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FROM CNN's Jack Cafferty:
Millions of Americans will soon start seeing a little extra in their paycheck. It's all part of that massive economic stimulus plan that the president signed into law last month.
President Obama has asked all employers to adjust their payroll systems by tomorrow so eligible workers can start receiving the "Making Work Pay" tax credit in their paychecks.
If paid weekly, single people eligible for the tax credit might get between $10 and $15 per paycheck; and married couples could see $15 to $20. In total, that comes out to as much as $400 a year for single filers and $800 for joint filers.
The full amount will be paid to people making less than $75,000 a year; or $150,000 for couples. There were will also be partial credits for people making more than that; but no more than $95,000 per person or $190,000 per couple. The credit is also refundable, which means that even poor families who don't make enough to pay income tax will still be able to claim it.
$10 or $20 a week isn't AIG bonus money; but for lots of folks it just might make the difference between being able to make that mortgage payment or not next month.
Here's my question to you: How will the stimulus bonus affect your life?
Interested to know which ones made it on air?
Deborah from Blue Springs, Missouri writes:
Ten or twenty dollars extra per week will go straight into the bank so I can begin to put my financial cushion back into place.
Terence from Piscataway, New Jersey writes:
Jack, Let me ask you if this stimulus tax break is going to be a life saver for you? I doubt it. So why ask such a stupid question? You know this tax break doesn’t mean a hill of beans to anyone getting it. I can find more money picking coins up off the street.
Fiona from Chicago writes:
Jack, I think it's great that Mr. Obama is taking these measures. Unfortunately, there's no provision being made for freelance workers. I feel it's unfair that those of us who have had to resort to all freelance work are now falling through the cracks of this stimulus benefit, but perhaps the plan isn't thought all the way through yet.
Former govt. employee writes:
It won't. And the way the trend has continued, many people may feel the same way as me. It doesn't matter that a stimulus is added to a paycheck if you don't have a job!
Matt from Kansas writes:
It sounds like what we'll be receiving amounts to roughly what we spend on diapers, Vaseline, and baby wipes for our two one-year-old sons. Every little bit helps when you work in the not-for-profit sector and your salary has been frozen for the past three years.
This increase will not affect me at all, since my payroll deduction for health insurance is increasing as of April 1.
Camden from Naples, Florida writes:
Well, $400 for this single means I can't do much but it's better than nothing. $15 a week doesn't even cover 4 Lean Cuisine meals!
Marcel from Atlanta writes:
During these tough times, every penny counts. $20 buys 2 days worth of groceries, or (almost) a tank of gas. I'm thankful for the help when we need it most.
Not at all. It is good for the country but will not have any noticeable effect on my family or its financial situation.
It will help get a new roof on my house.
Well Jack, seeing as I make 1200 a month before taxes, but yet was told I didnt qualify for the 600 dollar stimulus.....even though Im sure illegal aliens recieved one, Im not holding my breath. Second , even if by some remote chance I did get one...it would be deposited in the bank.
It will cover the increase we have seen and continue to see on cigarette taxes. In the last 2 years taxes and total costs on this commodity has more than doubled. To bad it isn't equal for all people like double the cost of toilet paper or booze. Of course the people that pass these laws all drink since it's the only way they can look themselves in the mirror so their not going to tax their crutch.
Well, being a Realtor in today's market, and having had my last closing in December of 2008, I don't think I'll be seeing anything in my "paycheck." If the President concentrated on fixing the banking industry instead of wasting time buying companies and fireing the bosses, I might just have a shot at one or two closings this year.
It's the banking industry, primarily Fannie and Freddie that caused this problem. How do I know that? Realtor, remember? Until home values stop plummeting and bankers start lending, this mess will be around for a while. And in the future, maybe when I'm 85, I might be able to buy an electric car. But I wonder what power will be used to generate electricity....oil? It makes no sense.
DRILL for cryin' out loud!!
Do you mean the "stimulating" small pepperoni pizza I'll be getting delivered weekly to my shopping cart, or the gazillions of dollars given to the lenders who put me here?
I await your decision.
Hi Jack! I'm back. Grandchildren and family were here last week so I didn't get to participate on your blog. Missed it. About this extra $15.00-$20.00 per week. It's not exactly a financial windfall. It will cover the cost of Friday night pizza. I'm afraid the American people are going to need a little more than this to get back on their feet.
