February 25, 2008
Mr. Phillip Quiett
PO BOX 43865
Washington, DC 20010
Dear Mr. Quiett:
Thank you for writing regarding the economic stimulus package. I appreciate your comments on this important issue.
The president signed into law (P.L. 110-185) the Economic Stimulus Act, that passed the House and Senate with broad bipartisan support. I supported an amendment that was included in the final bill to ensure that Social Security recipients and those who receive veterans disability payments receive the rebate. In addition, this amendment denies the rebate for those in our country illegally.
The bill provides a tax rebate of between $300 and $600 for individuals and a rebate of between $600 and $1,200 for families, along with an additional $300 per child. The rebate is reduced for individuals who earn over $75,000 and couples earning over $150,000. The rebate will be based on 2007 tax return information, and the Internal Revenue Service (IRS) expects to begin issuing rebates in May. Additional information about the rebates is available on the IRS website at www.irs.gov.
In addition, the bill includes two temporary incentives to help businesses make investments, grow and create jobs. The first allows businesses to deduct 50 percent of the cost of businesses investments, such as machinery and equipment, that is placed into service this year. The second provision doubles to $250,000 the expensing limit for small businesses for 2008.
I understand the concerns that many Kansans have raised about how we pay for a stimulus package. Offsetting this package would have required Congress to either raise taxes by $150 billion or cut key federal programs. At a time when our economy has slowed, I do not support raising taxes. I have long supported efforts to reduce federal spending. However, cuts to federal spending to pay for the stimulus package would have impacted programs that are important to Kansans.
Again thank you for taking the time to contact me. If you would like more information on issues before the Senate, please visit my website at http://roberts.senate.gov. You may also sign up on my home page for a monthly electronic newsletter that will provide additional updates on my work for Kansas.
With every best wish,
Sincerely,
Pat Roberts
PR:jc
