News Details (Posted: February 16, 2008):

Tax Relief of $1,200 per married couple
Federal Housisng Administration increased loan limits to help families at risk of foreclosure

Full Description:

It has been clear for quite some time now that the U.S. economy is not as strong as it should be. I have favored aggressive action to spur the economy and create new jobs, and I believe that fiscally responsible tax cuts are an important part of that strategy. The reality is that the mortgage crisis, along with high energy bills and other rising costs families are facing, is causing consumers to cut back. One of the quickest ways to give our economy the boost it needs is tax relief that puts money in the pockets of those who will go out, pay their bills and get this economy moving. That will increase demand among businesses, help create jobs and bring about the momentum we need.

For these reasons, I joined 80 of my Senate colleagues in supporting a bipartisan economic stimulus plan that will help spur economic growth and put people back to work. Specifically, the package includes much needed assistance for middle class families by providing tax relief of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child. You may be pleased to know that I voted for an amendment that extended rebates to 20 million senior citizens and 250,000 disabled veterans who were left out of the original package. Rebates will only go to those with a valid Social Security number. According to the Department of the Treasury, Hoosiers will receive $2.5 billion in tax relief as a result of the stimulus.

The bill begins to address the housing crisis by nearly doubling Federal Housing Administration (FHA) loan limits to expand affordable mortgage loan opportunities for families at risk of foreclosure. For small businesses, the stimulus package doubles the amount they can write off their taxes for capital investments and purchases of new equipment this year. Furthermore, it provides immediate tax relief for all businesses to invest in new plants and equipment through bonus depreciation.

While I recognize the importance of passing legislation to spur our economy in the short term, we must remain mindful of ensuring the nation's long-term economic well-being. Maintaining fiscal discipline, especially during this period of budgetary pressure, will allow us to address the longstanding goals of paying down the debt, focusing on the solvency of Social Security, and looking for additional opportunities to provide balanced tax relief. Restraining government spending is an important key to achieving these objectives.

Mrs. Stout, again, thank you for contacting me. I hope the information I have provided is helpful. My website, click here,Senator Bayh , can provide additional details about legislation and state projects, and you can also sign up to receive my monthly e-newsletter, The Bayh Bulletin , by clicking on the link at the top of my homepage. I value your input and hope you will continue to keep me informed of the issues important to you.

From: Subject: From the Office of Senator Evan Bayh Date: 02/15/2008 02:07 PM To: anna@talktotucker.com

Office of Senator Evan Bayh (202) 224-5623 Russell 463 Washington, D.C. 20510