The Associated Press reports that Congress has reached an agreement on an profitable stimulus package. The report does not estimate the total size of the package, but it says that taxpayers will get rebate checks ranging within $300 and $1,000 per household. Businesses will get tax breaks as well.

And the satan is in the details. Under the tentative plan, families with children would get an additional $300 per child, subject to an overall cap of perhaps $1,200. Rebates would go to citizens earning below $75,000 and couples with incomes of $150,000 or less. Workers would have to have earned at least $3,000 in 2007 to

Businesses would get $70 billion in tax breaks to invest in plants and equipment, and the plan would give small businesses more generous expensing rules and allow businesses suffering losses now to reclaim previously paid taxes. Furthermore, the plan would raise the size of the mortgages that Fannie Mae (NYSE: FNM) could buy from $417,000 to $700,000.

So what does that all mean to you?

Continue reading What the stimulus package means to you

Original post by Peter Cohan

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