MonticelloLive

This week President Bush gave his final State of the Union address to our nation and I was pleased to hear his concern for our nation’s current economic downturn. With a barrel of oil rising to its highest price in history, and as working families across America are being hit by a record number of mortgage foreclosures, I have been working in Washington to help craft an economic stimulus package to aide our economy.

There is no silver bullet to avert an economic downturn, but Tuesday I helped pass bipartisan legislation that is timely, targeted and temporary to put money back in the hands of Arkansas’s working families, small businesses and seniors in order to quickly help our sagging economy. This fast-acting plan is a necessary step to help stimulate our economy, and help those who are hurting because of inflation, the mortgage crisis, job loss and the rising costs of health care, groceries and gasoline.

The House passed version of this economic stimulus legislation will provide tax relief to 117 million American families of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child.  In order to be eligible for a rebate under this proposal, a minimum of $3,000 in earned income from a job or self-employment in 2007 is required.  An eligible individual must have also filed a 2007 tax return, even if they did not owe taxes, so the IRS can locate the recipients and send them their rebates. Those who had no earned income but paid taxes, perhaps on Social Security, pension benefits, or investment income could also receive a refund of their 2007 tax liability. This bipartisan package will expand financing opportunities for Americans in danger of losing their homes, and promote small business investment in equipment which will spur job creation here at home.
In addition, under this proposal, more than 13 million seniors will receive a tax rebate.  Nine out of ten working seniors will be eligible for the tax rebate, in addition to seniors who pay income taxes.  And while the House passed version was limited in scope, I remain committed to helping to improve this legislation so that more senior citizens can benefit.

The House-passed stimulus package is now in the Senate for consideration and approval. I am hopeful that they will move forward with this legislation in a timely manner to provide a much-needed boost to our economy and to help our working households. I will continue to advocate for this bill’s final passage in the Senate so that it can be sent to the President’s desk as soon as possible to be signed into law, allowing millions of Americans and thousands of Arkansans to benefit.