Relief for all

U.S. STIMULUS PACKAGE

THE proposal includes a plan that would temporarily eliminate the lowest income tax rate of 10 per cent and give people the money back in a rebate. That would result in tax rebates of up to US$800 (S$1,150) for individuals and US$1,600 for families.

The proposal, valued at 1 per cent of the size of the US economy, would allow small businesses to deduct from their taxes twice as much as their investment in new equipment – US$250,000 instead of US$125,000 – and all businesses could write off investments more quickly.

Also being reviewed are extensions of unemployment insurance and extra spending on food stamps.

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