The 2009 stimulus package bill has been very controversial because nobody knows for sure how much stimulus is needed to get the economy back on track or what form the stimulus should take. A stimulus check 2009 giving cold, hard cash to the population would certainly be a popular choice but it looks like tax cuts and infrastructure spending will make up the bulk of the stimulus package. There will however be a $250 stimulus check in 2009 for selected groups.
Let’s take a look at what this bill contains and what was left out:
Tax cuts
This is the 2009 equivalent to the stimulus check of last year – Tax cuts in the order of $400 for individuals and $800 for couples. This is a bit less than the original stimulus tax cut proposals of $500 per individual and $1000 per couple. This isn’t as exciting as receiving a stimulus check in the mail but is basically the same thing since it means more cash in your pocket.
$8,000 tax credit for first-time home buyers
This tax credit was originally planned to be a $15,000 tax credit, however it has been reduced to $8,000 which is still a pretty good break. The tax credit is not a loan so it doesn’t need to be paid back.
This tax credit applies to any houses bought between January 1, 2009 and November 30, 2009. To qualify individuals must make less than $75,000 and couples must make less than $150,000.
Infrastructure spending
A good portion of the approximately $800 billion package will go to infrastructure projects such as schools, highways, energy and technology projects.
Tax break on AMT
$70 billion of this package will be going towards allowing millions of middle-class Americans from paying the dreaded AMT (alternative minimum tax) which was originally intended to prevent higher income Americans from avoiding the payment of any income tax but due to inflation creep – is now applicable to lower salaries.
Borrow from Lending Club
Limits on Wall Street bonuses
This applies to financial companies that are accepting government bailout funds. The rule is that any bonuses for executives can’t be more than 1/3 of their regular salary. The other catch is that the bonuses have to be paid in company stock which doesn’t vest until the government bailout money is paid back.
I think this is a great idea – these executives are the ones who took too many risks in the first place so reducing their pay makes sense to me. One could argue of course that maybe those executives shouldn’t still be in charge but apparently that is the case.
This measure will only work in the short term since any new executive contracts will have much higher base salaries if the stimulus limits are applicable. Hopefully there won’t be a slew of “new contracts” for various executives with higher base pay.
$250 stimulus check for select groups
There will be a $250 stimulus check for select groups.
Update –Will there be a stimulus check in 2010?]
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{ 20 comments… read them below or add one }
the tax cut for me is crock of b.s. theres not even $400.00 withheld from my paycheck a year for me the tax cut is just a big joke
It is not bs your, apparently your job is bs, if you dont get 400 taken out in a year then you must be poor as hell and don’t even deserve a tax cut cause you don’t pay taxes.
ryan you’re a real jerk! maybe dan is having a hard time right now. alot of people are. you should be ashamed!
I think Ryan has a wad up his rear end. You know times are really tough on everyone. Whether 400 or 4000 dollars are taken out in taxes everyone is having a really hard time. Or are you one of those Americans who say pee on the American citizens lets help those over seas like sending 900 millions dollars to those overseas. When are own are children are starving. I don’t even know why I come to this site, it makes me real pissy to read comments like that on here.
Millions of americans need the checks instead of tax credits that
don’t apply to everyone, We dont benefit really in any way
except to be in the largest debt we have ever had to pay back.
I am angry at Obamah for not keeping his word on the stimulas
checks he promised people . That he said we needed to jump
start the economy.
this stimulus is a joke, the fat cats on all street and the bankers already blew the first on themselves and its a damn shame, i am a 11 year veteran thats disabled from combat and 250 dollars to the vets is a disgrace, wake up obama
how do you know if you were givin this tax cut in 2009
IM SORRY I AM 28 AND HAVE BONE AND MUSCLE DETERIATION AND 250 DOLLARS WILL HELP PAY FOR MY MEDICATION FOR THAT MONTH I DONT THINK IT IS A BAD THING NOT GREAT BUT ALSO NOT BAD
im not on ssi just disability and i wont be getting the check i only get 785 a month and i am a single mother and i wont get it that bites
I would like to know if I need to do some paper work for thid $250.00 stimulus check if so where would I get it at and how lone will it be befor the checks are sent out
$ 250.00 will at least be something, But it won’t make up for NO cost of living to our SSI checks for the next two years. It seems as if they are throwing us a line then reeling it back in. In all actuality we will lose money in the long run.
