From: Subject: Bipartisan Economic Stimulus Package Date: Fri, 25 Jan 2008 13:48:29 -0500 MIME-Version: 1.0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: http://us.gallerywatch.com/pipefile.asp?type=pdf&sid=AGDOC:29144:docs%2Fnews%2FUS%2Fagdocs%2F29144%5Fipartisan%5Feconomic%5Fstimulus%5Fpac%2Ehtm X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.3198 Bipartisan Economic Stimulus Package

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Bipartisan Economic = Stimulus=20 Package

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Broad-Based Relief = for=20 Individuals ($100 billion)

=B7       =20 Tax Cut for 117 = million=20 Families.=20  This broad-based stimulus package will provide tax relief of = up to=20 $600 per individual $1,200 per a married couple, plus $300 per = child.=20 Rebate checks could be sent as early as May. =

 

=B7       =20 Unprecedented = Stimulus Gives=20 Virtually All People Who Work Tax Relief.  As part of the = individual=20 tax relief, the measure provides $28 billion in tax relief for 35 = million=20 families who work but make too little to pay income taxes -- = families that=20 the President=92s original proposal did not include.  More = than 19=20 million of these are families with children. Everyone who earned = at least=20 $3,000 in 2007 will get at least $300 per single and $600 per = couple, plus=20 the full child tax credit amount of $300.  Economist Mark = Zandi=20 estimates that a tax rebate that include includes low- and = moderate-income=20 working families is 24 percent more effective as stimulus than a = rebate=20 that leaves these families out.

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=B7       =20 Tax=20 Fairness.  Nearly $40 billion of the = rebate will go=20 to families making less than $50,000.  The wealthiest = taxpayers are=20 not eligible for this relief.  Tax relief begins to phase out = above=20 incomes of $75,000 for a single and $150,000 for a married couple. =

 

Jumpstarting the = Economy=20

=B7       =20 Broad-Based Relief = Helps=20 Financially-Pressed Americans, While Putting Money into the=20 Economy.=20  Economists=20 estimate that each dollar of broad tax cuts leads to $1.26 in = economic=20 growth. This package is designed to ward off recession. If the = economy=20 worsens, Congress will develop a plan of further assistance, which = could=20 include Unemployment Insurance, Food Stamps, state and local = assistance=20 and Medicaid.

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Helping Families = Avoid=20 Foreclosure

=B7       =20 FHA Reform/Loans = for=20 Refinancing & Housing Counseling.  The measure expands affordable = mortgage=20 loan opportunities for families at risk of foreclosure through = reform of=20 the Federal Housing Administration.  Among other things, it = includes=20 provisions to lower down payments for FHA loans, increase FHA loan = limits=20 to $729,750, permit more borrowers facing defaults to refinance = through=20 the FHA, and increase funding for housing counseling to $500 = million to=20 help homebuyers who fall behind on their mortgage.=20

 

=B7       =20 One-Year Increase = in GSE=20 Housing Loans.  To enhance credit availability = in the=20 mortgage market, particularly in high-cost areas, a one-year = increase in=20 the loan limits for single family homes from Fannie Mae and = Freddie Mac=20 from $417,000 to $729,750.

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Encouraging Business = Investment=20 (Roughly $5 billion over 10 years) =

=B7           = ;        =20 Small Business=20 Expensing.  The bipartisan plan doubles the = amount=20 small businesses can write off their taxes for new investments = made in=20 2008 from $125,000 to $250,000, and increase the number of small = business=20 that are eligible for this tax relief for small business making up = to=20 $800,000 (from $500,000).

 

=B7           = ;        =20 Bonus=20 Depreciation.  It provides immediate tax = relief for all=20 businesses to invest in new plant and equipment by speeding up = bonus=20 depreciation provisions, so that firms can write off 50 percent = for=20 investments in 2008.=20