Rebate checks could begin arriving in May. The rebates would be based on 2007 tax returns, which are not due until April 15. The legislation would rush rebates — $600 for individuals, $1,200 for couples — to most taxpayers and cut business taxes in hopes of reviving the economy. Individuals making up to $75,000 a year and couples earning up to $150,000 would get the full rebate, with those making more than that getting smaller checks. People who paid no income taxes but earned at least $3,000 — including through Social Security or veterans' disability benefits — would get a $300 rebate. "We believe the stimulus, the way it is targeted, will put money into the hands of those who will spend it immediately, injecting demand into the economy and therefore creating jobs," House Speaker Nancy Pelosi, D-Calif., told colleagues.
Thirty-three Republicans joined 46 Democrats and the Senate's two independents to pass the measure. Sixteen Republican senators voted against the plan. Reid defended his decision to try to pressure Republicans on the larger proposal by offering it as a take-it-or-leave-it proposition along with the rebates for older people and veterans. "I feel very strongly that we did the right thing," Reid said. Democrats said Republicans would pay a political price for their opposition. The more expensive proposal would have extended unemployment for 13 weeks for people whose benefits had run out; added $1 billion in heating aid for the poor; and provided tax breaks for the home-building, renewable energy and coal industries. The measure moved through Congress with remarkable speed amid a series of deflating economic reports. Some Republicans, however, expressed reservations that the rebate checks would help much. Other lawmakers worried about expanding the budget deficit. "We have to remember that every dollar being spent on the stimulus package is being borrowed from our children. And our children's children," said Sen. Judd Gregg, R-N.H., who voted against the bill. President Bush is expected to sign the bill quickly.
1 comment:
you could have just emailed that mom. i don't think it's really blog material. i'm excited though. i heard they won't probablhy be here until may-ish though.
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