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Recovery Rebates and Economic Stimulus for the American People Act of 2008
To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.
This bill, also known as Congress's economic stimulus package, is designed to inject money into the economy through individual tax rebates, business tax incentives and increasing the number of loans the FHA and GSEs are allowed to buy up or insure. It would phase out the tax rebates for individuals with an adjusted gross income above $75,000 and for couples above $150,000. The bill totals $145.9 billion, but the business tax incentives, which encourage investment in FY08, would bring the total cost down to $117.2 billion over ten years.
- Official: To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits. as introduced.
- Short: Economic Stimulus Act of 2008 as enacted.
- Short: Economic Stimulus Act of 2008 as passed senate.
- Short: Recovery Rebates and Economic Stimulus for the American People Act of 2008 as passed house.
- Short: Recovery Rebates and Economic Stimulus for the American People Act of 2008 as introduced.
2/13/2008--Public Law. (This measure has not been amended since it was passed by the Senate on February 7, 2008. The summary of that version is repeated here.)
Economic Stimulus Act of 2008 - Title I: Recovery Rebates and Incentives for Business Investment -
(Sec. 101) Amends the Internal Revenue Code to grant tax rebates of the lesser of net income tax liability or $600 to individual taxpayers ($1,200 for married taxpayers filing joint returns). Allows additional rebates of $300 for each child of an eligible taxpayer.
Provides for a minimum tax rebate of $300 ($600 for married taxpayers filing joint returns) for taxpayers with earned income of at least $3,000. Includes social security retirement benefits and compensation and pension benefits paid to disabled veterans for purposes of determining income eligibility for rebates.
Reduces the amount of such rebates by 5% of the amount that exceeds an adjusted gross income of $75,000 ($150,000 for married taxpayers filing joint returns). Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits:
(1) payment of rebates after December 31, 2008; and
(2) payment of a rebate to a taxpayer without a valid identification number (i.e., social security number). Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands. Provides that the payment of a tax rebate shall not be considered income for purposes of determining eligibility for federal and federally-assisted state benefit programs.
Makes appropriations for FY2008 to implement payment of the tax rebates. Directs the Secretary to submit a plan and quarterly reports to the Senate and House Committees on Appropriations on actual and expected expenditures of appropriated funds.
(Sec. 102) Increases in 2008:
(1) the expensing allowance for depreciable business assets to $250,000; and
(2) the maximum investment phase-out threshold for such expensing allowance to $800,000.
(Sec. 103) Increases to 50% (from 30%) the amount of the adjusted basis of certain depreciable property (e.g., equipment and computer software) that may be claimed as a deductible expense in 2008.
Title II: Housing GSE and FHA Loan Limits -
(Sec. 201) Raises the statutory ceiling on the maximum original principal obligation of a mortgage originated between July 1, 2007, and December 31, 2008, that may be purchased by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Disregards mortgages purchased with the increased ceiling amount for purposes of meeting certain housing goals established under the Housing and Community Development Act of 1992.
Expresses the sense of Congress that Fannie Mae and Freddie Mac should securitize mortgages acquired pursuant to the increased conforming loan limits of this Act if the manner of securitization does not:
(1) impose additional costs for mortgages originated, purchased, or securitized under existing limits; or
(2) interfere with the goal of adding liquidity to the market.
(Sec. 202) Establishes a temporary loan limit increase for FHA-insured mortgages in specified high-cost areas for which a borrower received credit approval by December 31, 2008.
Grants the Secretary of Housing and Urban Development (HUD) discretionary authority to increase loan limits in 2008 based upon the size and location of residences in particular areas. Directs the Secretary to publish the median house prices and mortgage principal obligation limits as revised by this Act not later than 30 days after its enactment. Title III: Emergency Designation - Designates all provisions of this Act as emergency requirements and necessary to meet emergency needs for certain budgetary purposes.
