We interrupt this IP communications conference with breaking news from the Wall Street Journal which tells us that US citizens will soon be receiving tax breaks in a major way.
Congressional aides said House Speaker Nancy Pelosi and House Minority Leader John Boehner reached an "agreement in principle" in meetings last night on a bill to provide roughly $100 billion in tax rebates to a broad group of workers and about $40 billion in tax breaks for business. The details still were being vetted with lawmakers, and Democrats and their allies already were raising concerns that the agreement does not include added spending on unemployment benefits or food stamps.
The rebates would be at least $300 for anyone who earned at least $3,000 in 2007, with $300 bonuses for children. People who owe income taxes would receive gradually more, up to $600 for individuals and $1,200 for couples. The rebates would be available to those below a certain income cap, likely $75,000 adjusted gross income for individuals and $150,000 for families.