US$787 Billion sure sounds like a lot of money but in reality, what’s in it for YOU?
Here’s a detailed breakdown on What’s In, What’s Out and Who Benefits from President Obama’s Economic Stimulus Package:
WHAT’S IN
- Tax rebates: Checks of at least $300 for almost everyone earning a paycheck, including low income earners who make too little to pay income taxes, so long as they earned at least $3,000 in 2007. Families with children would receive an additional $300 per child, while those paying income taxes could receive higher rebates.
- Business tax write-offs: Spur business investments with bonus depreciation and more generous expensing rules.
- Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.
WHAT’S OUT
- Permanent tax cuts: Republicans conceded that their top priority would have to be left out.
- Unemployment insurance: Democrats wanted to extend benefits past 26 weeks.
- Food stamps: A boost for benefits.
- Medicaid: Democrats gave up on including Medicaid payments to states.
- Low-income heating subsidies: Democrats are surrendering the fight to include them.
- Infrastructure spending: Spending on transportation or repair projects already under way is off the table.
Who benefits from the rebate plan
How Americans in different financial situations would fare under the rebate plan proposed by House leaders and the White House.
- An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate.
- A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 for couples. A $1,200 rebate.
- A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate.
- A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate.
- A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by 5 percent for every $1,000 in income above the $150,000 threshold. An $1,800 rebate – $1,200 for the couple plus $300 per child – would go down by 50 percent for this family. A $900 rebate.
- A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate.
- An individual with adjusted gross income of $23,000 and no dependents would get a rebate of $600.
- A couple with adjusted gross income of $160,000 and two children would get a rebate of $1,300.
- A couple with adjusted gross income of $184,000 and two children would get a $100 rebate.
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with all the stimulous ,they still dont reach a person like me or others like me.a situation where a man complained he had no shoes until he met a man that had no feet.in no position for credit due to family matters and jobs that didnt pay the best of salaries.the income bracket that that the big boys and girls use does not touch us.we are actually a majority. the lessor. they always use middle income i am one of little or none when it comes to trying to even get a leaky roof repaired or a window replaced, based on the middle income concept we actuall dont exist to get help. i have worked for over thirty years and im still being left out based on the rich and middle income concept. it seems that until we identify and not be ashamed to say poor we will always be there.surely those that sit there and make laws or rules should not be alarmed to use the word poor. the greatest man that ever lived said ‘the poor you will have with you always. if the gov. would raise even publie assistance fund to families youd see the difference in spending if you did a study its the poor that do the most spending thats why they always have less and none.theyve never learned to save or invest they use it when they get it and wait for the next time.it appears to me ,if you can help fix this a little better your social agencies would be fewer crime would be way down because the people usually take from the neibors and sell to the next one.most happy people dont need doctors often at all,usually theyunhappy people stressed and without get sickest and the government tries to fix it. if more of that money would go to helping people stay warm,feed and some where to live a job of any kind for pride and help
with all the money placed in the states and then sent to the communities ,one needs his grand parent their parents to get anything if any gov. money is involved to get a minor jod done.so most people dont bother just leave things undone and hope for something better.the stress of it all leads them later to a hospital from worry or stress related illiness,and no ins to pay for the visit one again becomes a statistic of having no ins and sick,so it seems the need grows higher that we need more ins and we do.if the poor always remain then the problems remain the same.The pooer we get the riche the richer they become.
also if they had better trained persons to help in the jobs that assist people,its like having a teacher to teach kid thats never had a chid and in their 20’s. they only know what they learned to teach by degree but the serious stuff they have to call the home.but they know its like the vietnam war its hard to beat a man on his on ground,they are familiar with where they are. ask the poor ask the needy. do you go to vet to ask about aperson i dont think so.they cant speak for the masses,only they can.and if they lisen then stimuloses and other programs may work better and see difference.
thank you.Respectfully Tnlinda