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CNN has a pretty good short comparison of bills

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Still Sensible Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-08-09 11:27 PM
Original message
CNN has a pretty good short comparison of bills
They try to point out the key differences of the House and current Senate version of the Recovery Act:

Make Work Pay Credit: The Senate bill would narrow President Obama's signature tax provision. The full credit ($500 per worker or $1,000 per couple) would be paid to people making $70,000 or less ($140,000 per dual-earner couple). Under the House bill, those making $75,000 or less ($150,000 or less for couples) would qualify.

Break for higher income families: The Senate version includes a one-year provision to protect middle- and upper-middle-income families from having to pay the Alternative Minimum tax. The AMT was intended primarily for high-income taxpayers but has in recent years threatened to engulf those lower down the income scale. The House bill has no such provision.

(snip)

Subsidy for health insurance for those laid off: Both the Senate and House bills include provisions to help jobless workers pay for health insurance if they choose to stay on their ex-employer's plan. The Senate, however, offers less of a subsidy -- 50% for 12 months -- than the House, which calls for a 65% subsidy over 12 months.

http://money.cnn.com/2009/02/08/news/economy/stimulus_showdown/index.htm
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Kittycat Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-08-09 11:33 PM
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1. So if your household income exceeds 70K...
Both partners have to be working to get the credit?
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Still Sensible Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-08-09 11:41 PM
Response to Reply #1
2. Not at all
I think what it means if you make up to $70,000 (single) or up to $140,000 (couple) you can get the credit. If you make more than that, you're not eligible.

What that means is if you're a couple and make less than $140,000, you qualify. Doesn't matter if both partners work or not. If you file your tax return as "married" that's your limit to qualify. If you file as "single" $70,000 is the limit.
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Kittycat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-09-09 10:08 AM
Response to Reply #2
3. Okay, because the text clarified from couples to 'dual earners'
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