A vote on the President's economic stimulus bill by the US Senate and House that will provide rebate checks and add yet another $167 billion to the national debt while actually providing little relief to the American people. The Democrats made only the smallest of dents by getting the Republicans to agree to $300 rebates for 20 million older retired Americans and 250,000 disabled veterans while dropping demands to extend jobless benefits 13 weeks, offer heating aid for the poor, and give tax breaks to certain industries.
About 111 million Americans who show at least $3,000 in earned income or who pay income tax. Will receive a rebate check for $600 to $1200.
The rebates phase out for individuals earning more than $75,000 and couples earning more than $150,000. Any taxpayer who has children and qualifies for any rebate will receive an additional $300 per child.
The bill also doubles the amount of equipment costs a small business can expense in the first year to $250,000 and allows a 50 percent bonus depreciation for businesses that buy major equipment.