Barack Obama Stimulus Package February 2009

I believe Obama said tonight that he included the tax cuts for the middle class. I think that is different from the Bush tax cuts that were for the rich. There may be some concessions, but not of the magnitude that they want. I think Obama going to the people will a payoff. I intend to make my one call to the only republican in my state who publically came out against The American Recovery and Reinvestment Act of 2009.

This is an email that I received on The American Recovery and Reinvestment Act of 2009:

The American Recovery and Reinvestment Act of 2009
Creating Jobs, Cutting Taxes and Investing in Our Country’s Future

The United States is facing its deepest economic crisis since the Great Depression, one that calls for swift, bold action. The goals of this legislation are the same as they have been from day one: to strengthen the economy now and invest in our country’s future.

This legislation will create and save jobs; help state and local governments with their budget shortfalls to prevent deep cuts in basic services such as health, education, and law enforcement; cut taxes for working families and invest in the long-term health of our economy. We do all of this with unprecedented accountability, oversight and transparency so the American people know their money is being invested responsibly.

“The American Recovery and Reinvestment Act of 2009 combines two essential ingredients needed to bring our economy back to life,” said Senate Appropriations Chairman Daniel K. Inouye (D-Hawaii). “We will create four million jobs in the near-term, and invest in America’s future by rebuilding our crumbling infrastructure for the long-term. In addition, this bill includes more than $301 billion to aid state and local governments as they struggle to meet increasing demand for social services amidst plummeting tax revenues. As we address this crisis, we must never lose sight of our responsibility to avoid wasteful spending by providing strict accountability and oversight measures. We must invest this money quickly, but also wisely.”

“Millions of Americans will get back to work and our economy will get back on track with the job-creating tax cuts and smart investments in the American Recovery and Reinvestment Act,” said Senate Finance Committee Chairman Max Baucus (D-Mont.). “Working families will get a financial boost, small businesses will finally catch a break, and the whole country will reap the benefits of a growing green energy sector, revitalized schools, and higher-quality health care. This bill has been carefully crafted to produce meaningful improvements to our economy in the short term, and to improve America’s fiscal strength and stability for the future.”

To accomplish these goals, The American Recovery and Reinvestment Act provides $888 billion in investments and tax cuts. Of this total, $694 billion will enter the economy by the end of Fiscal year 2010, meaning that 78 percent of the monies allocated will reach the American people by September 30, 2010, providing an immediate boost to the overall economy and creating an estimated four million jobs.

The Act provides for the following critical investments:

• Tax cuts for Working Families - $247 billion
• Job-creating Investments in Infrastructure and Science - $165 billion
• Job-creating Investments in Health - $153 billion
• Job-creating Investments in Education and Training - $138 billion
• Job-creating Investments for an Energy Independent America - $82 billion
• Job-creating Tax Cuts for Small Businesses - $21 billion
• Helping Americans Hit Hard by the Economic Crisis - $72 billion
• Law Enforcement, Oversight, Other Programs - $10 billion

Tax Cuts for Working Families include:

- $142 billion in Making Work Pay tax credits will provide ninety-five percent of American workers with up to $500 in extra cash in their paychecks; married couples filing jointly can receive up to $1000 total.
- $15 billion in tax cuts for families will give cash back to parents through an expansion of Earned Income Tax Credit for families with three or more children, additional marriage penalty relief for couples, and increased eligibility for the Refundable Child Tax Credit for lower-income families.
- $4 billion in tax cuts for homeowners will facilitate new home purchases with enhancements to the existing $7,500 homebuyer tax credit.
- $17 billion in one-time payments to seniors, disabled veterans and others will provide an immediately usable payment of $300 to seniors on Social Security, low-income recipients of Supplemental Security Income, disabled veterans and veterans on pensions, Railroad Retirement beneficiaries, and others who may not qualify for the Making Work Pay.
- $70 billion in Alternative Minimum Tax relief

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