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Checks Will Be In the Mail |
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With unprecedented
speed, Congress and the White House reached agreement to begin
rushing tax rebates of $600 to $1200 to taxpayers by spring so
they can begin spending the money to stimulate the ailing
economy.
The one-time tax rebate will pump $150 billion into the economy
this year. In the meantime, businesses will get $50 billion in
incentives to invest in new plants and equipment. About
two-third of the tax-relief program will go out in the form of
rebate checks to 117 million families beginning in May. The
rebates will phase out gradually for individuals whose adjusted
income exceeds $75,000 and for couples with incomes above
$150,000.
The bill will go straight to the House floor next week for
consideration. As Treasury Secretary Henry Paulson said, "The
American people are not going to have a lot of patience for
taking time."
We all hope this will be a quick fix for our ailing economy.
1/25/08 Houston |
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