House Approves Tax Stimulus Package

Written by nickel - 6 Comments

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 - 6 Comments
Filed under: Economy, Taxes
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Comments (scroll down to add your own):

I’m not sure that tax stimulation is a good thing.
Comment by Minimum Wage — Jan 31st 2008 @ 11:27 pm
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!
Comment by MrsMoney — Feb 1st 2008 @ 7:08 am
Well I’m definitely looking forward to receiving and NOT spending my rebate check. In the bank it goes..
Comment by Money Blue Book — Feb 1st 2008 @ 11:22 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
Comment by Ryan S. — Feb 2nd 2008 @ 1:13 pm
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.
Comment by Jay — Feb 5th 2008 @ 7:38 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.
Comment by Debby — Mar 19th 2008 @ 4:17 am