Bush, Congress unveil plan to stimulate the economy

Under an economic stimulus plan agreed upon by Congress and The White House Thursday, taxpayers could soon be eligible for up to $1,200 back.

The tentative deal calls for $150 billion to fund the additional tax rebates and child credits that individuals and families will receive.

Depending on how much income tax they paid, individuals who earned $75,000 or less would be eligible to receive up to $600 back. Families who earned $150,000 or less would get up to $1,200 back, with an additional $300 per child. Those who didn?t pay their taxes, but earned at least $3,000, would also be eligible to get $300 back.

While lawmakers hope that people will spend the money right away to stimulate the economy, some say that they will hold on to the money instead.

"It's a little extra,? said Sue Salegna of Wall Township. ?I'll try to save it. What they really need to help us with is the day-to-day stuff like gas and the tolls."

The plan still has to be voted on by the Senate to go into effect. If passed, taxpayers can expect to start receiving extra money as early as June.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."