Rebate Checks Coming for Middle-Class Earners of $75K or Less
Updated: An emergency measure to jump-start a troubled U.S. economy by mailing $100 billion in rebate checks to middle-class individuals was OK’d today by congressional leaders, putting it on a fast track for approval by the House of Representatives and Senate.
The plan is likely to provide for individuals with annual incomes of less than $75,000 and couples making less than $150,000 to receive checks this summer ranging from $300 to $1,200 (the expected limit for individuals is $600). It is expected to be approved by Congress by Feb. 15, reports the Los Angeles Times.
The proposed legislation also includes $40 billion in tax incentives to encourage businesses to create new jobs, the newspaper notes.
Wall Street Journal (sub. req.): “Congress, Bush Reach Deal on Stimulus Package”
Updated at 3:10 p.m., CST.
