economic stimulus deal

Congress unveils economic stimulus deal

WASHINGTON - Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.
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The package would allow businesses to immediately write off 50 percent of purchases of plants and other capital equipment and permit small businesses to write off additional purchases of equipment. A Republican-written provision to allow businesses suffering losses now to reclaim taxes previously paid was dropped.

Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining the rebates of at least $300 for almost everyone earning a paycheck, including those who make too little to pay income taxes.
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The package was drawing fire from liberal activists and labor unions upset that proposals to extend unemployment insurance and boost food stamps had been dropped. Many Democratic lawmakers had assumed those proposals would make it into the package, and critics of the deal said those ideas could pump money into the economy more quickly than tax rebate checks that won't be delivered until June.

Democrats wanted to extend unemployment benefits for people whose 26 weeks of benefits have run out, but Republicans resisted.

Conservative Republicans, meanwhile, were likely to be restless over tax rebates going to those without income tax liability.

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While free money is always nice, a few hundred bucks won't make a big difference to me personally, but unemployment insurance and food stamps can be a life or death matter to some people and would also make a major difference in the economy.

I'm far from an economist, but this sounds like the priorities are screwy, as usual...

There's a really odd post at Americablog regarding this issue. Whereas i was thinking that i don't need this rebate and it should go to the truly needy, John at Americablog thinks that the $75,000/$150,000 is too low of a cut off point! I'm sorry, but my wife and i don't make $75,000 (the cut off point for a single person!) together and yet we're doing fine, own a house, both have new cars, insurance, etc. No, we don't live extravagantly, but we have everything that we need and plenty of luxuries. If we were making twice as much, we'd be banking most of it. It's true we don't have much in the way of savings, but otherwise, we're doing good. And, we're making more than when we lived in Los Angeles, which has a higher cost of living!

Very much out of character for Americablog...

More on this package from Crooks and Liars. The reason that the truly needy were left off of this package was so that businesses could get yet another tax break! Priorities!