Trying once in a great while to use my blog to be informative I thought I would post today about the economic stimulus plan.
Here is a web page that has a pretty easy to understand explanation of the stimulus package:
http://news.yahoo.com/s/ap/20090214/ap_on_go_co/stimulus_stakes_who_gets_what
Othere sources include LAtimes.com and Oregonlive.com
Workers will start seeing about a thirteen buck increase in their pay check starting in June. A new four hundred dollar credit for singles and an eight hundred dollar credit for couples will be doled out throughout the year through the pay checks instead of a one time check. The credit will be for two years, 2009 and 2010, and be four hundred dollars or eight hundred dollars each year depending on your marital status.
First time home buyers that buy a home prior to December 1st will get an $8,000 credit. People that buy cars will get to deduct the sales taxes on the autos.
Workers that lose their jobs and lose their health insurance as a result of the job loss will get some help from the government. Under the stimulus package, the government will pick up 65 percent of the total cost of that health insurance premium for the first nine months.
Hospice was given help by delaying 134 million dollars of cuts in Medicare to help pay for dying patients.
Those out of work will see unemployment checks immediately increase by $25, up from the average benefit of $200 a week. And eligibility for benefits will last 46 weeks, up from 26 weeks.
Small businesses will benefit from a provision in the bill that will allow them to carry back their 2008 losses for five years, leaving them with more capital to spend. Some critics question the effect of this and other business-friendly tax breaks, because in a recession business may not have enough tax liability to take advantage of the deductions.
Those receiving Social Security will get a one time bonus payment of $250.
Another web site worth checking out is:
http://www.thesunsfinancialdiary.com/charts/american-recovery-reinvestment-act-2009-breakdown-chart-day/
They have a chart of where the money is going. According to that web site, the top five cuts in the stimulus plan are:
Health Care: About $141.3 billion
New Tax Credit: About $116 billion
Infrastructure: About $89.7 billion
Education: About 87.3 billion
Energy: $86.2 billion
Hope your energy level is high and that your infrastructure is sound and that you have a great day! Let me know what stimulates you! That is today's question. What stimulates you either financially or emotionally?
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4 comments:
Very informative, Bill, thanks! This is the first I heard of a flat $250 per SS recipient. Not that I don't want it, of course, but more and more I think that in such dire times, some things should be means-tested.
Also interesting about Hospice. I hadn't seen that mentioned anywhere else.
Is the $400 per worker tax credit strictly for workers getting a paycheck, or will every taxpayer get the credit when they file?
Since you asked, at the moment my energy level is low and my infrastructure is leaking in our heavy rain. I am stimulated by my election job changing from a 9am start to 1pm, and starting a day later than they originally said. It probably means more concentrated work, but I always like not getting up and out early, especially when I'll have houseguests at the same time.
Hi Pat
I had the same question as you did about the 400/800 but couldn't find an answer but I am assuming that it is for workers only because of the %25 per increase in unemployment benefits, additional low income credits that I didn't mention, and the payments to those receiving social security. It would be a not politically correct move to have double dippers. I also agree with you about a means test for the $250. That was $300 on the house version but was compromised down to $250 in the joint package that passed.
I loved your answer! I'm glad it is 1 now instead of 9. I hope the housguests are fun as long as they are there and don't stay to long!
Bill
Hi, Bill. I agree with you that getting $250 from SS and then a $400 tax credit would be double-dipping and carrying things too far. I questioned that earlier stimulus payment, too, since it went to people who didn't need it as well as those who did. I tried to be a good girl and I spent some of it, but just didn't need anything for the rest. I may end up spending that, too, plus the $250, just to help out. {g} And I still want to buy a car one of these days, so the deductible sales tax will be welcome, especially since CA state & local is going up to 9.75%.
Houseguests will be my daughter and SIL, so they can stay as long as they want and it's fine with me. It'll only be a little over a week, though, as they have commitments at home.
Hi Pat
I'm spending my 250 probably against my emergency room bill!
Wow 9.75%, That is obscene. We don't have a sales tax in Oregon.
Have a great time with your daughter and SIL!
Bill
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