John Thornton
J Cullen wrote:
> FWIW, nothing has been "passed" yet.
>
>
>> John Thornton asked, "Anyone know where I can get a
>> decent precis on the recently passed stimulus
>> package?"
>>
>> --------------
>>
>> [Is the below helpful? -B.]
>>
>>
>>
>> Stimulus package: What's in, what's not
>> By The Associated Press
>> Thu Jan 24, 5:39 PM ET
>>
>> Congressional leaders have reached a deal with the
>> White house on a bipartisan economic stimulus package
>> that is expected to move swiftly through Congress and
>> give most tax filers rebates of $600 to $1,200.
>>
>> WHAT'S IN
>>
>> _Tax rebates: Checks of at least $300 for almost
>> everyone earning a paycheck, including low-income
>> earners who make too little to pay income taxes, so
>> long as they earned at least $3,000 in 2007. Families
>> with children would receive an additional $300 per
>> child, while those paying income taxes could receive
>> higher rebates. The full rebate would be limited to
>> individuals earning $75,000 or less and couples with
>> incomes of $150,000 or less, but a partial rebate
>> would go to individuals earning up to $87,000 and
>> couples earning up to $174,000. The caps are higher
>> for people with children.
>>
>> _Business tax write-offs: Spurring business
>> investments with so-called bonus depreciation and more
>> generous expensing rules.
>>
>> _Housing rescue: Allow more subprime mortgage holders
>> to refinance into federally insured loans by raising
>> the limit on Federal Housing Administration loans from
>> $362,790 to as high as $729,750 in expensive areas.
>> Increase the availability of mortgages by providing a
>> one-year boost to the cap on loans Fannie Mae and
>> Freddie Mac can buy, from $417,000 up to $729,750 in
>> high-cost markets.
>>
>> WHAT'S OUT
>>
>> _Permanent tax cuts: Republicans conceded that their
>> top priority would have to be left out.
>>
>> _Unemployment insurance: Democrats wanted to extend
>> benefits past 26 weeks.
>>
>> _Food stamps: A boost for benefits.
>>
>> _Medicaid: Democrats gave up on including Medicaid
>> payments to states.
>>
>> _Low-income heating subsidies: Democrats are
>> surrendering the fight to include them.
>>
>> _Infrastructure spending: Spending on transportation
>> or repair projects already under way is off the table.
>>
>> _Republicans dropped their proposal to let businesses
>> suffering losses now reclaim taxes previously paid.
>>
>> (This version SUBS 6th graf, Housing rescue ..., to
>> CORRECT current FHA limit to $362,790, sted $362,000.
>> )
>>
>> http://news.yahoo.com/s/ap/20080124/ap_on_go_co/economy_stimulus_glance
>>
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