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On the Issues
Economic Stimulus
Earlier this year, Democrats and Republicans came together to pass the Economic Stimulus Act (H.R. 5140), which was intended to boost overall economic activity and thus shorten or prevent a recession. The bill was designed to be a timely, targeted, and temporary measure in order to maximize its stimulative effect while minimizing the potential of eventually depressing the economy through additional debt.
H.R. 5140 provides rebate checks to individuals in the hope they will spend the additional money and help jumpstart the economy; 3.9 million households in North Carolina will receive an average rebate of $872. Workers who made between $3,000 and $75,000 ($150,000 for married couples) last year are eligible to receive rebate checks. Additionally, low-income seniors who live on Social Security, veterans dependent on disability benefits, and survivors of veterans are all eligible for relief. Illegal immigrants, however, are not eligible for the rebates.
Eligible individuals will receive at least a $300 rebate check, while married couples who file taxes jointly will receive at least $600. The maximum rebate is $600 for individuals and $1,200 for married couples. Families with children will receive an additional $300 per child. H.R. 5140 also allows small businesses to deduct from taxes a greater amount than usual for the 2008 tax year, and allows larger businesses to speed up the tax depreciation schedule for equipment and other property in 2008.
H.R. 5140 passed the House by a vote of 380 to 34 and the Senate by a vote of 81 to 16. The legislation was signed into law by the President on February 13. For more information on how to receive a stimulus payment, visit the IRS website at and click on “rebate questions.”
I am hopeful that Congress will follow this stimulus package with additional legislation to extend unemployment and retraining benefits for those who are struggling to find work as a result of the economic downturn. I also believe we should channel more funds into infrastructure, which is a proven way to stimulate the economy while preparing for long-term growth. And I hope Congress can further address the housing crisis with targeted measures to increase the supply of affordable housing and prohibit abusive lending practices.
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