President Obama is expected to sign the new stimulus package to help in the economic recovery of the United States of America. While waiting in anticipation of him signing this new plan, I have been trying to research as to how this package will effect me. I feel that I am a good representation of the "Middle Class" that Obama has referred to so I was very hopeful that the Stimulus package would be very beneficial to me.
On the contrary, according to the information I have read, it seems like there will not be much included in this stimulus package that will be directly applicable to me. From what I saw, below are a few highlights as to some of the applicable points of the stimulus:
New tax credit
•About $115 billion for $400 per-worker, $800 per-couple tax credits in 2009 and 2010. Credit phases out for individuals with adjusted gross incomes of $75,000 to $90,000 and couples with AGI of $150,000 to $190,000.
From my understanding, this change goes into effect starting in June. We are due to start seeing $13/week extra in our paychecks which will reduce the overall money taken out of our checks due to federal payroll taxes. I am not sure how much this will allow me to help stimulate the economy, but at least I can have enough money to buy a lunch or dinner each week (which could help).
http://www.usatoday.com/money/economy/2009-02-12-stimulus-plan-breakdown_N.htm?loc=interstitialskip
Auto sales
•$2.5 billion to make sales tax paid on new car purchases tax deductible.
Outside of the these two provisions, I do not really know what else is going to be applicable to me to help stimulate the economy. However, I do trust the vision of the leadership and hope that they understand how this will bring the economy around. I am very hopeful that the other provisions will indirectly affect me and allow us to turn our economic situation around.
Below is the source of the information provided in this log.
Please let me know your thoughts on the economic stimulus package below. Stay Disciplined!
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