Stimulus Package: Update February 7, 2008Posted by pf in Expenses and Savings.
Tags: 2008, bush, calculate stimulus package, fed, Paulson, stimulus package, stimulus package for gross or net income, stimulus package income phase out, who will receive stimulus package
Congress finally passed the emergency stimulus plan today after the Senate ended their demands for extended jobless benefits, heating aid for the poor, and tax breaks for the home building and energy industries. In return, however, they did receive additional benefits for the elderly and disabled veterans.
Overall, the core of the plan remains the same as outlined in my earlier post on the proposed Stimulus Package.
Here is a quick summary:
The following are based upon 2007 Adjusted Gross Income (important).
1. Individuals earning up to $75,000 will get $600
2. Couples earning up to $150,000 will get $1,200
3. Families with children will get an additional $300 per child
4. Workers who make at least $3,000, but do not otherwise file a tax return, would receive $300
The package will have an income phase-out:1. Individuals earning between $75,000 and $87,000 will receive a partial amount
2. Couples earning between $150,000 and $174,000 will receive a partial amount
3. The phase out will be slightly high for those with children
- Business tax write-offs – depreciation bonus and expanded expensing rules
- Housing help – increased maximum loan amounts for Fannie Mae and Freddie Mac
- Approx 20 million seniors to receive rebate checks
- Approx 250,000 disabled veterans also to receive checks