Submitted By Todd on February 12th at 12:25pm
Workers making less than $75,000 a year would get a $400 credit for 2009 and 2010. Couples making up to $150,000 would get $800.One of the things we know about the cash part of the stimulus package is that for a tax rebate to work, it has to be big enough to impact consumer spending. Money that goes toward paying bills or savings does not a stimulus make. People have to receive a big enough chunk of money that they run out and buy something!
Officials estimated it would mean about $13 a week more in people's paychecks when withholding tables are adjusted in late spring. Critics say that's unlikely to do much to boost consumption.And the $13 per week would drop down to $8 over the course of the year.
Millions of people receiving Social Security benefits would get a one-time payment of $250 under the agreement, along with veterans receiving pensions, and poor people receiving Supplemental Security Income payments.This is wasted money - that would satisfy the campaign pledge of Barack Obama, but would do nothing to stimulate the economy!
The bill also cuts taxes for 95 percent of American taxpayers — fulfilling Obama’s campaign pledge for a middle-class tax cut — and will put governments to work building $150 billion in new roads and other infrastructure.