Last night Congressman Randy Neugebauer voted in favor of economic stimulus legislation that will put money back in the pockets of middle class families and provide businesses with incentives to continue creating new jobs. With House passage of this final version of the economic package, President Bush is expected to sign the legislation into law next week.
"Although not perfect, I am optimistic this compromise will provide a needed boost of confidence for our economy," said Neugebauer. "People know how to spend their money better than the federal government. Giving them a little more of their money back in this time of economic uncertainty is the right thing to do. By providing tax incentives to businesses, they will have additional support to create new jobs and help hold unemployment at low levels."
Under the final version of the package, taxpayers will receive a tax rebate of up to $600 for individuals and $1,200 for married couples based on their net income tax liability. Those who have earned income of least $3,000 but do not earn enough to pay income tax will receive $300 for individuals and $600 per couple. The definition of "earned income" now includes Social Security benefits and disability benefits. In addition, all those with children will receive an additional $300 per child. Rebates will begin to phase out for taxpayers with incomes of more than $75,000 for individuals and $150,000 per couple.
"While I believe the strongest signal Congress can send to the economy would be making the 2001 tax relief permanent so Americans are not faced with a massive tax hike after next year, this package does provide help," said Neugebauer. "Congress must also take aggressive action to hold down spending this year so that the federal government continues on the road to a balanced budget rather than going down a road of increasing deficits."
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