How will the Stimulus Bill affect you?

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.

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16 Responses to How will the Stimulus Bill affect you?

  1. Rachael Kirby says:

    This is so dumb!! 13 a week will only buy a pack of diapers in my house! He should have took the 787 BILLION and gave it all in one lump sum…like bush did last year

  2. Abby says:

    So if I got married in 2008, but my parents are still claiming me on their 2008 taxes, but now I have a real job, will I still be seeing the lower taxes on my paycheck?

  3. Jerome says:

    How will this help me a small business owner that is self employed? My wife is unemployed and we struggle every month to make our payments.

  4. jane says:

    I am not sure I understand how this will affect me. I make about 230.00 a week at this point I have very little taxes taken make 2.00 a week how does this plan help me?

  5. admin says:

    It is possible that this will not effect you much as you only make $230 a week. You may see a little bit difference, like dollars a week difference. You may not hit the $600 “refund” that Obama talked about everyone getting this year.

  6. admin says:

    the tax break that everyone getting should help you. It seems like small businesses may not get all the help they needed, as alot of help is going to the mega corps, employees, those already laid off, and college students.

  7. admin says:

    yes, you should be seeing the lower taxes on your pay checks. it doesn’t matter that your parents still claim you.

  8. admin says:

    $13-$20 a week isn’t much, but it will help some people.

    Even if Obama took this tax break and dished out $600 – $1200 + checks like bush did last year, it would be the same, except this is spread over the course of a year. Which in a way helps so people don’t get one check and blow it all one something at once.

    Had obama taken the $787 billion and gave it to the tax payers, everyone would have gotten well over $1000. that is some serious help and change. Instead, only the mega corps got a stimulus bailout.

  9. hi, i have heard about the checks that people are suppose to be getting and i read just today on the computer the checks will be for working couples,retired people and people who draw social security checks,i draw ssi check each month and im not getting excited about receiving one myself. can someone please let me know via email if people like myself whos income is ssi, will we get a stimulis check too? many thanks for your time.

  10. can someone please let me know if people that get a ssi check the 1st. of every month,like myself,do we receive a stimulis check as well? thank you very much.

  11. Barb says:

    So the big corporations get billions and the taxpayers and people who work every day like you and me(bus drivers, teachers, cops, firemen, fast food workers, office workers,paramedics,small business owners, technicians, construction workers to name a few) get $13 dollars a week. I am only speaking for myself, but $13 bucks wont even fill up my fuel efficient car. How will it help people feed their families and keep their homes?
    To benefit from the tax breaks in the plan like buying a home, or car or college (call me crazy) but most people are struggling to pay rent, how are they going to afford a new car or home?
    I really think a better plan needed to put into action for US the people who elect officials to hopefully put our best interests at the forefront and bust our butts every single day and make this country what it is.

  12. Zereana LePard says:

    i dont get how this will help me. ive been looking for a job for 1 year and no 1 wants to hire i have no monthly income and i can not get unempolyment. i have been struggaling to get my back bills paid i live with my parents but i still have bills, my boyfriend who also lives with us has been trying to find a job for more then 1 year and once againe no 1 wants to hire so how does this help us? i think the way the stimulus was last year was better.

  13. ADOLPH says:

    I RETIRED FROM CIVIL SERVICE JULY 30,2008…STARTED DRAWING SOCIAL SECURITY MARCH 2009….HOW WILL IT IMPACT ME?

  14. admin says:

    @Adolph this stimulus check won’t impact you at all since you don’t qualify to receive a stimulus check. you had to start receiving ssi back in Dec to qualify for a 2009 stimulus check.

  15. kat says:

    i want a republican back …at least we all got a stimulus check last year. Now nothing

  16. ben says:

    So far obomaha is doing right, but i do beleave something needs to be done on the way. When the govrment sent these check,s out to us as the great people whoam we are. It bennifits us better. Because alot of people ara eathier has no work. And those people are working for little to nothing. If we continue giving this $ 20.00 a week like their saing that’s not really healping us the way we could use little extra money sent to my wife and kid’s and myself. Though it comes out of our check u really dont get to see it. Overall i think it should be like last year send the check

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