Thursday, January 24, 2008

Stimulus Plan Refunds $600 to $1,200 to Taxpayers

The tax rebates will go to some 117 million Americans. Those individuals who don't make enough to pay income taxes will get rebates of $300. The rebates will start to phase out for those who earn more than $75,000 or for couples who earn more than $150,000. -- Businesses will get tax write-offs that are double what they can take now on new investments, as well as incentives to invest in new equipment. -- Yes. The package would temporarily increase the size of mortgage loans — known as the conforming loan limit — that Fannie Mae and Freddie Mac can purchase: from the current $417,000 to a maximum of $729,750. It would also permanently raise the cap on Federal Housing Administration mortgage loans from $367,000 up to $729,750.

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