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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (354751)	1/24/2008 10:35:25 AM
From: Jeff Jordan	Respond to of 436258

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To: Giordano Bruno who wrote (354751)	1/24/2008 10:42:33 AM
From: ldo79	Respond to of 436258

Deal Reached on Tax Rebates for Stimulus Thursday, January 24, 2008 9:27 AM WASHINGTON -- Democratic and Republican congressional leaders reached a tentative deal Thursday on tax rebates of $300 to $1,200 per family and business tax cuts to jolt the slumping economy. Congressional officials close to the negotiations said House Speaker Nancy Pelosi and Republican Leader John Boehner of Ohio reached agreement in principle in a telephone call Thursday morning. The officials, speaking on condition of anonymity, said the two wanted key members of their parties to sign off on the accord before any announcement. The movement came as the White House said agreement seemed imminent. "Our understanding is there is no final deal yet but they are making progress," presidential spokeswoman Dana Perino said early Thursday. Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes. Families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less. Another element of the plan is a package of tax breaks for businesses that could cost as much as $70 billion, far more than had been expected, a senior House aide and a Democratic lobbyist said. The business tax portion would give businesses incentives to invest in plants and equipment, give small businesses more generous expensing rules, and allow businesses suffering losses now to reclaim taxes previously paid. After a key Wednesday night meeting in which the parameters of an agreement were reached, Pelosi and Boehner spoke again Thursday to cement the accord. In the talks, Pelosi pressed to make sure tax relief would find its way into the hands of lower-income earners while Boehner pushed to include upper middle-class couples, according to congressional aides.