The plan being put through the Senate right now may be difficult for the average American to understand. While I’m no economist or politian, this is my take on the whole deal and what it means to us average Americans.
The first way this plan would affect you is in a tax credit of sorts. The credit would not show up on your tax return, contrary to popular belief. The tax credit would show up on your paycheck starting around June. Instead of paying a certain amount out of your check every pay period for your taxes, you would pay slightly less. We’re talking about ten bucks a pay period. This credit only applies to people making less than $75,000 per year. People who don’t work are also be eligible for this credit. If you’re part of a couple who files their tax return together, you would have to file under $150,000 jointly in order to qualify.
Secondly, if you make under a certain amount every year, you would be eligible for a grant to make your house more energy efficient. Speaking of energy efficiency, the plan includes a part about making our energy grid more efficient and adding more renewable resources to our current energy system.
Obama’s Economic Stimulus Plan also includes plans to update our infrastructure, thereby creating jobs. Infrastructure projects proposed include bridges, roads, and dams.
Another part of the plan includes updating schools and improving education overall.
While the Obama’s Economic Stimulus Plan doesn’t translate into a lot of instant cash for you, overall it’s a solid plan to, what else, stimulate our economy.