House Approves Tax Stimulus Package
Tip It!In case you haven’t heard, the House of Representatives voted earlier this week to approve a $146 billion economic stimulus package by a 385-35 margin. Over in the Senate, Democrats have been pushing for a more generous plan but apparently don’t have the votes needed to push it through. Assuming they can’t make it happen, they’ll likely settle for the House version.
The key differences between the House and Senate version is that the former includes more restrictive income limits on the tax rebate, and also only allows rebates for people with earned income, thereby freezing out those living on Social Security and/or veteran’s benefits.
In case you’re curious, you can click through to check if you qualify for the House version of the tax rebate.
Published on January 31st, 2008 - 5 Comments
Filed under: Economy, Taxes
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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January 31st, 2008 at 11:27 pm
I’m not sure that tax stimulation is a good thing.
February 1st, 2008 at 7:08 am
I think it is awesome that we are getting more money. I can’t wait to put mine in savings! Thanks for the link to see if I qualify!
February 2nd, 2008 at 1:13 pm
I have to look a bit more at the details to say if it’s a positive move or not. I’m also sure that while I would appreciate even a buck sent my way, how they (we taxpayers) will be able to afford this I don’t know…
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Ryan
February 5th, 2008 at 7:38 am
I to wonder about where the tax “rebate” money is coming from; whether our future or the past already paid. But to be honest, im an American and I can always use an extra $600 or so dollars. I am on the Dave Ramsey plan and on Baby Step 4, saving for retirement. I would plan on using the $600 towards saving up for my $17,000 goal for a new,used car.
Although I to question the ethics of the decision, I will gladly accept $600 extra tax-free dollars.
March 19th, 2008 at 4:17 am
From what I understand, this is not “free” money. The taxpayers are getting a “loan” from their own taxes from next year, and next years’ taxes will be adjusted by the amount they get back or have to pay. Right? Most Americans are going to be surprised come next tax season, when they have to pay back more or get back less than they normally do. Correct me if I’m wrong please.