... morehide bill summarySee Full Bill Text
Sponsor
- Rep. Nancy Pelosi [D, CA-8]
- and 15 Co-Sponsors
- Rep. Spencer Bachus [R, AL-6]
- Rep. Xavier Becerra [D, CA-31]
- Rep. Roy Blunt [R, MO-7]
- Rep. John Boehner [R, OH-8]
- Rep. James Clyburn [D, SC-6]
- Rep. Rosa DeLauro [D, CT-3]
- Rep. Rahm Emanuel [D, IL-5]
- Rep. Barney Frank [D, MA-4]
- Rep. Kay Granger [R, TX-12]
- Rep. Steny Hoyer [D, MD-5]
- Rep. John Larson [D, CT-1]
- Rep. James McCrery [R, LA-4]
- Rep. George Miller [D, CA-7]
- Rep. David Obey [D, WI-7]
- Rep. Charles Rangel [D, NY-15]
Amendments
This bill has 35 amendments. See All AmendmentsHide All Amendments
Amendments to H.R.5140
| Number | Status | Purpose |
|---|---|---|
| S.Amdt.3973 | Offered | Amendment information not available. |
| S.Amdt.3974 | Offered | Amendment information not available. |
| S.Amdt.3975 | Offered | Amendment information not available. |
| S.Amdt.3976 | Offered | Amendment information not available. |
| S.Amdt.3978 | Offered | Amendment information not available. |
| S.Amdt.3980 | Offered | Amendment information not available. |
| S.Amdt.3981 | Offered | Amendment information not available. |
| S.Amdt.3982 | Offered | Amendment information not available. |
| S.Amdt.3983 | Withdrawn | Of a perfecting nature. |
| S.Amdt.3984 | Withdrawn | To change the enactment date. |
| S.Amdt.3985 | Withdrawn | To establish the enactment date. |
| S.Amdt.3986 | Offered | To change the enactment date. |
| S.Amdt.3987 | Offered | To change the enactment date. |
| S.Amdt.3989 | Offered | Amendment information not available. |
| S.Amdt.3990 | Offered | Amendment information not available. |
| S.Amdt.3991 | Offered | Amendment information not available. |
| S.Amdt.3992 | Offered | Amendment information not available. |
| S.Amdt.3993 | Offered | Amendment information not available. |
| S.Amdt.3994 | Offered | Amendment information not available. |
| S.Amdt.3995 | Offered | Amendment information not available. |
| S.Amdt.3996 | Offered | Amendment information not available. |
| S.Amdt.3998 | Offered | Amendment information not available. |
| S.Amdt.3999 | Offered | Amendment information not available. |
| S.Amdt.4000 | Offered | Amendment information not available. |
| S.Amdt.4001 | Offered | Amendment information not available. |
| S.Amdt.4002 | Offered | Amendment information not available. |
| S.Amdt.4003 | Offered | Amendment information not available. |
| S.Amdt.4004 | Offered | Amendment information not available. |
| S.Amdt.4005 | Offered | Amendment information not available. |
| S.Amdt.4006 | Offered | Amendment information not available. |
| S.Amdt.4007 | Offered | Amendment information not available. |
| S.Amdt.4008 | Offered | Amendment information not available. |
| S.Amdt.4009 | Offered | Amendment information not available. |