Oh please. This retiree has never gotten one and will proably not this time either so therefore I don't count my chickens before they are hatched.
We started to get our extra $$ the middle of March and $50 a month really helps. At least it is coming to the middle class this time. Very, Very tired of all the tax breaks for the wealthy. We are saving our extra $50 a month because our retirement account has dwindled so much. Hopefully this will help the bank loan out some money so my neighbor can buy a new car.
The plan was easy; I am going to buy a new car, pay off my son's college loans, and take a vacation to Hawii with my wife. Now all I have to do, is figure out how I can do it on $50 a month.
Mountain Home ID
Yay. It will just go to the increased sales, gas, electricity taxes being raised by Fed, state, and local governments. Once again, yay.
It's not much, but it will help feed my family. It's been really tough the last year and I'm just happy for an extra $20 dollar bill.
It could mean the difference between making only pancakes or what I served on Sunday mornings before the recession: pancakes, sausage, scambled eggs and orange juice. It may not sound like much but it means the world to my kids. Our traditional Sunday breakfast has become a thing of the past and they've noticed.
I'm retired (not Social Security) so I don't expect the Stimulus Bill to directly affect me. However, if it achieves what it is supposed to do, it would stimulate the economy, and as a result, I would be benefited by greater competition and lowering of prices for goods and services versus the current trend of high prices.
what bonuse that is pennines compared to what wall stret gets and the auto companines once again the taxpayers get screwed again and we are the ones payign for all this govt wasteful spending and the average american taxpayer get's slapped in the face 10-15 a week is no help
Not much affect here. My wife is doing every thing she can to help stimulate the economy every day at Wal-Mart or eating out some where. I`m shure an extra $10 or $20 will just go to her cause.
My job was taken by an H1B Visa holder. The extra won't do me any good – it may help him.
No jobs to be had for 25 yrs experience.
My stimulus bonus is a mere drop in the bucket compared with the amount of taxpayer dollars given to the Masters of the Universe for safeguarding our financial well-being. I will probably receive the federal stimulus bonus in time to give it to the state. What the left hand gives, the right hand takes away.
I think I will pay it towards my credit card bills. That should about take care of the higher interest rates. Maybe some day I will actually get them paid off, hopefully before I die.
Any amount is helpful. That is $10 or $15 more a pay period. It will buy milk, bread and cereal. I'll take it.
I will not be materially affected by the Stimulus Package but the small amounts added to paychecks when added together may have some impact on the economy. Now if the ex-CEO of GM would share some of his 23 million golden parachute and the "boys" on Wall Street would sell off a few Bentleys and choice spots in the Hamptons and contribute we might get somewhere.
How will the stimulus bonus affect your life? Good question JACK!
Not one damn bit. I'm retired, no home mortage, no credit card debt, no auto loan, a little money left after what Wallstreet and the banking system done to me, and they got payed some of my money to take money away from me 'the American way'. Ain't it Great?
As a single person, I'm getting pretty tired of the federal government funding marriage. Married people get more stimulus money, they get more tax breaks, they get better insurance coverage. How does having a spouse make you entitled to more money? Two people splitting the bills get more support? That makes no sense. Where's my bachelor tax credit?
My life? It won't. But an extra $10-$15 dollars a week can be very helpful if you're living paycheck to paycheck. You could get a gallon of milk, a loaf of bread, a roll of toilet paper and some lunchmeat for that $10-$15. Or 25-35 packs of Ramen noodles. It sounds funny, but if you're hungry, you can do a lot with $10-$15.
It's going to make justifying my fancy coffee habit that much easier, Jack. I might even start tipping the baristas again.
I recently had an operation and I have to go to therapy three times a week. I am unable to work but my wife will benefit with the pay increase. We will now be able to cut the cost of my co pay for therapy but not all of it by a long means. This meeting, we will not be doing any outrageous spending only necessary spending.
10 bucks a week jack....honestly do you really think that makes a difference in anyone's life? It sure doesn't mine.
There raising our utilities 40%. It will help with that.
It won't affect my life at all. Nor will it affect millions of lives of disabled and elderly Americas who do not qualify for it and will not receive a dime. These are the people who need it the most because their every penny is taken from them by the super-rich corporations who will gain the most from this so-called "Stimulus Package".
