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Thursday, January 31, 2008

Personal Finance QuickTake: Tax Rebate - Senate Version

The Senate version of the stimulus package is too complex and apt to have even more added to it over the coming days. This according to Treasury Secretary Hank Paulson.

The Senate lowers the rebate to $500/$1000 from the House $600/$1200. It does increase the recipient count though buy adding 20 million seniors that were not going to get anything under the House Version. It also raises the maximum income level to $150,000 for individuals and $300,000 for couples.

The interesting thing was that it showed that higher income families were less likely to spend the rebate and to put it into savings...this is opposite of a trickle down theory...It would be interesting to see the data.

Any-who, this still has to go to the floor and be pork-ified as well. Frankly, I believe the only hope to get these by May-July is gone unless they get it done fast. This is because the next step is to get it into committee to hammer out the compromise. The more difference in the bills the longer it will take.

Christmas Cash?

(Photo Reuters)


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