| S.Amdt.4010 | Pass | To revise the eligibility criteria for the 2008 recovery rebates for individuals. |
| S.Amdt.4011 | Offered | Amendment information not available. |
Bill Status
(Close help)
| Introduced |  | Voted on by House | | Voted on by Senate | | Considered By President | | This Bill Has Become Law |
| January 28, 2008 | January 29, 2008 | February 07, 2008 | February 13, 2008 | February 13, 2008 |
Latest Vote
| February 07, 2008Roll call number 42 in the House | |||
| Question: On Agreeing to the Senate Amendment: H R 5140 Recovery Rebates and Economic Stimulus for the American People Act of 2008 | |||
| Required percentage of 'Aye' votes: 1/2 (50%) | Percentage of 'aye' votes: 88% | Result: Passed | |
Democrats Voting 'Aye'
Rep. Neil Abercrombie [D, HI-1]Rep. Gary Ackerman [D, NY-5]
Rep. Thomas Allen [D, ME-1]
Rep. Jason Altmire [D, PA-4]
Rep. Robert Andrews [D, NJ-1]
Rep. Michael Arcuri [D, NY-24]
Rep. Joe Baca [D, CA-43]
Rep. Tammy Baldwin [D, WI-2]
Rep. John Barrow [D, GA-12]
Rep. Melissa Bean [D, IL-8]
Rep. Xavier Becerra [D, CA-31]
Rep. Shelley Berkley [D, NV-1]
Rep. Howard Berman [D, CA-28]
Rep. Sanford Bishop [D, GA-2]
Rep. Timothy Bishop [D, NY-1]
Rep. Earl Blumenauer [D, OR-3]
Rep. Dan Boren [D, OK-2]
Rep. Leonard Boswell [D, IA-3]
Rep. Nancy Boyda [D, KS-2]
Rep. Robert Brady [D, PA-1]
Rep. Bruce Braley [D, IA-1]
Rep. Corrine Brown [D, FL-3]
Rep. George Butterfield [D, NC-1]
Rep. Lois Capps [D, CA-23]
Rep. Michael Capuano [D, MA-8]
Rep. Dennis Cardoza [D, CA-18]
Rep. Russ Carnahan [D, MO-3]
Rep. Christopher Carney [D, PA-10]
Rep. Kathy Castor [D, FL-11]
Rep. Ben Chandler [D, KY-6]
Rep. Yvette Clarke [D, NY-11]
Rep. William Clay [D, MO-1]
Rep. Emanuel Cleaver [D, MO-5]
Rep. James Clyburn [D, SC-6]
Rep. Steve Cohen [D, TN-9]
Rep. John Conyers [D, MI-14]
Rep. Jim Costa [D, CA-20]
Rep. Jerry Costello [D, IL-12]
Rep. Joe Courtney [D, CT-2]
Rep. Joseph Crowley [D, NY-7]
Rep. Henry Cuellar [D, TX-28]
Rep. Elijah Cummings [D, MD-7]
Rep. Artur Davis [D, AL-7]
Rep. Danny Davis [D, IL-7]
Rep. Lincoln Davis [D, TN-4]
Rep. Susan Davis [D, CA-53]
Rep. Peter DeFazio [D, OR-4]
Rep. Diana DeGette [D, CO-1]
Rep. William Delahunt [D, MA-10]
Rep. Rosa DeLauro [D, CT-3]
Rep. Norman Dicks [D, WA-6]
Rep. John Dingell [D, MI-15]
Rep. Lloyd Doggett [D, TX-25]
Rep. Joe Donnelly [D, IN-2]
Rep. Michael Doyle [D, PA-14]
Rep. Thomas Edwards [D, TX-17]
Rep. Keith Ellison [D, MN-5]
Rep. Brad Ellsworth [D, IN-8]
Rep. Rahm Emanuel [D, IL-5]
Rep. Eliot Engel [D, NY-17]
Rep. Anna Eshoo [D, CA-14]
Rep. Bob Etheridge [D, NC-2]
Rep. Chaka Fattah [D, PA-2]
Rep. Bob Filner [D, CA-51]
Rep. Barney Frank [D, MA-4]
Rep. Gabrielle Giffords [D, AZ-8]
Rep. Kirsten Gillibrand [D, NY-20]
Rep. Charles Gonzalez [D, TX-20]
Rep. Barton Gordon [D, TN-6]
Rep. Raymond Green [D, TX-29]
Rep. Al Green [D, TX-9]
Rep. Raul Grijalva [D, AZ-7]
Rep. Luis Gutierrez [D, IL-4]
