Stimulus plan finally approved by the Congress
February 12, 2008
On Thursday February 7, the Congress finally approved the stimulus plan. This move has been aimed at trying to give the randomly deteriorating economy of the country a boost. Now with the plan being passed it would enable as many as 130 million plus houses to get a tax rebate cheque this summer as well as the spring.
The approval of the plan has come only three weeks since President Bush had first proposed the economic stimulus plan having a total budget of $150 billion. Naturally the plan has been approved only after it has received its fair deal of corrections and additions. The senate has this time added rebates for almost twenty millions of seniors and almost 250,000 disabled veterans. The latest plan which was adopted by the house on Thursday night is supposed to cost anywhere around $168 billion in the next two years. The plan will now go to the table of the president for his signature. According to the Deputy Press Secretary of the White House, the measure will reach the White House by next week. Even though the internal revenue service will start their work with immediate effect, the rebate cheques will not reach the houses for at least a few months. This is because the features and privileges mentioned in the plan are many and the implanting of these plans will take a lot of time as well as manpower.
President Bush in one of his statements after the approval of the plan said that the plan that he has come up with will be tough, broad-based, effectively as well as timely. He also mentioned in the statement that the plan was meant to stimulate spending from the part of consumers and to eventually provide the urgently needed investment for various businesses.
Once the plan comes into action the rebates it gives most people are many. For starters, almost all the single taxpayers will receive$600 and the couples will get a total of $1,200 as well as $300 for each child for those who have children under the age of seventeen. The plan also has the provision which enables all citizens who has a total yearly income of $3,000 to receive a $300 rebate. This is also the case for the seniors who have their name mentioned in the Social Security even if they have not paid any income tax. This move has been included in the plan to make sure that the adult citizens of the country are leading a comfortable life. Another feature of the plan is that the rebate phase out begins at an amazing figure of $75,000 for singles and $150,000 for couples. The phase out is applicable only on the adjusted gross income of the incomes. This is again to make sure that the citizens are receiving as many privileges as possible. It also allows the people to save a lot more and then eventually spend a bit more than what they are doing now.
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