Details on Final Stimulus Bill
February 8th, 2008 | by MB |
The House and Senate passed the final version of the stimulus bill only three weeks after President Bush’s initial proposal.
The final plan will cost an estimated $168 billion versus the $150 billion cost of the House plan. The Senate plan included rebates for senior citizens and disabled veterans.
Here’s the final breakdown:
- Most single filers will receive rebates of $600 while couples will receive $1,200, plus $300 per child under the age of 17.
- Rebates will begin to phase out for those with an adjusted gross income of $75,000 for single filers and $150,000 for those filing jointly.
- Anyone with an earned income of at least $3,000 will receive a check for $300.
- Senior citizens drawing Social Security will receive $300, even if they paid no income tax.
Additionally, the stimulus plan will include tax breaks for businesses that will cost an estimated $50 billion. The business benefits include: accelerated deprecation for equipment purchases and the ability for small companies to write off a greater number of expenses.
