January 31, 2008

Senate expands tax benefits

The US Senate Finance Committee passed a 157 billion dollar economic stimulus package that expands tax benefits already agreed by the House of Representatives and the White House. The package, which passed on a bipartisan 14-7 vote, reduces the per-person amount of tax rebates promised in the House bill but extends the rebates to an additional 20 million elderly Americans living on social security benefits and to others with low incomes. It also lengthens unemployment benefits.

The Senate committee move came after the House of Representatives passed a package negotiated with the White House to boost economic growth, which slowed over the last quarter of 2007 to a 0.6 percent annual rate on the back of a deep housing slump.

No comments: