WashingtonWatch.com - P.L. 110-185, The Recovery Rebates and Economic Stimulus for the American People Act of 2008

Comment by Rich W (November 14, 2008, 01:00:00)

Fri, 14 Nov 2008 00:00:00 EST

Of course, if you owe Uncle Sam anything - anything AT ALL - like, for example, a 25 yr. old student loan payment, be prepared for whatever you might get to be applied towards that ancient debt. Stimulus, indeed......

Comment by Penny (November 10, 2008, 01:00:00)

Mon, 10 Nov 2008 00:00:00 EST

I feel that, like the previous stimulus checks that did not do any good, this is a bad idea. I am retired and have lost a great deal in my IRA's and nobody is bailing me or any of the others in the same boat out. I still pay taxes and feel anyone who does not pay Federal Income Tax should not be entitled to a rebate period. Extra money is always nice but not when it has to be borrowed from China or elsewhere....

Comment by Avon Barksdale (July 16, 2008, 01:00:00)

Wed, 16 Jul 2008 00:00:00 EDT

How am I stimulating the economy when the IRS applied my $600 to back taxes that I am not delinquent on? I was audited from 2002 to 2006. I was notified by the IRS via letter in 2006 of this audit and set up a payment plan. I have been paying for over 2yrs now. I do not owe any Federal student loans, and I don't have any kids, so child support is not due either. Today, 07/16/2008 the IRS was incapable of explaining to me why I am not getting my stimulus. They did give me the public law code, and that's it. I would like to know the exact explanation within the bill that states the money sent to me to stimulate the economy is in fact subject to stimulate the IRS instead. Also, an explanation of where this money is coming from would be appreciated. Last I checked the US is in 9-trillion-something dollars in debt to itself???...

Comment by TAMMY (May 8, 2008, 01:00:00)

Thu, 08 May 2008 00:00:00 EDT

WHAT IF I WENT TO H R BLOCK AND HAD MY TAXES DONE HOW LONG WILL IT TAKE ME TO GET MY REBATE CHECK TO ME BECAUSE I FILL THEM REALLY EARLY LIKE THE 2 WEEK WHEN IT CAME OUT...

Comment by llm (April 28, 2008, 01:00:00)

Mon, 28 Apr 2008 00:00:00 EDT

Wow, I can't wait to get my $600 dollars - I can buy gas to get to work for one week!!! or maybe pay my electric bill - how much fun!!!...

Comment by rsw (March 28, 2008, 01:00:00)

Fri, 28 Mar 2008 00:00:00 EDT

Anyone know how someone truly homeless without an address can get the stimulus check?...

Comment by C. J. Lingo (February 25, 2008, 01:00:00)

Mon, 25 Feb 2008 00:00:00 EST

It is amazing that our elected representatives are able to find One Hundred Sixty Eight Billion dollars of "Vote Buying" money but are completely unable to find the Twenty Billion dollars or so that we should be spending annually to restore our United States Air Force aircraft. Almost all of our military aircraft have greatly exceeded their design life. Spending the money on what we need would also stimulate the economy as well as insure that we will be around long enough to enjoy the benefits....

Comment by Gary (February 19, 2008, 01:00:00)

Tue, 19 Feb 2008 00:00:00 EST

jacob looks like paul is out of the pic.. they don't show him he's not a front runner this is bushs' way of covering his butt, we need a democrate in office...

Comment by bonniebleau (February 19, 2008, 01:00:00)

Tue, 19 Feb 2008 00:00:00 EST

Jacob, what a fantastic way to spend this money. I believe I may just do the same thing OR now I have several people (in the Ron Paul fashion), that have also decided to run for office. It might help them get started! Thanks for the idea!...

Comment by bonniebleau (February 19, 2008, 01:00:00)

Tue, 19 Feb 2008 00:00:00 EST

Gary McCain is a fascist Hillary is a socialist Obama is a communist don't believe me check out his churches website and the History of Disporia and Hillary, OMG, all the scandels and dead bodies from the Clinton Administration are piled high. McCain is just a fascist neocon who hopefully is on his meds!...

Comment by Smith (February 19, 2008, 01:00:00)

Tue, 19 Feb 2008 00:00:00 EST

Follow-Up: Learn something about history. The FED is the reason the Great Depression occurred, and it is the reason it will occur again. Bills such as this will not "boost the economy." Most people will save this money or spend it paying bills. Thge reason the economy is going down the drain is because Congress delegated the Constitutional authority to regulate the value of money to a private bank. This is a very foolish thing to do, and it is illegal under the Constitution of our country. This bill does not treat the problems, just the symptoms of the economy. The way to fix this is to return to the standards dictated by the Constitution....

Comment by Smith (February 19, 2008, 01:00:00)

Tue, 19 Feb 2008 00:00:00 EST

McCain is a fascist? Hillary is a socialist? Obama is a communist? Finally, someone else that understands!...

Comment by Molotov (February 19, 2008, 01:00:00)

Tue, 19 Feb 2008 00:00:00 EST

They could have saved the rebate checks, kept the re-fi stipulations and business deductions, and called it good enough for now. But, since it is my money anyway, I will be using it for items built in the USA. In addition, IT'S AN ELECTION YEAR PEOPLE, they have to buy your votes. Just wait for the Dems to take the Presidency. This country will be in even worse shape with all the social plans of the Democrat "SAVIORS". Raise your taxes, raise business taxes, business is "EVIL", jobs cut further, etc etc etc....

