During a week when GM announced that it plans to cut 47,000 jobs and asked the government for an additional $14 billion in aid, President Obama signed the recovery bill that will help many of the struggling masses. However, he did note that the recovery package alone would not magically fix all our economic problems:
Today does not mark the end of our economic troubles. Nor does it constitute all of what we must do to turn our economy around. But it does mark the beginning of the end – the beginning of what we need to do to create jobs for Americans scrambling in the wake of layoffs; to provide relief for families worried they won’t be able to pay next month’s bills; and to set our economy on a firmer foundation, paving the way to long-term growth and prosperity.
So the big question on everyone's mind is: what's in it for me? Here are some of the larger provisions in the bill:
1) In 2009 and 2010, there is a tax credit of up to $400 for individuals and $800 for married couples filing their taxes jointly.2) In 2009, you won’t have to pay taxes on the first $2,400 in federal unemployment benefits you receive.3) If you lost your job, the government will subsidize 65% of your COBRA health insurance premium for up to 9 months.4) In 2009 a number of retirees and disabled people, including Social Security recipients, will receive a $250 refundable tax credit.5) For the rest of 2009, you’ll be able to deduct the state and local sales and excise taxes you pay on the purchase of a new (not used) car, light truck, recreational vehicle or motorcycle.6) The maximum Pell Grant will increase by $500, to $5,350 in 2009 and $5,550 in 2010.7) First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000.
Posts