Well, I guess I can have a few more lattes this year than I would otherwise have.
It won't, but I sure hope it helps my family members and friends who work. I'm disabled and this recessioin has added new meaning for me to the staement it takes a whole village to raise a child. Maybe now they can pay all of their bill instead of just part of it. Every little bit helps.
Every little bit helps Jack though I think if the folks in charge wanted to really and truly stimulate the economy they would have taken the total amount of the stimulus and divided it up amonst all employed and recently employed people. This would have helped many more people than the way they have it setup now. Many small business owners, the mortgage lenders, and the credit card companies and even car dealers would have faired better than they will now. Just think how many foreclosures could have been forestalled thereby helping the local community with tax revenue and perhaps even home prices would have evened out and stabilized. Sales tax revenues and fees for car tags would have helped maintain their budgets. The list is long. But I really and truly can't remember when the American people/tax revenue funding public ever got a real fair shake from their government or elected officials. Do you recall a time when we got a fair shake Jack?
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Probably won’t affect MY life much, but that doesn’t matter to me. It WILL help a lot of people a lot more, and THAT matters to me!
I'm going to Disneyland!
Well hoopty DOOOO. I can replenish my supply of DENTINE. Or perhaps I can have Starbuck three time a week rather than two.
Gee I'm impressed!!
Ron San Diego
$10-$20 a week make a difference to pay the mortgage?
Get real Jack....$80.00 a month wont keep your home safe.
How about you guys in the USA raise the minimum wages to $9.00 an hour-that may make a difference.
It will just mean more taxes taken out of my paycheck. With that extra $10.00 I can buy three gallons of milk instead of one.
I'm not sure that it will affect me at all. I'm retired on a pension, so I doubt that I'll see any benefit. I'm glad for people who do. This "stimulus" seems like a drop in the bucket compared to what financial institutions and car manufacturers are getting to "stay in business." It's almost laughable–though every little bit helps these days.
I appreciate the effort, but it's not going to help anyone. There's an e-mail circulating that I think has merit. It claims there are 40million workers over 50. It says if the government gave each of those workers a million dollars each with 4 stipulations: 1. they must resign their job 2. pay income tax on it 3. purchase an American made car and 4. give up their social security benefits, this would create 40 million jobs, save the auto industry and shore up social security. I vote YES!
Four hundred dollars a year or $800 for couples is not going to stimulate the economy very much. I hope the other things in the stimulus plan will have a much bigger impact. If we can create a couple of million jobs, then things will get better everywhere. One job means one person off unemployment compensation or welfare. One job means one more person can purchase necessities which will help retail. One job means one more person who can have healthcare and not burden the system. One job means one less house foreclosed on. One job means one more person has gained self esteem. That's pretty impressive and multiply all that by two million. It's the jobs that will make a difference.
More rounds of golf!
Jeff in New Britain, CT
Well Jack, I'll try not to spend it all in one place!
It will not because I do not get a bonus, but maybe for my 7, middle aged, unemployed siblings they can have a night on the town, pay for their insulin, or buy their kids a pair of shoes. For one sibling it will not help her make her house payment. My 81 year old father wil have to continue doing that until things dramatically change. Did I mention she is the sibling with a job?
It won't, it is not enough.
As a retired Senior Citizen it will not help me much, but, am happy to see the working and non-working class get some funds. There will be complaints that it is not enough, but think of what it would be if the republicans were in control. Zilch, as they are still under the illusion that big business etc should be the only ones "rewarded".
At least middle class America will be getting long overdue compensation.
It will help pay for the gas for me to drive around as I try to find a job. And right now, that requires a lot of gas because the job prospects are few and far between.
Now I can afford to go Starbuck's and get my daily caffeine fix. Thank you very much.
Gives me a little bit more to put toward bills or gas or groceries.. They would be better off to go to a Flat Tax, lowered total taxes paid and make EVERYONE pay the same percentage of taxes....Time for the rich to quit hiding money behind all these deductions they have while the middle class pays through the nose.
Since I no longer have a "job", not much!!
For those who have a job, perhaps they no longer will have to use BOTH sides of the toilet paper.
