Friday, January 25, 2008

George Bush Swan Song- Economic Stimulus Package!

The President put congress on task to create a stimulus package to jumpstart the economy. As great as this package sounds it does leave a small problem....Although I (me) have seen a few problems in the outline I'm going ot post this... check it out... Just remember just because they give us so called "free money.." when have you ever gotten free money... but I digress Please read!

Senate still must OK $150 billion in rebates, incentives
By William Neikirk WASHINGTON BUREAU (Chicago Post)

WASHINGTON - In a rare display of election-year bipartisanship, the Bush administration and House leaders agreed Thursday on a $150 billion economic stimulus package that would send tax rebates to 117 million American families by spring.With a possible recession looming, both sides made concessions that they normally might not have made, acting out of apparent fear over being punished by voters for doing nothing. And they did it swiftly, reaching an accord in less than a week of negotiations.The proposal, which still has to pass muster in the Senate, would send slightly more than $100 billion in rebates to individuals, including many who paid no taxes last year, and provide nearly $50 billion in tax incentives for businesses, chiefly through faster tax write-offs of investments.

Whether it will stimulate the economy is open to question. Much depends on how quickly the money gets into Americans' pockets and to what extent people spend or save the extra few hundred dollars they'll receive from Uncle Sam.The vast majority of taxpayers would receive tax rebates, totaling $600 for individuals and $1,200 for couples, plus another $300 for each child, with no limit on the number of children. Those earning under $75,000 ($150,000 for couples) would receive the full rebates. Rebates would gradually phase out for those earning more than these income limits. (more here)

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