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Senate Economic Stimulus Plan
Old 01-31-2008, 10:23 AM   #1
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Senate Economic Stimulus Plan

Would this include those on SS and SSI ?
Even those who do not have to file tax returns
because they have no taxable income ?




Senate stimulus bill would include seniors, jobless

Flat $500 rebate for any Americans making more than $3,000-a-year

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The definition of qualifying income will include Social Security benefits as well as wages, which should allow more Americans to receive the rebate, Baucus said. Disabled individuals receiving Social Security payments would also be covered.


"My proposal will give America's seniors the same rebate as any wage earner," Baucus said in a written statement.


Both plans would give families an additional $300 per child under age 17.

**

Senate Democrats' stimulus plan would include seniors - MarketWatch
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Old 01-31-2008, 10:25 AM   #2
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It looks as if this may be the friction point between the two sides in reaching agreement:

"Under the Senate plan, however, upper income families and even America's billionnaires would stand to receive a rebate check for $500. Under the House plan, individuals making up to $75,000 a year, or $150,000 as a couple, would qualify for a rebate; after those income levels, the rebates would phase out."
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Old 01-31-2008, 11:13 AM   #3
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January 31, 2008



Senate Panel Sends Stimulus Bill To Floor

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Under pressure from Democrats, Finance Committee Chairman Max Baucus, D-Mont., agreed to phase out eligibility for rebates beginning at $150,000 of adjusted gross income per single filer and $300,000 for couples filing jointly. Those limits are twice those in the House version which costs $117 billion over 10 years.


Unlike the House bill, Baucus' proposal also provides rebate checks to about 20 million low-income retirees dependent on Social Security benefits. "They have worked hard all their lives. They have paid taxes for a lifetime," Baucus said. "The House-passed bill would not give a stimulus check to seniors who were scraping by on Social Security income alone and had no tax liability." Baucus also agreed to a proposal by Sens. Blanche Lincoln, D-Ark., and Olympia Snowe, R-Maine, making about 250,000 veterans on disability benefits eligible for rebates.

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The Gate: Senate Panel Sends Stimulus Bill To Floor (01/31/08
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Old 01-31-2008, 02:20 PM   #4
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Quote:
Originally Posted by Helena View Post
Would this include those on SS and SSI ?
Even those who do not have to file tax returns
because they have no taxable income ?




Senate stimulus bill would include seniors, jobless
Flat $500 rebate for any Americans making more than $3,000-a-year

**


The definition of qualifying income will include Social Security benefits as well as wages, which should allow more Americans to receive the rebate, Baucus said. Disabled individuals receiving Social Security payments would also be covered.


"My proposal will give America's seniors the same rebate as any wage earner," Baucus said in a written statement.


Both plans would give families an additional $300 per child under age 17.

**

Senate Democrats' stimulus plan would include seniors - MarketWatch
If what the government is trying to accomplish is immediate stimulus for the economy, I think this plan would serve its purpose. Unemployed and retired people are sure to spend their check just as soon as its in their mailbox or bank account. I don't see anything wrong with giving low income people money, even it it means my check will be smaller. They need it much more than I do and probably have greater chance of spending it immediately.
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Old 01-31-2008, 03:40 PM   #5
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Senate vote will be postponed to next week so the Democrats
will have enough votes to try to pass it.



January 31, 2008


Reid tweaks Senate schedule so Obama, Clinton can vote on stimulus


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Republicans in the Senate have suddenly turned against the economic stimulus bill now that the Finance Committee has added billions in spending for unemployment, senior citizens and energy tax breaks.


So Senate Majority Leader Harry Reid has decided to wait until he can pull Sens. Barack Obama (D-Ill.) and Hillary Rodham Clinton (D-N.Y.) away from the campaign trail before holding a series of critical votes on the economic stimulus package.


"I will call Obama and Clinton and they will be here," Reid said, noting that the Democratic presidential candidates have "never missed an important vote."


The key votes could come Monday, but Wednesday — the day after Super Tuesday — is the most likely day to convince Obama and Clinton to swing by the Senate for a few votes.


Reid tweaks Senate schedule so Obama, Clinton can vote on stimulus - The Crypt's Blog - Politico.com
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Old 01-31-2008, 04:48 PM   #6
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Quote:
retired people are sure to spend their check just as soon as its in their mailbox or bank account.
Why do you say that?
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Old 01-31-2008, 06:19 PM   #7
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I was referring to "low income" retired people, which is who Senator Baucus is trying to help out. That is, people who didn't make enough money to pay any federal income taxes.
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