Sources told CNN that the deal would pay taxpayers $600 and two-wage-earner households as much as $1,200. A Democratic aide and a Republican aide said the deal will include an additional amount per child amounting to about $300.
The rebates would be made available to individuals earning at least $3,000 a year and no more than $75,000 - or couples earning $150,000 or more, the sources said.
Earlier proposals to increase food stamps and extend unemployment benefits are not part of the agreement
A few comments:
- The minimum income limit is slightly too low. It's important to note that even those that don't pay income tax still pay payroll taxes. I think the rebate should've been a sliding scale based on the payroll tax paid in until the maximum of $300 was reached.
- The maximum wage levels for receiving the rebate is too low. $150k doesn't go as far in some parts of the country as it does in others. If the stimulus is to support the middle class nationwide then I think that should've been raised to somewhere around $250k.
- At this point it's unclear whether the Senate will pass similar legislation. Right now the Senate is currently trying to give telecommunication companies retroactive immunity for helping the Bush administration violate the US Constitution. Shameful...
