Details on Final Stimulus Bill

by MB on February 8, 2008

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.

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