Congress Reaches Tentative Agreement on Economic Stimulus Package

Jan 24, 2008 by Jeff Robinson

Plan Would Include Tax Rebates, Business Tax Write-Offs

(KCPW News) You may have at least an extra $300 in your pocket after this upcoming tax season, if a tentative tax rebate deal is passed by Congress. Today, congressional leaders from both parties agreed on a plan that would give taxpayers rebates from $300 to $1,200. Democratic Utah Congressman Jim Matheson says this needs to be passed within the next few weeks to avoid a recession.

The tentative plan would also give families an extra $300 per child, and would allow businesses to immediately begin writing off up to 50 percent of capital equipment purchases. Matheson says including both individual tax rebates and business tax write-offs was necessary to get it passed.

Today's agreement was reached when House Speaker Nancy Pelosi agreed to drop increases in food stamp and unemployment benefits. The plan would cost the federal government at least $100 billion. Rebates would only go to people whose income is below $75,000.

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