The U.S. House of Representatives passed the highly-publicized $146 billion economic stimulus package today. The package was proposed and negotiated by the White House and the U.S. House of Representatives. The legislation will now go to the U.S. Senate for approval, although many experts believe the Senate has its own ideas for modifying the bill. The White House has already warned that any modifications to the proposal would result in delays to passage.
The bulk of the package is composed of tax rebates to be paid to millions of Americans within the next few months. As the bill stands today, individual taxpayers would receive rebates of $600, while married couples filing jointly would receive $1,200 rebates. Those with dependent children would receive an additional $300 per child. Income limits included in the bill would mean individuals with annual incomes over $75,000 and married couples with combined incomes over $150,000 would receive nothing.
Perplexed by the question of what to do with all that ‘free’ cash? The intention of the rebates is for taxpayers to reinvest the money into the U.S. economy. Check out the latest term life insurance rates on our website for one popular option.