House Democrats unveiled $275 billion in tax relief Thursday as part of a far-reaching economic stimulus proposal. A key element is a refundable tax credit of $500 per worker or $1,000 per couple. The credit phases out for couples earning $200,000 or more a year. Democrats say 95 percent of U.S. workers would benefit.
Here are other highlights of the proposed tax measures as described in a press release by Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee:
Chairman Rangel Outlines Economic Recovery Package
Bill would provide critical tax, health, job training benefits for
families, incentives to create jobs
WASHINGTON, D.C. - Ways and Means Committee Chairman Charles B. Rangel(D-NY) today released details of the economic recovery package fallingunder the jurisdiction of the Committee. This groundbreaking plan willprovide critical tax, health and job-training benefits to Americanfamilies, incentives for businesses to grow and create jobs andassistance for those who have lost their jobs or are economically disadvantaged.
"The critical state of our economy calls for swift, comprehensive actionand this package will provide relief to all communities and all sectorsof the American economy," said Chairman Charles B. Rangel (D-NY). "Thisrecovery package will provide tremendous tax relief, health care and jobtraining benefits for families struggling to make ends meet, while alsogiving businesses the boost they need to create new jobs. We have alsodesigned specific provisions to help State and local governments fundcritical infrastructure projects to improve our roads, schools, bridgesand airports, while also maintaining and creating good-paying jobs forworking families. This package was developed with strong coordination between the House and Senate leaders, President-elect Obama and hiseconomic team. I look forward to working with all parties involvedtoward a swift passage."
The Recovery legislation will be formally introduced in the coming days,and is expected to receive consideration in the Ways and Means Committee next week.
An outline of the provisions under the Ways and Means Committee'sJurisdiction included in the Economic Recovery package follows:
Tax Relief for Individuals