Rep. John Hall [D, NY-19]
Rep. Phil Hare [D, IL-17]
Rep. Jane Harman [D, CA-36]
Rep. Alcee Hastings [D, FL-23]
Rep. Stephanie Herseth Sandlin [D, SD-0]
Rep. Brian Higgins [D, NY-27]
Rep. Baron Hill [D, IN-9]
Rep. Maurice Hinchey [D, NY-22]
Rep. Rubén Hinojosa [D, TX-15]
Rep. Mazie Hirono [D, HI-2]
Rep. Paul Hodes [D, NH-2]
Rep. Tim Holden [D, PA-17]
Rep. Rush Holt [D, NJ-12]
Rep. Michael Honda [D, CA-15]
Rep. Darlene Hooley [D, OR-5]
Rep. Steny Hoyer [D, MD-5]
Rep. Steve Israel [D, NY-2]
Rep. Jesse Jackson [D, IL-2]
Rep. Sheila Jackson-Lee [D, TX-18]
Rep. William Jefferson [D, LA-2]
Rep. Eddie Johnson [D, TX-30]
Rep. Henry Johnson [D, GA-4]
Rep. Stephanie Jones [D, OH-11]
Rep. Steve Kagen [D, WI-8]
Rep. Paul Kanjorski [D, PA-11]
Rep. Marcy Kaptur [D, OH-9]
Rep. Patrick Kennedy [D, RI-1]
Rep. Dale Kildee [D, MI-5]
Rep. Carolyn Kilpatrick [D, MI-13]
Rep. Ronald Kind [D, WI-3]
Rep. Ron Klein [D, FL-22]
Rep. Dennis Kucinich [D, OH-10]
Rep. Nicholas Lampson [D, TX-22]
Rep. James Langevin [D, RI-2]
Rep. Rick Larsen [D, WA-2]
Rep. John Larson [D, CT-1]
Rep. Barbara Lee [D, CA-9]
Rep. Sander Levin [D, MI-12]
Rep. John Lewis [D, GA-5]
Rep. Daniel Lipinski [D, IL-3]
Rep. David Loebsack [D, IA-2]
Rep. Zoe Lofgren [D, CA-16]
Rep. Stephen Lynch [D, MA-9]
Rep. Tim Mahoney [D, FL-16]
Rep. Carolyn Maloney [D, NY-14]
Rep. Edward Markey [D, MA-7]
Rep. James Marshall [D, GA-8]
Rep. Jim Matheson [D, UT-2]
Rep. Doris Matsui [D, CA-5]
Rep. Carolyn McCarthy [D, NY-4]
Rep. Betty McCollum [D, MN-4]
Rep. James McDermott [D, WA-7]
Rep. James McGovern [D, MA-3]
Rep. Mike McIntyre [D, NC-7]
Rep. Jerry McNerney [D, CA-11]
Rep. Michael McNulty [D, NY-21]
Rep. Kendrick Meek [D, FL-17]
Rep. Gregory Meeks [D, NY-6]
Rep. Charles Melancon [D, LA-3]
Rep. Michael Michaud [D, ME-2]
Rep. George Miller [D, CA-7]
Rep. R. Bradley Miller [D, NC-13]
Rep. Harry Mitchell [D, AZ-5]
Rep. Alan Mollohan [D, WV-1]
Rep. Dennis Moore [D, KS-3]
Rep. Gwen Moore [D, WI-4]
Rep. James Moran [D, VA-8]
Rep. Christopher Murphy [D, CT-5]
Rep. Patrick Murphy [D, PA-8]
Rep. John Murtha [D, PA-12]
Rep. Jerrold Nadler [D, NY-8]
Rep. Grace Napolitano [D, CA-38]
Rep. Richard Neal [D, MA-2]
Rep. James Oberstar [D, MN-8]
Rep. David Obey [D, WI-7]
Rep. John Olver [D, MA-1]
Rep. Solomon Ortiz [D, TX-27]
Rep. Frank Pallone [D, NJ-6]
Rep. William Pascrell [D, NJ-8]
Rep. Edward Pastor [D, AZ-4]
Rep. Donald Payne [D, NJ-10]
Rep. Nancy Pelosi [D, CA-8]
Rep. Ed Perlmutter [D, CO-7]
Rep. Earl Pomeroy [D, ND-0]
Rep. David Price [D, NC-4]
Rep. Nick Rahall [D, WV-3]
Rep. Charles Rangel [D, NY-15]
Rep. Silvestre Reyes [D, TX-16]
Rep. Laura Richardson [D, CA-37]
Rep. Ciro Rodriguez [D, TX-23]
Rep. Mike Ross [D, AR-4]
Rep. Steven Rothman [D, NJ-9]
Rep. Lucille Roybal-Allard [D, CA-34]
Rep. Bobby Rush [D, IL-1]
Rep. Timothy Ryan [D, OH-17]
Rep. John Salazar [D, CO-3]
