How will the $787 Billion dollar Stimulus Package affect you?  it will affect you in a few different areas.

Taxes

During the rest of 2009 (and 2010) you will be paying less taxes each week that will amount to $400 per person or $800 per couple in 2009.  That will amount to $13 a week extra money starting in June for the remainder of the year.  In 2010 it will only be an extra $7.70 a week spread out over the entire year.

The $1,000 child tax credit will be exteneded to more low income famalies who wouldn’t otherwise have had access to it.

The middle and high income families will not have to be the Alternative Minimum Tax.  The reason for the Alternative Minimum Tax was to make sure that the weathly paid taxes each year and never was re-chaged to account for inflation.  This will save each of these families from having to pay additional taxes at the end of the year.

First time home owners are getting an extra $8,000 tax credit that they can write off at the end of the year.

Home owners who add energry efficient upgrades to their homes, including windows, furnaces and air conditioners will get a tax credit up to 30% of the total cost up to $1,500.

College Students or their parents will be getting tax credits up to $2,500 per year for 2009 and 2010.

Those on unemployment benefits will save on paying taxes.  As the first $2,400 they receive isn’t taxable.

Health Insurance

For those who are on COBRA, your benefits will be extended for up to 18 months.  COBRA was named for the Consolidated Omnibus Budget Reconciliation Act when it was recreated.  To help pay for the benefits the government is picking up 65% of the cost of the COBRA plan.  This is only available to those that lost their jobs between Sept 1, 2008 through the end of 2009.

Infrastructure

For the first time in many decades, old water lines are being dug up and replaced with new ones.  Bridges are being rebuilt to better handle the size and weight of newer cars and SUVs.  Highways are going to be upgraded and repaved.