• Taxes

    Economic Stimulus Plan Passes

    Accord was reached and the economic stimulus plan has passed. Here's a brass tacks breakdown:

    • Workers making at least $3000 but not paying federal income taxes: $300
    • Income tax paying individuals: $600
    • Working couples: $1200
    • People with children: extra $300 per child
    • Individuals making $87,000 and couples up to $174,000: partial rebates
    • Fannie Mae and Freddie Mac loan purchase limits increased to 725,000, a boost from the $362,000 and $417,000 caps, respectively.
    • Businesses can write off 50% of purchases of capital equipment
    • Small businesses can write off additional equipment purchases
    • Tax rebates deal announced [AP]
      (Photo: EricGjerde)

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