Tax rebates urged to rescue economy
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United for urgent action, the White House and Congress raced toward emergency steps Thursday to rescue the national economy from a possible recession, including tax rebates of at least $300 a person Â and maybe as much as $800.
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Beginning this spring, more than 130 million people will get rebate checks from the government in amounts from $300 to $1,200. Most households will get another $300 for each child under the economy relief bill passed by Congress. All must file an income tax return for 2007 to qualify.
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Hillary Rodham Clinton on Friday called for Congress to pass an economic stimulus package that could cost as much as $110 billion to help low-income families keep their homes, to subsidize heating costs this winter and perhaps refund some taxes.
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Bill would speed rebates to most taxpayers, including disabled veterans and the elderly.
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Hopes for more tax relief, looser regulations, and an increase in trade.
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The House planned to vote Tuesday afternoon on the $150 billion economic aid package that would mean tax rebates to most income earners
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Americans eligible for tax rebates of $300 to $1,200 under the new fiscal stimulus act will not receive their payments until they file a 2007 income tax return, even if they make too little to owe any taxes, the Internal Revenue Service said on Wednesday.
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BIG business is calling on the Government to deliver more tax relief in the wake of a bumper Budget position. Treasurer Peter Costello yesterday released the mid-year snapshot of the Budget position which
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U.S. Treasury Secretary Henry Paulson on Friday said that there was an urgent need for a fiscal stimulus program to give the slowing economy a boost but said it was not in danger of stalling.
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Treasury Secretary Henry Paulson  said on Wednesday he was concerned special interest groups were  lining up for handouts in an economic stimulus bill and urged  senators to keep it focused on simple tax rebates.
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President Bush urged Congress today to quickly pass the economic stimulus plan that would give Americans tax rebate checks. But many Senate Democrats want to include extended unemployment benefits in the plan -- a provision House Democrats agreed to drop.
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Even as lawmakers agreed yesterday on a tax rebate to stimulate consumer spending, a new threat to the economy is emerging because of the complex way the financial system has recently tried to cover its losses.
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KANSAS CITY, Missouri  - President George W. Bush on Friday said there were troubling signs that the economy is weakening and urged Congress to move on a stimulus package to help prop up the economy, which has been hit hard by a housing slump and credit crisis.
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Home heating oil dealers on Wednesday urged Congress to put extra money in the U.S. economic stimulus package to fully fund a program that helps poor families pay their expensive winter heating bills.
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An economic aid plan to send rebates of $600-$1,200 to most taxpayers passed a key test Monday in the Senate, where Democrats are pushing to add more than $40 billion in help for seniors, disabled veterans and the unemployed.
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President George W. Bush and congressional leaders agreed on Thursday on a $150 billion package of family tax rebates and business incentives meant to ward off a recession in the world's largest economy.
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A consensus that the struggling U.S.  economy needs rescue emerged on Thursday as the powerful  Federal Reserve chairman backed the idea and President George  W. Bush urged a quick and temporary fiscal package.