After much anticipation of finding out what the stimulus package may include, an official draft has been published at the House of Representatives Committee on Appropriations. This version estimates $275 billion in economic recovery tax cuts and $550 billion in priority investments. The House Committee on Ways and Means has put together their draft of the $275 billion which has been called the "Making Work Pay" tax credit.
"The bill would cut taxes for more than 95% of working families in the United States. For 2009 and 2010, the bill would provide a refundable tax credit of up to $500 for working individuals and $1,000 for working families. This tax credit would be calculated at a rate of 6.2% of earned income, and would phase out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 for married couples filing jointly). Taxpayers can receive this benefit through a reduction in the amount of income tax that is withheld from their paychecks, or through claiming the credit on their tax returns." - House Committee on Ways and Means.
Check out the documents we have collected (in the box to the right). You can find more detail about other parts of the stimulus bill, the tax act, and the original requests from Oberstar about transportation funding. We will update these files with any newer versions as they are released.
