Graves Applauds Bi-Partisan Stimulus Package

Graves Applauds Bi-Partisan Stimulus Package


U.S. Congressman Sam Graves applauded the bi-partisan stimulus package signed by today by the President. Graves said that the package will help give a needed boost to the economy.

"Our economy works best when people spend their own money," said Graves. "This package will give a much needed boost to our local and national economies."

Those who paid taxes last year on wages or investment income would receive checks of up to $600 for individuals, $1,200 for couples. Payments would phase out beginning with individuals with more than $75,000 in adjusted gross income and couples with more than $150,000. The package includes an additional $300 for each dependent child under age 17.

Individuals who earned at least $3,000 in qualifying income during 2007, but paid little or no income tax, would qualify for checks of $300 for individuals or $600 for couples filing joint tax returns. Qualifying income includes wages, Social Security benefits and payments to disabled veterans or their survivors.

The package also will help give a boost to small businesses. Small businesses would be allowed to write off the entire cost of new investment expenditures up to $250,000. That is almost twice the current expensing limit and it would apply to companies with overall investments of less than $800,000 in 2008.

"We want to make it easier for small businesses to expand and create jobs," said Graves. "Seven out of every 10 jobs created in this country are because of small businesses."

The package also seeks to help ease the nation's sub prime housing crunch. It would boost the size of mortgage loans that the Federal Housing Administration (FHA) could insure and that Fannie Mae and Freddie Mac could purchase.

"The goal is to sustain homeownership, protect consumers and stabilize the marketplace," said Graves.

Individual rebate checks are expected to be issued as early as May.

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