The international news agencies are already reporting that the United States House of Representatives just passed an economic stimulus package that president Bush, republicans and the democrats had tentatively agreed upon last week.

Proponents of the economic stimulus plan are hoping that this will keep the U.S. Economy, which is now near recession, or according to some analyst in full recession, rolling and by giving tax rebates to individuals and households would help to provide the necessary spending that the businesses need to keep their sales intact.

Reuters reports that the stimulus package includes "tax rebates of up to $600 for individuals and $1,200 for married couples, plus $300 per child. The legislation also includes tax breaks to encourage business investment in new equipment."

The stimulus package that the Congress just passed with cost the treasury about $146 billion dollars, the Joint Tax Committee estimates.

This economic bill next will go to the Senate, where Finance Committee Chairman Max Baucus, a Montana Democrat, will be offering an alternative that would provide a flat $500 tax rebate to all eligible people, $1,000 for couples and $300 per child.

Two bills are not very much different from each other, however, last night President Bush warned against changing this economic stimulus package that they had agreed upon with Nency Pelosi, and The Secretary of The Treasury Paulson.

News reports use one or two dollar figures to explain proposed rebates for economic stimulus, but rebate amounts may vary significantly – particularly for lower-income Americans – unless Congress acts. Rather than a variable rebate based on taxable income and liabilities, the Finance Committee would provide a check for $500 to every American filing a 2007 tax return reporting $3000 of wages, Social Security income, or self-employment income. The check doubles for married couples filing jointly. Families with children under 17 would receive an additional $300 per child. Allowing Social Security as qualifying income will let more Americans participate in economic stimulus.

A fair, flat tax rebate: every recipient gets the same for themselves and for kids.

The Finance Committee plan is simple: qualify for the rebate, and get a set amount.

Tax Rebates under the House proposal, meanwhile, are currently set based on a host of factors, including how much income you have, what type, and what kind of taxes

Fewer restrictions make more Americans a part of economic growth.

The Finance Committee plan treats Social Security retirement or disability benefits the same as taxable wages – giving more Americans the same rebate, and a chance to contribute to economic growth.

At a recent Senate Finance Committee hearing, Congressional Budget Office Director Peter Orszag said that a flat rebate proposal (including child bonuses) available to payroll taxpayers with no income tax liability “would likely have a higher cost-effectiveness” for economic stimulus.1 In the same way, American seniors are a prime target for economic stimulus. Americans over age 65 spend 92 percent of their incomes within a given year – that’s higher than any other demographic group over the age of 25.2 - Source: HULIQ, includes information from