2010 Stimulus Check & 2009 Stimulus Check

...Information about the 2010 Stimulus Check

February 14th, 2009

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Highlights of the Stimulus Bill

Saturday, February 14th, 2009

The primary highlight of the stimulus bill is the $7,500 credit new home owners get for buying their first home.  This has to be paid back if the property is sold in less then 2 years.  This could go up to $15,000 if the Senate has it’s way.

The other benefits from the stimulus bill are:

Direct Cash Payments

  • Give a one time $300 payment to Social Security recipients, poor people on Supplemental Security Income, and veterans receiving disability and pensions.

Taxes Credit for Individuals

  • Providing a $500 per-worker, $1,000 per-couple tax cut for the next two years. Those who do not make enough money that require them to pay federal income taxes could file returns next year and receive checks in the mail instead of the $500 or $1000 credit.
  • Sparing about 23 million taxpayers from paying the Alternative Minimum Tax (AMT) in 2009. This change would save a typical family of four an average of $2,400.
  • Increase in the earned income tax credit area for families with at least 3 children.
  • Providing greater access to the $1,000 per-child tax credit to make it more accessible for the working poor in 2009 and 2010.

Posted in Stimulus | 6 Responses »

According to history, Obama’s Stimulus Bill won’t work

Saturday, February 14th, 2009

There is a new book out called New Deal or Raw Deal By Burton Folsom about how the policies of FDR Economic Legacy has damaged America

Burton was recently on Glenn Beck’s show recently talking about this new book and how it points to how and why Obama’s stimulus package will fail.  Glenn had this to say about Burton’s new book.

And I learned more — honestly, Burton, I learned more in first 100 pages of this book about the Great Depression than I — oh, yes, I should say, it just crystallized so much because you have the facts and figures in the book, which is exactly what we’re looking for.

In referring to the Automobile industry and unemployment and how the policies of FDR affected them, he had this to say.

The automobile industry went from about 5 million trucks and cars per year down to about 1.5 million trucks and cars per year. Then you start trying various bailout schemes with Reconstruction Finance Corporation, and those don’t go well. We have high unemployment.

And, in the first two terms of Franklin Roosevelt, we simply did not get out of the Great Depression. We had employment in the high teens throughout Roosevelt’s second term.

To find out more about why the Stimulus bill won’t work, check out the book New Deal or Raw Deal.

Posted in Obama, Stimulus | 2 Responses »