How Bush’s new economic stimulus package effects New Orleans Real Estate
Yesterday, President Bush signed a $168 billion economic stimulus package into law. That is a ton of money but will it have any real effects on our economy? Let’s first start with the details:
- Tax rebates of $600 to individuals who make $75,000 or less, and $1,200 to couples who make $150,000 or less. After those income limits, recipients get 5 percent of however much their income exceeds the limit.
- Tax rebates of $300 for individuals and $600 for couples who make at least $3,000 from income and Social Security benefits.
- Each child in a household gets an extra $300 in the rebate.
- The limits on the size of mortgage loans that can be insured by Fannie Mae and Freddie Mac will be increased from $417,000 to up to $729,750 depending on the median price of the area.
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