Rep. Linda Sanchez [D, CA-39]
Rep. John Sarbanes [D, MD-3]
Rep. Janice Schakowsky [D, IL-9]
Rep. Adam Schiff [D, CA-29]
Rep. Allyson Schwartz [D, PA-13]
Rep. David Scott [D, GA-13]
Rep. Robert Scott [D, VA-3]
Rep. José Serrano [D, NY-16]
Rep. Joe Sestak [D, PA-7]
Rep. Carol Shea-Porter [D, NH-1]
Rep. Brad Sherman [D, CA-27]
Rep. Heath Shuler [D, NC-11]
Rep. Albio Sires [D, NJ-13]
Rep. Ike Skelton [D, MO-4]
Rep. Louise Slaughter [D, NY-28]
Rep. Victor Snyder [D, AR-2]
Rep. Hilda Solis [D, CA-32]
Rep. Zackary Space [D, OH-18]
Rep. John Spratt [D, SC-5]
Rep. Fortney Stark [D, CA-13]
Rep. Bart Stupak [D, MI-1]
Rep. Betty Sutton [D, OH-13]
Rep. Ellen Tauscher [D, CA-10]
Rep. Bennie Thompson [D, MS-2]
Rep. C. Michael Thompson [D, CA-1]
Rep. John Tierney [D, MA-6]
Rep. Edolphus Towns [D, NY-10]
Rep. Niki Tsongas [D, MA-5]
Rep. Mark Udall [D, CO-2]
Rep. Tom Udall [D, NM-3]
Rep. Christopher Van Hollen [D, MD-8]
Rep. Nydia Velazquez [D, NY-12]
Rep. Peter Visclosky [D, IN-1]
Rep. Timothy Walz [D, MN-1]
Rep. Debbie Wasserman Schultz [D, FL-20]
Rep. Maxine Waters [D, CA-35]
Rep. Diane Watson [D, CA-33]
Rep. Melvin Watt [D, NC-12]
Rep. Henry Waxman [D, CA-30]
Rep. Anthony Weiner [D, NY-9]
Rep. Peter Welch [D, VT-0]
Rep. Robert Wexler [D, FL-19]
Rep. Charles Wilson [D, OH-6]
Rep. David Wu [D, OR-1]
Rep. Albert Wynn [D, MD-4]
Rep. John Yarmuth [D, KY-3]
Republicans Voting 'Aye'
Rep. Robert Aderholt [R, AL-4]Rep. W. Todd Akin [R, MO-2]
Rep. Rodney Alexander [R, LA-5]
Rep. Michele Bachmann [R, MN-6]
Rep. Spencer Bachus [R, AL-6]
Rep. James Barrett [R, SC-3]
Rep. Roscoe Bartlett [R, MD-6]
Rep. Joe Barton [R, TX-6]
Rep. Judy Biggert [R, IL-13]
Rep. Brian Bilbray [R, CA-50]
Rep. Gus Bilirakis [R, FL-9]
Rep. Rob Bishop [R, UT-1]
Rep. Marsha Blackburn [R, TN-7]
Rep. Roy Blunt [R, MO-7]
Rep. John Boehner [R, OH-8]
Rep. Jo Bonner [R, AL-1]
Rep. Mary Bono Mack [R, CA-45]
Rep. John Boozman [R, AR-3]
Rep. Charles Boustany [R, LA-7]
Rep. Kevin Brady [R, TX-8]
Rep. Henry Brown [R, SC-1]
Rep. Virginia Brown-Waite [R, FL-5]
Rep. Vern Buchanan [R, FL-13]
Rep. Dan Burton [R, IN-5]
Rep. Stephen Buyer [R, IN-4]
Rep. Ken Calvert [R, CA-44]
Rep. David Camp [R, MI-4]
Rep. Christopher Cannon [R, UT-3]
Rep. Eric Cantor [R, VA-7]
Rep. Shelley Capito [R, WV-2]
Rep. John Carter [R, TX-31]
Rep. Michael Castle [R, DE-0]
Rep. Steven Chabot [R, OH-1]
Rep. Tom Cole [R, OK-4]
Rep. K. Michael Conaway [R, TX-11]
Rep. Ander Crenshaw [R, FL-4]
Rep. John Culberson [R, TX-7]
Rep. Geoff Davis [R, KY-4]
Rep. David Davis [R, TN-1]
Rep. Charles Dent [R, PA-15]
Rep. Lincoln Diaz-Balart [R, FL-21]
Rep. Mario Diaz-Balart [R, FL-25]
Rep. John Doolittle [R, CA-4]
Rep. Thelma Drake [R, VA-2]
Rep. David Dreier [R, CA-26]
Rep. Vernon Ehlers [R, MI-3]
Rep. Jo Ann Emerson [R, MO-8]
Rep. Philip English [R, PA-3]
Rep. Mary Fallin [R, OK-5]
Rep. Tom Feeney [R, FL-24]
