The $350 billion tax cut package should provide substantial tax relief to136 million Americans.
Most middle and upper-class wage earners will see a modest increase in their paycheck by summer's end, because less taxes will be withheld. It also eases the marriage-tax penalty, and offers new breaks for businesses and investors.
The only refund checks will be going out to parents who qualify for a so-called "child credit". As much as $400 per child. While many parents are grateful for the extra cash, some are questioning whether it is the right prescription for an ailing economy.
"It will definitely help the family, but one concern I have is the government giving away money at the same time and racking up huge deficit. There are concerns there. At home, yeah it's a great thing. I don't know if it's a good thing for the whole picture," says Ed Marlin, a Lubbock father of two.
And those concerns are exactly what makes this bill so controversial. In order to pay for it, the federal debt was raised yesterday to $7.4 trillion.