Comment by Kathy2 (February 19, 2008, 01:00:00)

Tue, 19 Feb 2008 00:00:00 EST

Maybe they should consider fixing incomes and education and the ridicules cost of health insurance and health care instead of costing the public more money to "give back" money....

Comment by Brian-NJ (February 19, 2008, 01:00:00)

Tue, 19 Feb 2008 00:00:00 EST

Reverse psychology works. The money which everyone assumes is to stimulate the economy will go in the bank by everyone behind in bills and everyone looking to spite. There is no money for lenders to lend, they are getting some from sovereign funds but what better place to get it then get it back from where yo lent it....

Comment by jacob messer (February 15, 2008, 01:00:00)

Fri, 15 Feb 2008 00:00:00 EST

I don't agree with this at all... but what can we do? I'm just sending it to Ron Paul's campaign fund. You want someone to fix the economy and open your eyes people because there is no one as qualified and I dont think anyone's punked Bernake as much as Dr. Paul does....

Comment by Bill (February 14, 2008, 01:00:00)

Thu, 14 Feb 2008 00:00:00 EST

$174,000 is not a lot of money if you live in NYC, have doctorate level loans and recent mortgage and have 5 kids. Im a democrat that just turned Republican on this....

Revision by webmaster (February 14, 2008, 01:00:00)

Thu, 14 Feb 2008 00:00:00 EST

H.R. 5140 would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.

Detailed Summary

(This measure has not been amended since it was passed by the Senate on February 7, 2008. The summary of that version is repeated here.)

Economic Stimulus Act of 2008 - Title I: Recovery Rebates and Incentives for Business Investment - (Sec. 101) Amends the Internal Revenue Code to grant tax rebates of the lesser of net income tax liability or $600 to individual taxpayers ($1,200 for married taxpayers filing joint returns). Allows additional rebates of $300 for each child of an eligible taxpayer.

Provides for a minimum tax rebate of $300 ($600 for married taxpayers filing joint returns) for taxpayers with earned income of at least $3,000. Includes social security retirement benefits and compensation and pension benefits paid to disabled veterans for purposes of determining income eligibility for rebates.

Reduces the amount of such rebates by 5% of the amount that exceeds an adjusted gross income of $75,000 ($150,000 for married taxpayers filing joint returns).

Directs the Secretary of the Treasury to pay tax rebates as rapidly as possible. Prohibits: (1) payment of rebates after December 31, 2008; and (2) payment of a rebate to a taxpayer without a valid identification number (i.e., social security number).

Provides for payment of comparable tax rebates to residents of the Commonwealths of Puerto Rico and the Northern Mariana Islands.

Provides that the payment of a tax rebate shall not be considered income for purposes of determining eligibility for federal and federally-assisted state benefit programs.

Makes appropriations for FY2008 to implement payment of the tax rebates. Directs the Secretary to submit a plan and quarterly reports to the Senate and House Committees on Appropriations on actual and expected expenditures of appropriated funds.

(Sec. 102) Increases in 2008: (1) the expensing allowance for depreciable business assets to $250,000; and (2) the maximum investment phase-out threshold for such expensing allowance to $800,000.

(Sec. 103) Increases to 50% (from 30%) the amount of the adjusted basis of certain depreciable property (e.g., equipment and computer software) that may be claimed as a deductible expense in 2008.

Title II: Housing GSE and FHA Loan Limits - (Sec. 201) Raises the statutory ceiling on the maximum original principal obligation of a mortgage originated between July 1, 2007, and December 31, 2008, that may be purchased by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Disregards mortgages purchased with the increased ceiling amount for purposes of meeting certain housing goals established under the Housing and Community Development Act of 1992.

Expresses the sense of Congress that Fannie Mae and Freddie Mac should securitize mortgages acquired pursuant to the increased conforming loan limits of this Act if the manner of securitization does not: (1) impose additional costs for mortgages originated, purchased, or securitized under existing limits; or (2) interfere with the goal of adding liquidity to the market.

(Sec. 202) Establishes a temporary loan limit increase for FHA-insured mortgages in specified high-cost areas for which a borrower received credit approval by December 31, 2008.

Grants the Secretary of Housing and Urban Development (HUD) discretionary authority to increase loan limits in 2008 based upon the size and location of residences in particular areas.

Directs the Secretary to publish the median house prices and mortgage principal obligation limits as revised by this Act not later than 30 days after its enactment.

Title III: Emergency Designation - Designates all provisions of this Act as emergency requirements and necessary to meet emergency needs for certain budgetary purposes.

Status of the Legislation

Latest Major Action: 2/13/2008: Signed by President.

Points in Favor

This bill will inject nearly 156 billion dollars into the US economy (house version). It isn't designed to give everyone a rebate, just those who statistically will spend it the way it needs to be spent in order to boost the economy.

Points Against

(Log in to edit the wiki and be the first to show why the bill should not pass! If you hate the bill, voice your reasoning here.)

Revision by webmaster (February 13, 2008, 01:00:00)

Wed, 13 Feb 2008 00:00:00 EST