Track the Stimulus Spending

It seems that President Obama read my previous post about the stimulus package (if only I were that lucky).  I just learned through a colleague that the government has created a website that explains where each tax dollar is going to with the stimulus package.  It went live as soon as the President signed it into existence.

Here is part of the FAQ from the website:

Q: What is Recovery.gov
A: Recovery.gov is a website that lets you, the taxpayer, figure out where the money from the American Recovery and Reinvestment Act is going. There are going to be a few different ways to search for information. Within days after the signing of the legislation, Federal agencies will start distributing funds, and you will be able to see which states, Congressional districts, and even Federal contractors are receiving them. As soon as we are able to, we'll display that information visually, through maps, charts, and graphics.

To view this site, click on the link below:

Recovery.gov

From time to time, I plan on checking this site to see how our money is being spent.  Stay Disciplined!

The New Stimulus and How It Affects Me Directly.

"In human affairs, the best stimulus for running ahead is to have something we must run from”  -Eric Hoffer

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).

Auto sales

•$2.5 billion to make sales tax paid on new car purchases tax deductible.

If I decide to purchase a car this year (which I highly doubt because the Civic is running like a champ), I would be able to deduct the sales tax for the vehicle. This is not a credit, but rather a deduction, and the information I have read so far does not clarify whether you will be able to take this deduction if you take the standard deduction in 2009.

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.

http://www.usatoday.com/money/economy/2009-02-12-stimulus-plan-breakdown_N.htm?loc=interstitialskip

Please let me know your thoughts on the economic stimulus package below.  Stay Disciplined!