Looks like a decent way to stimulate the economy without too much governmental "heavy-handedness".
Should the plan go through as it is rumored to stand...
- Tax rebate of $300 to individuals ($600 for married couples), and an additional $300 per child with a cap of $1,200 per family.
- Workers who made more than $3,000 in 2007 are eligible for the rebate.
- Income cap for eligibility is $75,000 for individuals, $150,000 for married couples.
The Democrats were flexible on not extending unemployment benefits for those reaching the 26 week limit and not increasing food stamps, while Republicans were flexible on the minimum income level of eligibility to the point of almost any person earning a paycheck will receive a tax rebate (the original income minimum was much higher in the original Bush proposal). Should the proposal be passed and signed by President Bush, tax rebate checks should arrive in most American mailboxes sometime in June.
Basically, everyone from the working class up to the upper-middle class will benefit from this.
Also part of the Economic Stimulus proposal...
- Fannie Mae and Freddie Mac will be able to buy homes over the current limit of $417,000.
- Tax cuts for businesses, small and large.
For the first time in a while, we're seeing government working together to provide a sensible solution to a major problem...which is "how to stimulate an uncertain economy." I'm glad to see that the Dems went the sensible route, hopefully this sensibility becomes a trend.