well i think that it will help the people that get ssi. i work with a lady that gets a check every month and after she finish paying her bill she have nothing left. people need to stop complaining about money just accept what you have and deal with it because you can’t take money to heaven or hell so wake the hell up and let these people enjoy there money PLEASE
I don’t see why anyone thinks they’re entitled to a check. I’m grateful to at least have a job. Granted the tax cut only equals about $14 every 2 weeks in my pay but it’s better than nothing. In my opinion Obama needs to bring some jobs back from overseas, cut prices on food and gasoline, and encourage the opening of more business to create jobs for the people in the country willing to work. Free daycare to single mothers willing to work to provide for their kids…. not willing to work, quit complaining. Get lazy asses off welfare that’s eating taxpayer moneey and instead reinvest that cast to where it will more benefit the country as a whole. I say let the lazy be lazy and suffer. Maybe enough lazy people die off we won’t have this slump.
Im from Australia and i get on this site to keep up with world news. My personal opinion of Ryan……. Well you really dont want to know. I just find his attitude on the matter down rite foul!!!!! You should be highly ashamed of yourself. So yes i agree with Mary and everyone else who gave him a serve. Well done!! I spose in times like these all you can do is stick together and try ride it out, things will get better. I find it better to be optimistic about it all rather than be miserable and pessimistic. I know its hard, I’m a single mum myself with another on the way, Trust me im scared bout money and how will i cope but constantly worrying about it will not help. All we can do is enjoy what we have whilst we still have it.
It’s really crazy reading all of the comments. I think everyone has valid reason for being upset. We all know when someone wants the title of “President” they will say whatever they need to to get it……that includes lying to people. Thats such a shame to, because, I’m not a single mother I have two small girls and my husband lost his job in February so we have been living on my waitress income to survive. I’ve lost my vehicle, counting change to buy food, my gas is off as I type…..and where do you go? Human Services says no, my folks say no, and I cannot bare the thought of asking my grandparents, it’s not their responsibility to take care of me. Im scared…….So why is there any point in getting angry at each other. We should stand together and be supportive of each other. Sometimes a nice word or thought can make someones already heartbreaking day! Good Luck and God Bless to you all
By the way if I did get stimulus check I wouldn’t go shopping I’d be smart and save
I will be smart and save only a portion of the stimulus check for emergencies and use the remainder to pay my utility bills and clothing. I think the people on welfare and unemployment should be made to get off their butts and find jobs. They are out there. They are just too lazy to get up from the tv and go looking.
The topic of life being tough, is a real sensitive topic. You have the people being effected by it, and the people who are’nt. That clashes all by itself. Rich people look down on poor people, and the middle class (like myself) are trying like hell to survive the poor. Thats terrible. I feel like I’m poor. We all do who are’nt rich. I cant wait till everything is back to normal, and everyone can feel good about themselves and what they do. I wrote a song called “Toughest Days” that is about this.
is there checks coming in dember i heard yes
Obama spends $425,000 on a Valentines trip to Chicago using Air Force One, and serves his guests at the WH parties $100 a pound steak, and hypes the lousy $250.00 so-called tax cut/stimulus…meanwhile giving those Wall Street crooks and Fannie and Freddie Mae billions and billions(CitiBank got 49 Billion, and is now busily screwing it’s customers with cancellations and obscene interest rates hikes). What a bunch of crap. At least George Bush gave me a check for $600, which was an amount that really made a difference. That $250.00…is just “chump change”….or change I don’t believe in.