What it is In the New Stimulus Plan?
Stimulus Time Again!
Negotiations have finally gotten to a point where details have been released of what will be included (debated) in a new stimulus package worth around $825 billion dollars over a two-year period. More likely however, the bill will probably increase to over a $1 trillion. Three Congressional committees are schedule to mark up the bill in the House, which means the final product will ultimately look considerably different than what has recently been proposed. The ultimate goal for both Houses of Congress is to have the bill (in some form) passed by mid February. It looks like individuals will be receiving some more money, but in the form of a tax cut…
The point of the stimulus is easily confused with the previous stimulus. This bill is much different than the previous stimulus that Congress approved. This bill is designed to boost our nation’s economy by creating jobs through infrastructure projects like the building of new schools and roads. The bill has money going towards energy and health care projects.
Individuals will receive relief if the bill as currently written stands. Through tax relief, most workers would receive approximately a $500 tax cut in their paychecks. The original draft is available and can be viewed by clicking here. As it currently stands, the bill is around 250 pages and will likely grow after about a month of Congressional markups.
We will keep you posted as the bill works its way through Congress, focusing of course on how much money YOU will receive through a tax cut. $
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Comments
Good post – it seems like many people are confused by the nature of this stimulus. We are getting used to some of the plans passed in the latter half of 2008 “not making much of a difference” and “delaying the inevitable” so it will be interesting to see how taxpayers react to this one.
iam private in home health , no taxes are taken out untill the end of the year , how will the stimulus plan work for me
Obama’s 1 Trillion dollar question…One important thing to think about, in addition to your question, is the fact that it passed the House vote (without a single Republican vote, btw) and still has to go before the Senate. Once it goes live we are going to do a layout of all the provisions so everyone knows what will be in it. Our guess is that it will most likely be set up as a tax credit. What that means is still kind of up in the air at this point.
Whatever they do I sure hope it works. The economy is sure starting to worry me. Thats pretty insane that it is 250 pages long. I may skim through it.