Bush, Congress unveil plan to stimulate the economyPosted: Updated:
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.