By The Associated Press
January 25, 2008
Congressional leaders have reached a deal with the White house
on a bipartisan economic stimulus package that is expected
to move swiftly through Congress and give most tax filers rebates
of $600 to $1,200.
WHAT'S IN
- Tax rebates: Checks of at least $300 for almost everyone
earning a paycheck, including low-income earners who make too
little to pay income taxes, so long as they earned at least
$3,000 in 2007. Families with children would receive an additional
$300 per child, while those paying income taxes could receive
higher rebates. The full rebate would be limited to individuals
earning $75,000 or less and couples with incomes of $150,000
or less, but a partial rebate would go to individuals earning
up to $87,000 and couples earning up to $174,000. The caps
are higher for people with children.
- Business tax write-offs: Spurring business investments
with so-called bonus depreciation and more generous expensing
rules.
_Housing rescue: Allow more subprime mortgage holders to refinance
into federally insured loans by raising the limit on Federal
Housing Administration loans from $362,790 to as high as $729,750
in expensive areas. Increase the availability of mortgages
by providing a one-year boost to the cap on loans Fannie Mae
and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost
markets.
WHAT'S OUT
- Permanent tax cuts: Republicans conceded that their top
priority would have to be left out.
- Unemployment insurance: Democrats wanted to extend benefits
past 26 weeks.
- Food stamps: A boost for benefits.
- Medicaid: Democrats gave up on including Medicaid payments
to states.
- Low-income heating subsidies: Democrats are surrendering
the fight to include them.
- Infrastructure spending: Spending on transportation or
repair projects already under way is off the table.
- Republicans dropped their proposal to let businesses suffering
losses now reclaim taxes previously paid.
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