Rep. Michael Ferguson [R, NJ-7]
Rep. Vito Fossella [R, NY-13]
Rep. Virginia Foxx [R, NC-5]
Rep. Trent Franks [R, AZ-2]
Rep. Rodney Frelinghuysen [R, NJ-11]
Rep. Elton Gallegly [R, CA-24]
Rep. Jim Gerlach [R, PA-6]
Rep. Wayne Gilchrest [R, MD-1]
Rep. Robert Goodlatte [R, VA-6]
Rep. Kay Granger [R, TX-12]
Rep. Samuel Graves [R, MO-6]
Rep. Ralph Hall [R, TX-4]
Rep. Doc Hastings [R, WA-4]
Rep. Robin Hayes [R, NC-8]
Rep. Dean Heller [R, NV-2]
Rep. Jeb Hensarling [R, TX-5]
Rep. Walter Herger [R, CA-2]
Rep. David Hobson [R, OH-7]
Rep. Peter Hoekstra [R, MI-2]
Rep. Kenny Hulshof [R, MO-9]
Rep. Bob Inglis [R, SC-4]
Rep. Darrell Issa [R, CA-49]
Rep. Samuel Johnson [R, TX-3]
Rep. Timothy Johnson [R, IL-15]
Rep. Walter Jones [R, NC-3]
Rep. Jim Jordan [R, OH-4]
Rep. Ric Keller [R, FL-8]
Rep. Peter King [R, NY-3]
Rep. Steve King [R, IA-5]
Rep. Mark Kirk [R, IL-10]
Rep. John Kline [R, MN-2]
Rep. Joseph Knollenberg [R, MI-9]
Rep. John Kuhl [R, NY-29]
Rep. Ray LaHood [R, IL-18]
Rep. Doug Lamborn [R, CO-5]
Rep. Thomas Latham [R, IA-4]
Rep. Steven LaTourette [R, OH-14]
Rep. Robert Latta [R, OH-5]
Rep. Jerry Lewis [R, CA-41]
Rep. Ron Lewis [R, KY-2]
Rep. Frank LoBiondo [R, NJ-2]
Rep. Frank Lucas [R, OK-3]
Rep. Connie Mack [R, FL-14]
Rep. Donald Manzullo [R, IL-16]
Rep. Kenny Marchant [R, TX-24]
Rep. Kevin McCarthy [R, CA-22]
Rep. Michael McCaul [R, TX-10]
Rep. Thaddeus McCotter [R, MI-11]
Rep. James McCrery [R, LA-4]
Rep. Patrick Mchenry [R, NC-10]
Rep. John McHugh [R, NY-23]
Rep. Howard McKeon [R, CA-25]
Rep. Cathy McMorris Rodgers [R, WA-5]
Rep. John Mica [R, FL-7]
Rep. Candice Miller [R, MI-10]
Rep. Gary Miller [R, CA-42]
Rep. Jeff Miller [R, FL-1]
Rep. Tim Murphy [R, PA-18]
Rep. Marilyn Musgrave [R, CO-4]
Rep. Sue Myrick [R, NC-9]
Rep. Randy Neugebauer [R, TX-19]
Rep. Devin Nunes [R, CA-21]
Rep. Steven Pearce [R, NM-2]
Rep. Mike Pence [R, IN-6]
Rep. John Peterson [R, PA-5]
Rep. Thomas Petri [R, WI-6]
Rep. Charles Pickering [R, MS-3]
Rep. Todd Platts [R, PA-19]
Rep. Deborah Pryce [R, OH-15]
Rep. Adam Putnam [R, FL-12]
Rep. George Radanovich [R, CA-19]
Rep. James Ramstad [R, MN-3]
Rep. Ralph Regula [R, OH-16]
Rep. Dennis Rehberg [R, MT-0]
Rep. Dave Reichert [R, WA-8]
Rep. Rick Renzi [R, AZ-1]
Rep. Thomas Reynolds [R, NY-26]
Rep. Harold Rogers [R, KY-5]
Rep. Michael Rogers [R, AL-3]
Rep. Michael Rogers [R, MI-8]
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Comments
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Displaying 1-30 of 77 total comments.
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How is it rewarding people with no job? I have a job (well paying for the area) and I would still get a rebate. Don't get me wrong, I don't think this scheme will work, but your comment doesn't make any sense.
