H.R.5140 - 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. view all titles (5)

All Bill Titles

  • Short: Economic Stimulus Act of 2008 as enacted.
  • Short: Recovery Rebates and Economic Stimulus for the American People Act of 2008 as introduced.
  • Short: Recovery Rebates and Economic Stimulus for the American People Act of 2008 as passed house.
  • Short: Economic Stimulus Act of 2008 as passed senate.
  • 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.

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Displaying 1-30 of 78 total comments.

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    mhkid 02/04/2008 7:28am

    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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    Anonymous 02/07/2008 5:41pm
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    + -1

    1100 dollars a month unemployment? You complain about this? I lived in Florida for over 17 years, when I left there (about 10 months ago) I was making less than 960 dollars a month . . . working around 50 hours a week. Don’t complain about sitting on your ass while making more than that.

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    Anonymous 02/12/2008 6:21am

    I agree with you. The idea that the extension of unemployment benefits would just keep people sitting on their laurels with pay is just crazy. My husband is 61 yrs. old.. and has been looking for work since he lost his job in the mortgage business and as you might imagine with no luck. He now has one more week of benefits and than he is out of benefits. I guess this never occurred to those who voted against this extension. So, I agree with you… May then never have to collect unemployment…

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    Anonymous 01/28/2009 5:49am

    Maybe it’s time to get out of the mortgage business.

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    moifrey 02/28/2008 3:30pm

    Anonymous, your attack on mhkid is unwarranted. You’re reading WAY too much into his comment.

    Hiding behind anonymity and hurling insults won’t convince anyone to agree with you, it’s just cowardly and nasty.

  • Anonymous 02/05/2008 6:46am
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    + -1

    WHAT DOES THIS MEAN FOR A SINGKLE MOM WITH 3 KIDS… NOT MUCH?? DO WE EVEN COUNT?

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    Anonymous 03/18/2008 12:20pm

    It’s your fault for becoming a single mother of 3 kids is it not? Exactly. But anyways, from my understanding you receive $300 per child if they comply with the Child Tax portion. So you think opposite. This act helps the parents that have children…

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    Anonymous 04/02/2008 10:07am

    Hey narrow minded A$$HOLE! Not all women who are single mothers are single mothers by choice! There ARE some of us who’s partner or husband are deceased!!! SO SHUT YOUR EFFIN PIE HOLE!!!!

  • Anonymous 02/05/2008 10:47am

    So, you and Pelosi don’t think seniors on social security contribute to the economy ? A “Nay” for you in the next election.

  • Anonymous 02/05/2008 4:38pm

    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 02/06/2008 10:31am

    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

  • Comm_reply
    Anonymous 02/07/2008 7:41am

    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.

  • Anonymous 02/06/2008 10:37am

    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

  • mrihel 02/07/2008 11:30am
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    + -2

    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.

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    McsVT 02/07/2008 1:19pm

    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…

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    Anonymous 02/09/2008 7:10am

    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!

  • Anonymous 02/07/2008 1:40pm

    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?

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    moifrey 02/28/2008 3:37pm

    My understanding is that earmarks are not published in the text of a bill. Rather, they are added to the bill just before it’s voted on.

    Tracing earmarks is a difficult enterprise, but the Seattle Times investigative news team did it for one important bill, which took them weeks and weeks of mind-numbing research effort. But it paid off, because now they have an earmark database. Check it out at http://community.seattletimes.nwsource.com/favorfactory/.

    Look for more communities to follow their lead. Eventually, that information could make its way into sites like OpenCongress, but even when it does, it will be after-the-fact to the bill’s passage. Unless things change, that is, and access to the information could just make that happen.

  • Anonymous 02/07/2008 4:49pm

    “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…

  • Comm_reply
    jallen_007 03/03/2008 4:06pm

    Yhea actually you got it right if your income puts you below poverty level at poverty level, you can pretty much guarantee there are bills not being paid….

    If the rich want to get richer trust it won’t be on my account….and quite frankly….

    I read the article on line titled,
    SENATE PROPOSAL TO ADD UNEMPLOYMENT INSURANCE BENEFITS
    IMPROVES EFFECTIVENESS OF STIMULUS BILL
    By Chad Stone, Sharon Parrott and Martha Coven

    So this all makes sense except the fact that an extension for UI was not included on the stimulus bill that passed in mid February, 2008.
    My question is what is the likely hood of an extension being added as an amendment??? I personally have been interviewing for several different jobs…One job actually called one my references, turns out he was sick for two weeks and by time he called them back, they had already given the job to someone else. I have also run it to the problem of my previous employers and direct supervisor are no longer with the company I worked for 10 – 15 years ago….So I can concur with Alan Greenspan it’s not for the lack of wanting to work….I have a Bachelors degree, up until September 2007 worked for a non-profit organization making between 20,000.00 & 22,000.00 yearly. I didn’t realize just how underpaid I was until reading an article in the local newspaper stating that the average earnings potential for a person with an Bachelors degree was 32,00.00-35,000.00 yearly A high school graduate was at 22,000.00 – 25,000.00 yearly and a high school dropout could earn about 19,000.00 -21,000.00 yearly….. Well it’s no damn wonder I can’t pay my student loans…..I went to school because most jobs that pay a living wage needs a college education….Now that I’m done with school I have friends and family who were dropouts and they make between 5,000.00 – 7,000.00 a year more than I….Until September that is…. when the budgets were cut from the State via the Federal Government, that trickled down to the County level which cut our funding….bye, bye program bye, bye income.

    So I am writing to see what the likely hood of an extension being enacted???

  • Anonymous 02/07/2008 5:26pm

    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.

  • Anonymous 02/08/2008 5:19am
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    + -1

    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!

  • Comm_reply
    Anonymous 02/09/2008 7:15am
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    + -1

    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.

  • Anonymous 02/08/2008 8:40am

    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.

  • Anonymous 02/08/2008 12:25pm

    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?

  • weasel 02/08/2008 4:10pm

    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.

  • Comm_reply
    Anonymous 02/09/2008 4:33am

    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.

  • Comm_reply
    Anonymous 02/09/2008 7:19am

    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.


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