| Free Money |
| By Credit Federal |
Published
01/26/2008
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Financial News
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Free Mad Money from the Government
It's almost too good to be true, and goes against what the government typically preaches. Nonetheless, it's true that the federal govt will give away free money, and is actually encouraging consumers to engage in mad spending instead of saving or paying off bills.
The economic stimulus package is to prevent a recession by granting free money to Americans so they can spend, spend, spend, thus stimulating the economy. Of course, saving or using the free cash to pay debt won't do much good, so the government is hoping Americans will spend it and spend it fast.
About the stimulus package
Congressional leaders have reached an agreement with the White house on a bipartisan economic stimulus package that is expected to move swiftly through Congress and give most tax filers rebates of $600 to $1,200.
What the package includes:
Free tax rebate checks of at least $300 for almost everyone earning a paycheck, including low income earners who make too little to actually pay income taxes if they earned at least $3,000 last year. Families with children would receive an additional $300 per child, while those paying income taxes could receive higher rebates. The full rebate would be limited to individuals earning $75,000 or less and couples with incomes of $150,000 or less, but a partial rebate would go to individuals earning up to $87,000 and couples earning up to $174,000. The caps are higher for people with children.
Business tax write offs to spur business investments with so-called bonus depreciation and more generous expensing rules.
Housing help that will allow more subprime, poor credit mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.
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