Employed? What’s in the Obama Stimulus Package for You

The recently passed 800 billion dollar stimulus bill is 65% spending, 35% tax cuts, and 100% about getting us out of this recession. The main idea is to provide some help to the poor and unemployed… and create 3 million new jobs.

But just because you already have a job doesn’t mean you’re left out. Uncle Sam’s going to put some money in your pocket, which he hopes you’ll rush out and spend.

Example? The “Making Work Pay” Tax Cut: a refundable tax credit of up to $400 per worker, $800 per couple. But it starts phasing out at $100,000 income single, 200 joint.

Own a small business? If you’re losing money now, you can go back up to five years and deduct those losses against past profits. Resulting in a Refund.

Have kids? The $1,000 per child tax credit is being expanded: you only have to make $3,000 this year to claim it.

And if your kids are in college, you’ll like the American Opportunity Tax Credit, a $2,500 credit for higher education expenses. But it phases out for high income families.

About the only help for high earners is protection from the Alternative Minimum Tax… also included in the package.

There’s even something here for people who used to work! If you get Social Security and don’t qualify for other aid, you’ll probably be getting a one-time check for $250.

Bottom line? The stimulus package is big… so big it’s got something for everyone… even people with a job.

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Comments & discussion

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  • Laura Koch

    I think it is about time they think of us "small" people!! My husband and I are disabled and I tried to go back to work in 08 but my joints couldn't handle it. I had to quit my job and have my hip replaced in May of 08. I am only 29 and have a wonderful set of 7 year old twins. I only made around four thousand so I didn't qualify for the child tax credits, that was disapointing. The new stimulas plan now lowered the amount to $3000 that we had to make so now I can have my taxes redone and get alittle help.. Thanks it will help a bundle. Laura

  • Laura Koch

    I think it is about time they think of us "small" people!! My husband and I are disabled and I tried to go back to work in 08 but my joints couldn't handle it. I had to quit my job and have my hip replaced in May of 08. I am only 29 and have a wonderful set of 7 year old twins. I only made around four thousand so I didn't qualify for the child tax credits, that was disapointing. The new stimulas plan now lowered the amount to $3000 that we had to make so now I can have my taxes redone and get alittle help.. Thanks it will help a bundle. Laura

  • Janice Smith

    I have a son that is attending FCCJ and is planning on transferring to a university. How and where can he apply for the funds.

  • Janice Smith

    I have a son that is attending FCCJ and is planning on transferring to a university. How and where can he apply for the funds.

  • Janice Smith

    I am a home owner and would like more information about getting my payments lowered.

  • Janice Smith

    I am a home owner and would like more information about getting my payments lowered.

  • betty L baeseman

    I’m a sr. and own a single wide mobie home in a rented trailer court , My mobile needs a new roof which I don’t have money to have the work done ,is there help for that ?

  • betty L baeseman

    I’m a sr. and own a single wide mobie home in a rented trailer court , My mobile needs a new roof which I don’t have money to have the work done ,is there help for that ?

  • donna james

    i am sick and my husbun has the big C. some time
    med are hard to get.

  • http://google donna james

    i am sick and my husbun has the big C. some time
    med are hard to get.