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So, you and Pelosi don't think seniors on social security contribute to the economy ? A "Nay" for you in the next election.
pushing up the mortgages limits is a very good move...should send a lot of idle buyers off the fence and allow them the right tools to secure a fixed rate mortgage at a low rate...hope it makes it through...
Anonymous single mom. Do the math! $1500 is nothing to sneeze at unless you make over, say, $100,000 per year. Pay some bills, buy something you need but couldn't afford. If you are really tight on money, well, you don't need my help...
Kwitchersnivling!
Rockman in Illinois
True! $1500 is like 3-4 months of car payments or groceries! I don't think this will stimulate the economy but it will do some good to keep familys afloat that are struggling.
Billy Azlin: You've got to be kiddiing. People dont avoid work because there is an outside chance that, sometime in the next 100 years, the govt might give them $600/$1200 etc., ONE TIME! You give Libertarians everywhere a bad name!
Rockman (Sanford Slabaugh) in Illinois
I just don't think this is going to do much for the economy. While I can certainly use the $1200 (or whatever it will turn out to be), I, like most people, am not going to be putting it back into the economy by going out and spending it. It will go towards my bills.
In a survey done by my local news station, something like 60% of those polled said that they will use it on bills. Another 15% will invest it, with only the remaining 25% spending it. How is this going to help the economy? I realize it will provide immediate help to individuals, but as a whole, this won't fix anything.
MRihel,
As far as I know, paying bills IS putting money into the economy. There's not some separate bin for bills that doesn't get taxed. Correct me if I'm wrong here...
Paying Bills IS NOT putting money into the economy, especially if that money is past due. If that BILL is a car payment, or mortgage or other secured debt, then that money was already spent, it's repayment. The bank makes their portion of interest, but the banks are being shorted on so many notes right now, it's not enough to bring all the bad debt current. ALL BAD DEBT BEING BROUGHT CURRENT IS WHAT WILL STIMULATE THE ECONOMY. It is NOT the government's responsibility to pay anyone's bills. The only way this money becomes a economy boost is if it creates profit. A large majority of American's are paying "what they can afford" and neglecting "what they can't". They only way this STIMULATES anything is if EVERYONE uses it to purchase something new, and if the company the purchase it from gets a profit after they write off all their bad debt!
Is there any way we can view the specifics of the $40 billion Senate Finance Committee amendment? I'd really like to know who or what companies will benefit from any earmarks. Surely this is not secret, right?
