anyway...
 
Onceler said:
I don't have a big issue with that.

Groups in the income levels below that are more likely to spend it when they get it, which is the purpose. While I agree that $150K isn't wealthy, it's a level that most people have a decent discretionary budget anyway...
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sucks for say a couple in New York city who makes 155K per year.
 
I got so excited about this for a minute, then I read the income limitations.

Now I'm officially against this.
 
LadyT said:
I got so excited about this for a minute, then I read the income limitations.

Now I'm officially against this.
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Yeah, who cares if the economy overall rebounds as a result of the stimulus package (it won't), as long as I am not getting a check I don't want anything done.
 
And? They didn't pay any taxes..therefore they've been living off of Society's kindness and don't need any more extra help.

EDIT: that was directed at Dungheap...apparently my browser took a while to post it.
 
Edwards had a much better recovery plan, I thought. People on the verge of losing their homes, and there are millions, aren’t going to be helped by this. And whatever temporary “stimuli” it gives to consumer spending won’t be enough in the long term. This is just a band-aid on a gunshot wound.
 
Chapdog said:
sucks for say a couple in New York city who makes 155K per year.
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Not if they work for a company or run a business that relies on consumer spending.

You have to consider the intent of this measure. It hardly "sucks" for anyone at a $150K plus income level.
 
LadyT said:
I got so excited about this for a minute, then I read the income limitations.

Now I'm officially against this.
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yah its a pisser huh.. well basically the way i look at it is i have a case for pulling more via crafty deductions for my tax return now. fuck this selective tax reduction crap.
 
I agree they don't deserve it that's just the politics of the situation. The idea of a Free Lunch stimilus is retarded. Let's create more debt and more pressure on the dollar so it can look like we did something.
 
Onceler said:
Not if they work for a company or run a business that relies on consumer spending.

You have to consider the intent of this measure. It hardly "sucks" for anyone at a $150K plus income level.
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yeah it does. You'd have just missed out on a free $1200.
 
gonzojournals said:
And? They didn't pay any taxes..therefore they've been living off of Society's kindness and don't need any more extra help.

EDIT: that was directed at Dungheap...apparently my browser took a while to post it.
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The point of the checks is not to provide anyone any extra help. The point of the checks is to provide the economy with some extra help by giving people that will spend money money to spend.
 
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