Posted on 02/14/2009 10:56:58 AM PST by Steelfish
RAW DATA: Stimulus Bill -- Who Gets What?
An examination of how the economic stimulus plan will affect Americans
Saturday, February 14, 2009
The recovery package has tax breaks for families that send a child to college, purchase a new car, buy a first home or make the ones they own more energy efficient.
Millions of workers can expect to see about $13 extra in their weekly paychecks, starting around June, from a new $400 tax credit to be doled out through the rest of the year. Couples would get up to $800. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year.
The $1,000 child tax credit would be extended to more low-income families that don't make enough money to pay income taxes, and poor families with three or more children will get an expanded Earned Income Tax Credit.
Middle-income and wealthy taxpayers will be spared from paying the Alternative Minimum Tax, which was designed 40 years ago to make sure wealthy taxpayers pay at least some tax, but was never indexed for inflation. Congress fixes it each year, usually in the fall.
First-time homebuyers who purchase their homes before Dec. 1 would be eligible for an $8,000 tax credit, and people who buy new cars before the end of the year can write off the sales taxes.
Homeowners who add energy-efficient windows, furnaces and air conditioners can get a tax credit to cover 30 percent of the costs, up to a total of $1,500. College students -- or their parents -- are eligible for tax credits of up to $2,500 to help pay tuition and related expenses in 2009 and 2010.
Those receiving unemployment benefits this year wouldn't pay any federal income taxes on the first $2,400 they receive.
(Excerpt) Read more at foxnews.com ...
Seem like some middle class tax cuts.
Nothing for me or my family for sure, and we are “middle class”. I never look to the government for handouts, but when I see them wasting money to supposedly “stimulate” the econemy, one would think a family like mine would have gotten something out of this, rather than a few dollars per week.
I know of a few losers that all live in the same house that are well and able to work, but they are “disabled”, and get food stamps. They get much more from this than we do...
I won’t see a dime of tax relief since I make just over $100K a year (which doesn’t go that far in California.) I didn’t see a time of the last “rebate” either. In fact soon my taxes will go up once the Bush tax cuts expire.
Too prosperous to get any relief, and not wealthy enough NOT to need it. Squeezed.
“Millions of workers can expect to see about $13 extra in their weekly paychecks, starting around June.”
That covers my beer. Oh wait, I make more than $100K, I’m one of those selfish wealthy people who doesn’t deserve a tax cut. Oh well, no beer for me.
7 bucks a week for me 24,000 in debt for my grandkids.
Great deal!
Won’t help us!
We purchased a new car in October.
We put new windows in our two family last year.
We bought our first house years ago.
The only thing that could help us:
My son is 22 and attending school. We pay tuition and rent.
We just keep on paying and everyone else wants to take, take, take.
You too? No worries. We're too busy lighting up our fat-cat cigars with hundred dollar bills to notice.
"The credit is phased out for individuals making more than $75,000 and couples making more than $150,000. Millions of low-income workers who don't make enough money to pay income taxes would get checks from the government when they file their 2009 tax returns."
Correction, I'm phased out but my grandkids still get stuck with the bill.
Our cigars are going up too, $13 would buy me one a week now, if I got it.
“Millions of workers can expect to see about $13 extra in their weekly paychecks, starting around June”
Gee, that will help the economy....Just think I have from now all the way until June to decide how to spend my extra money. That is if nothing else goes up by then like food, rent, gas etc. Oh Boy, me and 95% of all tax payers can thank Obie for the BIG tax break he promised. What a liar! Oh Democrats you have been punked!
"The law allocates $2 billion for the Byrne Justice Assistance Grant, a program that has funded drug task forces and things such as prisoner rehabilitation and after-school programs.
"An additional $1 billion is set aside to hire local police under the Community Oriented Policing Services program. The program, known as COPS grants, paid the salaries of many local police officers and was a "modest contributor" to the decline in crime in the 1990s, according to a 2005 government oversight report.
"Both programs had all been eliminated during the Bush administration."
ACORN youth activities and ACORNCOPS.
"More than 37 million Americans live in poverty, and the vast majority of them are in line for extra help under the giant stimulus package. Millions more could be kept from slipping into poverty by the economic lifeline.
"People who get food stamps — 30 million and growing — will get more. People drawing unemployment checks — nearly 5 million and growing — would get an extra $25, and keep those checks coming longer. People who get Supplemental Security Income — 7 million poor Americans who are elderly, blind or disabled — would get one-time extra payments of $250."
It won't even help the very poor, not really. It's all symbolic.
That's an extra $13 that can go here.
“You get nothing! You lose! Good day, sir!”
Right there with ya, everything you’ve said.
Recall ‘em all.
“That’s an extra $13 that can go here. “
You Betcha!!!
Has anyone seen the actual text yet? If so, please pass the link on.
>>Seem like some middle class tax cuts.<<
Sort of. Instead of any cuts in tax rates that would have ongoing stimulative effects than could be planned on, they opted for transfer payments regardless of whether people pay taxes.
It would have been much better to actually cut tax rates and do the direct stimulus to the poor in the form of food stamps which have a high multiplier effect and greatly help farmers, also.
I was wondering about that myself.
Couldn't a petition drive be started in EVERY State, to remove the Congress members (House and Senate), who voted FOR the handouts, thus ignoring the people they were elected to represent?
Of course, it would be one thing to petition and succeed in getting it on a ballot, but with the ACORN abundance of funding, fraud, and the "Obama gonna pay my rent, gonna buy my gas", etc. who would vote to keep your taxes flowing into their refrigerators, it might be hard to get a majority to vote them out, I guess?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.