"spend it on bills"? Does it mean if they did not get the rebate, the bills would stay unpaid? 60% of americans just would not pay their bills? I don't think so. "I will spend it on bills" just means "i am no going to go out, and get myself some special treat with this money, but will just use it as an addition to my budget". Yes, it will help the economy. And so will those 15% that get invested (when you invest your money, the companies you invest it in puts it to use ... well ... at least in theory)
Yes $1200 doesn't sound like a lot. By multiply that by a hundred million or so people who are going to get the rebate...
My husband and I are planning to purchase a home in San Diego. We are trying to understand whether or not the stimulus package will help us. From how I read the bill the conforming loan cap will increase to 125% of the median home price for a given metropolitan area. However, the median home prices seem so variable. Does anyone know a link to a website with the actual median home prices that will be used to determine the conforming rate limit in San Diego? Any help would be appreciated.
The point some people are missing is that this is NOT free money. The amount you receive will be deducted from whatever overpayment/refund you expect to receive after filing your 2008 taxes. So if you usually get $1000 back at the end of the year you can kiss that goodbye. Up your deductions now if you owe, you'll owe that much more next year. Essentially this is an advance on your anticipated refund for next year. Personally I'd rather wait!
Personally you'd rather wait.....hmmm you are in control of how much money the government taxes you by how much you claim. You are certainly allowed to take what you want on your income and pay the taxes due at the end of the year. If you claim 0 on your w-4 then you allow the government to invest your surplus and gain the interest off of it. So if you sincerely believe that it's better to let the government use your money and make interest on it and not you, that is the problem with this Country...people not understanding how money, taxes, and investing work.
I believe this extra refund will only be taxable to us in 2008. It would pointless to give us the money early and then take it back...how will that exactly boost the economy? So yeah, my understanding is we have to claim it as income on our personal return in 2008.
how does this help the person who is drawing ss disability who workeed all there lives we do still count too and so do the senior citizens who also payed in for many years?
No, no, you got it backwards.
The money is free, of course. Not even taxable.
The bottom line is, that if you are eligible, you'll pay $600 (or whatever your amount is) less taxes in 2008 than you otherwise would, and moreover, they are going to send you the check earlier.
Yeah, I was thinking about this more and if this is truly a CREDIT to us then it will not be taxable (like the phone excise tax credit last year...or any other credit you qualify for). But what you are saying is we will receive $600 in the summer and also pay $600 less taxes in 2008 (essentially receive a $600 credit on 2008 return)? Now that doesn't really make sense b/c then I essentially got $1,200 in credits.
That varies State to State. Some states require you to count a refund and income because it's money you earned but were not taxed on. This money deducts from your taxable liability, you will pay taxes on what you "get back" but the liability you owed was reduced.
Yes, but this is for state refunds…you receive a 1099 – G I believe when you receive a refund from the state. The refund is included in your AGI and the state taxes paid by you are included as a Schedule A item (itemized deduction). The refund/credit we are receiving in the summer is from the federal government…not from the state.
Hi Anonymouses, thanks for the useful insights here.
From reading the bill, my understanding is that the rebates are coming to us as advances on a one-year tax cut (reducing the 10 percent bracket to zero), which will be figured when we file in 2008. It'll be like a federal tax refund -- not deductible and not taxable as income.
http://www.opencongress.org/articles/view/418-Stimulus-Bill-Misconceptions
p.s. why not register an account and post your comments under a username so the conversation is easier to follow..
Thanks for the link to that article donny shaw.
Haha, this is true. The anonymous conversations are probably pretty hard to follow :) Should have used a nickname to sign off on all my comments. If I register it's just one more thing to keep up with and I already waste enough time on message boards, etc. :)
-MLA
No, it's there other way around. If you receive a refund from state, it may be taxable for the federal purposes next year. That happens if you itemize deductions on your federal return, and deduct the state tax. If then you receive the refund, it means you deducted too much, so, you have to add it back next year. Federal refunds are never taxable.
Ahhh, it makes better sense when you explain it. But yep, that is the point I was trying to get across...and that fed refunds are never taxable.
Does this mean that people on SSI do not qualify for the rebate?
OK, forgive me. I get the gist of your comment now. You are saying that the $600 is a credit to our 2008 return we are just receiving the money early.
It's still early :)
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