Economic Stimulus Act of 2008

[AI summary unavailable — showing source text] Recovery Rebates and Economic Stimulus for the American People Act of 2008 - Amends the Internal Revenue Code to: (1) grant tax rebates of the lesser of net income tax liability or $600 to individual taxpayers in 2008 ($1,200 to married couples filing joint returns, plus $300 for each dependent child); (2) provide for a minimum tax rebate of $300 ($600 for joint returns) for taxpayers with earned income of at least $3,000; (3) increase to $250,000 in 2008 the expensing allowance for depreciable business assets; and (4) allow business taxpayers a 50% bonus depreciation allowance for equipment placed in service in 2008. Reduces taxpayer rebates by 5% of the amount that exceeds an adjusted gross income of $75,000 ($150,000 for joint returns). Raises the statutory ceiling on the maximum original principal obligation of a mortgage, originated between July 1, 2007, and December 31, 2008, that may be purchased by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Expresses the sense of Congress that Fannie Mae and Freddie Mac should securitize mortgages acquired pursuant to the increased conforming loan limits of this…