Friday, 15 February 2008
 

By a vote of 81-16.

Here's the Senate Finance committee's summary of the bill:

The compromise legislation will provide stimulus checks to most Americans – including seniors living only on Social Security and disabled veterans, as the Senate Finance Committee proposed. Stimulus checks for the survivors of disabled veterans have been added. These Americans are most likely to spend stimulus funds quickly – fulfilling the bill’s goal of boosting consumer spending and the American economy.

Safeguards proposed by the Finance Committee to ensure that illegal immigrants do not obtain rebates or bonus payments for their children remain in the final agreement as well. Income caps have been returned to the House-proposed level of $75,000 for single taxpayers, $150,000 for joint returns.

....

The compromise legislation retains tax relief for American businesses, in the form of enhanced expensing and depreciation provisions for businesses buying equipment and placing it into service this year. This tax relief will encourage businesses to make investments that will enable them to keep growing – and the requirement for investment this year will achieve the stimulus bill’s goal of injecting money into the economy right away.

Final score: $106 billion in anti-recession payments to people; corporations get $45 billion.

Other good stuff for people-unemployment compensation extensions, green energy incentives, home heating aid-is gone.

The business tax breaks will have about as much positive effect on the economy as a massive government plan to raise alpacas (well, actually less; $45 billion buys a lot of alpacas, and the multiplier effects are higher, so ....), but that's conservative economics for you

Bottom line: better than the House bill, and lots better than what the Administration initially proposed, but D's gave away too much, and got too little, to cement this deal.

SummaryStimulusAgreement.pdf (117.44 KB)

The Death Of Network Marketing_V1011.pdf (2.77 MB)