So have you heard of this $787 billion stimulus bill thing that the President is supposed to sign today? Yeah, it crossed my TV a few times last week. Since everyone is in a hoopla about this bill I decided to take a peek at how it can possibly affect me. Just how stimulating is this stimulus? So let me get down to the meat and potatoes of how this bill is to help everyday people like you and me.
- $400 tax break for individuals and $800 for married people filing jointly.
- Savings estimated at $13 bucks extra in weekly paycheck starting in June
- In 2010, the credit goes to about $7.70 a week
- $1,000 child tax credit extended to more families
- Families with 3 or more kids get more Earned Income Credit
- Up to $1,500 for energy efficient changes made by homeowners
- First time home buyers get a $8,000 tax credit
- $2,500 in college tuition credit
- No federal income tax on the first $2,400 of unemployment income
- Unemployment checks get an extra $25 and keep those checks coming longer
- Uncle Sam will pay 65% of the first 9 months of COBRA costs
- $87 billion for Medicaid
- Pell grants go to $5,350 starting July 1 and to $5,550 in 2010-11
- Get food stamps? You’ll get more.
- Social Security collectors get a one-time extra payment of $250
- Buy a car and write off your sales tax.
- Public transportation account deductions will go to $230 a month for those who take mass transit. It’s $120 right now. Starts in 2009 and 2010.
So that’s a nice long list…and none of it but the extra $13 bucks and the transit account applies to me. I might need to have a bunch of kids and go back to school. I understand the government is trying hard to help people. I’m just not really one of those people it will help much. I can take one in the chin so that someone, somewhere will benefit from it. Sigh.