Washington, D.C. -- “I supported the economic stimulus package passed by the U.S. House and Senate today.  It has been improved from earlier versions by expanding those eligible for immediate tax rebates.  

In this final measure, 20-million senior citizens on Social Security and 250,000 disabled military veterans will qualify for rebate checks.  Most of the tax rebate will go to families who make less than $50-thousand, and it’s phased out for families who make over $300-thousand.  There is also tax relief for the 35-million American families that make too little to pay income taxes, but still pay FICA and other taxes; more than 19 million of them with children. 

The final version of the bill includes provisions that are very important to Hawaii, with our soaring housing costs, aimed at helping people avoid foreclosure on homes.  It increases the size of mortgages insured by FHA, lowers down payments for FHA loans, increases loan limits on single family homes that can be purchased by Freddie Mac and Fannie Mae, and allows homeowners facing default to refinance through FHA.

Our small businesses were included in the stimulus package, which doubles the amount they can deduct for plant and equipment investments made this year and speeds up depreciation, and expands the number of small businesses eligible for the tax relief.

Economists estimate that each dollar of broad-based tax cuts leads to $1.26 in economic growth. Congress will develop a plan of further assistance, which could include extension of unemployment benefits, Food Stamps, state and local assistance and Medicaid.”

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