The Associated Press says the deal struck Thursday between congressional leaders and the White House includes:
About two-thirds of the tax relief would go out in rebate checks to 117
million families beginning in May. Businesses would get $50 billion in
incentives to invest in new plants and equipment.
Individual
taxpayers would get up to $600 in rebates, working couples $1,200 and
those with children an additional $300 per child under the agreement.
In a key concession to Democrats, 35 million families who make at least
$3,000 but don't pay taxes would get $300 rebates.
The rebates
would phase out gradually for individuals whose adjusted gross income
exceeds $75,000 and for couples with incomes above $150,000.
Contributions to IRA and 401(k) retirement accounts and health savings
accounts would not count toward the income limit.
Last week, the financial markets were unimpressed with the $800-per-individual proposal that was floating around.
Those who were pressing for extended
unemployment benefits and expanded food stamp help will be upset by this
compromise.
Reporting this story
Go to food banks, jobless centers and small businesses.
The package sounds interesting--but will we be taxed on the...
