What's in Obama's Stimulus Package for You
Sunday November 16, 2008
Last week, President-elect Barack Obama asked Congress to pass many of his economic stimulus measures before the end of the year. He promised that, if Congress doesn't do anything, he will. What's likely to pass this year, and what does it mean to you?
In his request, Obama focused on measures to help the unemployed:
- That would include $25 billion for public works construction, which will create jobs and repair roads and bridges, which will help lower trucking and food costs.
- Another $25 billion in state aid would help cities, who often share revenue with the states, from cutting services such as police, fire and libraries.
- He specifically asked Congress to extend unemployment insurance and to suspend taxes on those benefits. This will help you those who are unemployed to meet basic costs, which is also important to the economy during the Christmas shopping season.
- A $3,000 tax credit to businesses for each new hire.
- Loan guarantees of $50 billion to automakers for fuel efficient cars. This would help G.M. and Ford, who are facing bankruptcy, from laying off auto workers.
- Energy rebates of $1,000 per family funded by a tax on oil companies. Increased home heating cost aid.
- Penalty-free withdrawals of 15% from retirement accounts up to $10,000. Suspension of rules requiring retirees to begin withdrawing from those accounts six months after they reach the age of 70. - The first will encourage consumer spending, but should be removed to support retirement savings.
- A 90-day foreclosure moratorium. Encourage mortgage restructuring of Treasury and HUD mortgages, and through reform of bankruptcy code.
- Permanent tax cut of $500 individuals and $1,000 for families. Eliminate taxes for seniors making up to $50,000. A 10% tax credit for mortgage interest to those who don't itemize. Tax cuts would be retroactive to 2007, and rebates would be mailed.
- Eliminate capital gains tax for small business investors. Extend the $250,000 small business capital investment write-offs.
Comments
Our economy runs on the engine of consumerism, and until money starts circulating again, any and all of these other measures will fail.
I’ve outlined an idea for the stimulus package based upon the highly successful emissions cap-and-trade system that will ensure more money gets into the system with minimal waste. The URL is http://writertotheworld.com/consumer-cap-and-trade-stimulus/
I highly recommend it to every American. We need new ideas that actually work.
You are a green communist!!!!!!!!!! Indoctinated by Al Gores big lie. People of power are the only ones that are going to receive this money to manipulate the ignorant population. Did you see the “cow tax” going to be introduced in the cover on night in the near future? Charging farmers $150-$175 per head of cattle (depending on your source) through the EPA. Wheather you eat beef or not cattle do produce milk that is tied to allot of other products that you do injest i.e. milk, cheese, pies, sauces, cheese cakes,whip cream, exc. This type of covert politics will come back to bite people like you. The slow dripping of socialism on the forehead of the stupid, fat,lazy ammerican will be awaken by people like myself, if I have to slap them in the face with facts. I will!!! There is so much factual info this book would have to be tabbed. But, I tell you this I would rather have the facts, my Bibble, and The U.S. Constituion over your propganda. Your thinking is not going to save the planet, but plunge the world into intel darkness that will second guess every move it makes into exstiction.
#1 We just went through 8 yrs. of crap from the Bush crime mob. Went from Clinton leaving us with a surplus to bush leaving us with what?//// Exactly. Nothing This is real close to the great depression. Bush left office with the worst rating in history. Due give Obama a chance. One of the many things hes going to work on while in office is education.That is really important because when my 8 year old looked at your spelling I thought he was going to shoot his milk out of his nose he was laughing so hard. Dude, do you own a cow?
Where in the hell did you hear about that dumb ass cow tax? Rush? I just looked it up on the internet and the only thing that would come up was you talking about a cow tax. Before you you talk about crap you found in your misspelled bibble you should look it up to make sure its real especially if it doesnt sound real. WOW
where is the list of pork?
how come they only show the crap that “sounds good”
dont mention the fact that most of the money will not go into effect till 2010…just in time for the elections…how nice
list all the things congress wants to spend money on…..lets see, they just spent over 1 trillion on a bail out…are we better off?
where does government get the money, they have borrow it, or print it….who gets to pay it back, the american people.
Why isnt the news talking about the congress who changed the laws for loans on houses that started all this??
Some of the above have been scaled back, but its good to see that most of the provisions are still there. I am still trying to figure the tax and payment details, but atleast the money is coming.
Amazing. To those speaking of future consequences of this bill, kudos. To those speaking about what’s good with it, shame on you. You, specifically, are a flat out blithering idiot no doubt in debt up to your anus as well. You no doubt were one of the first in line to grab the free T-shirt when your college passed out the credit card application. You, mildly economically retarded and hopelessly naive U.S. citizen, are the one who fails in owning up to your responsibility. You, starry-eyed and pie-faced sap, are the one who can’t even balance your budget. Congratulations on your “change” you freaking dim-witted fool, we just gave $198 million dollars – that is almost 1/4 of $1 billion, you idiots – to Filipino citizens who fought in WWII which ended almost 64 years ago. That’s the change we need?
Kudos to everyone who made their point without calling the other commenters names.
For the rest of you – Folks, can we make our point without resorting to calling each other names? I have edited out the worst name-calling.
Kimberly
Have your 8 year old check your grammar! Due give Obama a chance? How about DO give Obama a chance. His approval rating is dropping worse than the DOW! His whole campaign was run on crap lies. I sure I’m glad ya’ll voted in a sharp speaking puppet!
If you guys want to play with a FREE online stimulus editor, head on over to http://www.treatyist.com. We don’t know what Obama bought with his stimulus, but for you we’ve got a great list of things in our “stimulus store”, from F-22s, to Mars missions, Iceland, and more.