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from Rep. Stephanie Herseth Sandlin HERSETH SANDLIN SUPPORTS ECONOMIC STIMULUS PACKAGE 300,000 WORKING HOUSEHOLDS IN SOUTH DAKOTA WOULD RECEIVE REBATES - PACKAGE PUTS MONEY BACK IN THE HANDS OF THE MIDDLE CLASS; PROVIDES TAX BREAKS FOR SMALL BUSINESSES January 29, 2008, Washington, D.C. – Today, U.S. Rep. Stephanie Herseth Sandlin joined with an overwhelming bipartisan majority to pass an economic stimulus package designed to help prevent an economic downturn. The package includes an average tax rebate of $1,000 for approximately 300,000 working households in South Dakota. Nationwide, this broad-based stimulus package will provide tax relief of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child. Tax rebate checks could be sent as early as mid-May, pending Senate consideration and the President’s signature. Rep. Herseth Sandlin said, “As Americans struggle to afford the sky-rocketing costs of energy bills and health care, I am pleased that House leaders were able to craft a bipartisan economic stimulus package in such short order. It was essential that this package meet the criteria of ‘timely, targeted and temporary,’ and I am optimistic that it will provide a rapid infusion of funds that will help strengthen the economy. Now, the attention turns to the Senate, where it is critical that the package remains streamlined, and free of extraneous or irrelevant provisions that won’t actually help stimulate the economy in the near-term.” The House tax relief package is targeted to put money in the hands of those likely to spend it. Nearly $40 billion of the rebate will go to working Americans making less than $50,000. The wealthiest taxpayers are not eligible for this relief as it begins to phase out above incomes of $75,000 for a single filer and $150,000 for a married couple. The measure provides $28 billion in tax relief for 35 million families who work but make too little to pay income taxes. More than 19 million of these are families with children. Americans who earned at least $3,000 in 2007 will get at least $300 per single and $600 per couple, plus a child tax credit of $300 per child. The stimulus package also benefits businesses by encouraging investment. The package approved by the House today doubles the amount small businesses can immediately write off their taxes for capital investments made in 2008 from $125,000 to $250,000, for purchases of new equipment of up to $800,000 (from $500,000). It also provides immediate tax relief for all businesses to invest in new plants and equipment by speeding up depreciation provisions, so that firms can write off an additional 50 percent for investments purchased in 2008. The legislation passed the House by a vote of 385-35. # # # Congresswoman
Stephanie Herseth Sandlin serves South Dakota in the U.S. House of Representatives.
She is a member of the Blue Dog Coalition, a group of moderate Democrats
committed to fiscal discipline and strong national security, and is
co-chair of the Rural Working Group, which is dedicated to raising the
profile of issues important to rural America. She also serves on three
committees vital to South Dakota’s interests: Agriculture, Veterans’
Affairs and Natural Resources. In the 110th Congress, Rep. Herseth Sandlin
was one of only 15 members appointed to serve on the Select Committee
on Energy Independence and Global Warming. |
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