The stimulus plan won't affect my life much at all. About all it would do is pay for a cheap fast food lunch if I were traveling. Unfortunately I really don't have any road trips planned at present until the last quarter of 2009. I must admit that any stimulus payment I've received sofar I've tried to spend as a means of me trying to do my part in stimulating the economy.I realize that my actions probably drive republicans crazy but that's OK, but I feel certain that my ideas are better than their normal, "we need to cut taxes" refrain. It is the average Joe that will do the most to get our mess straightened out than simply cutting taxes. I encourage all that if you have the cash and really need somethging, go out and buy it.
Jack, My husband is 63 and I am 59 ..we are both retired .
I don't think we are getting too much of a stimulus package as I understand things right now. Too bad...because we have lost thousands in the mutual funds we had been saving in for twenty years .
The rich get richer and that is always always true.
I’m going to take that huge sum and finally break down and order Wrestlemania 25. For once in my life, I’ll be able to marvel at the antics of Chris Jericho, the Heartbreak Kid, and Triple H as they rip each other’s skulls off…Oh my god, they’re so yummy. And I’ll watch the ladies go at it too, in cages, leaping from ladders and whacking each other with trash can lids and folding chairs. I’ll fantasize about the day when I too will become a WWE Diva and won’t have to rely on puny little stimulus checks to have fun.
I have no idea how the stimulus package will affect me. I'm retired on social security and using some of my savings to live on. I guess us ARRP folks don't have a rich enough lobby.
I will get no stimulus bonus since I am retired and am on a fixed income. I lived by the rules all my life, saved a few bucks which are nearly gone now due to other people living beyond their means. It must be true, good guys finish last.
Two Rivers, Wisconsin
Are you crazy?
Sean in Tx.
I believe President Obama means well, but let's get real $10 to $ 20 dollars a week, in order for it to have any kinda of an inpact it should have been given as a lump sum, $ 10 to $20 a week :(
As soon as I get a job I will let you know!
The kids haven't called since our retirement investments crashed. Maybe we'll get a call.
Jack, can't wait to read your book.
If the media bothered to mention the existence of people with family incomes under $15,000 a year, it would be more clear how the stimulus helps. The fact that food stamps went up is already helping.
It won't as we are self employeed with NO work..
Golly, will have to think about it. Ends don't meet now so maybe that will reduce the use of my credit card by a few dollars a month in order to survive.
It won't. I won't get a penny.
It won't make any difference....My vote is NOT for sale
Jack, I think it's great that Mr. Obama is taking these measures; unfortunately, there's no provision being made for freelance workers. I feel it's unfair that those of us who have had to resort to all freelance work are now falling through the cracks of this stimulus benefit, but perhaps the plan isn't thought all the way through yet. – Chicago, IL
Not at all. Self-employed small business people get NOTHING.
It won't. And the way the trend has continued, many people may feel the same way as me. It doesn't matter that a stimulus is added to a paycheck if you don't have a job!
It won't Jack. I'm rich..........I work for a living.
I will get a lump sum of $250 from SSA in May. It will help me pay off
a CC. Thanks!
I won't get this particular stimulus bonus.
I am on Social Security; I have already earned my living.
People on Social Security will get $250 by the end of May, a one-time payment. People on Social Security whose benefits are $3,000 or less won't get a cent of stimulus money. I feel sorry for them.
If you don't like how much you are getting, please donate it to a food bank in your area.
Since I grew up with the "American Dream", and worked my way to a good college and got a good job, I won't get a dime.
This is truly exciting. Friday night I'm going use the extra money to pull out all the stops and take the little lady out for a double cheese combo; the works! Our lives will never be the same.
Ten or twenty dollars extra dollars per week will go straight into the bank so I can begin to put my financial cushion back into place. What, if anything, is Washington willing to do about my crippled FICO score? That, too, is a casualty of the economic freefall.
Helping out my local restaurants with a extra lunch or dinner out with my wife or a co-worker!
Every little bit will help. This will allow us more from the grocery store.
Dear Jack, Both my husband and I are retired, but I tell you this much, it will certainly help our three sons and their respective families. Every little bit helps at this point in time.
I would like to think the stimulus would help me because I support Obama and most of his policies (though not blind support like most people). But how will I be getting more money in my paycheck if I'm out of a job? I've been laid off three times now in a matter of months. And this week I've already been informed may be number four.
$10-15 dollars more for happy hour!! Well, you can't beat that Jack....
The simulus won't help us at all because our property taxes, now at $14,000 per year, are going up yet again. Any money we get in one pocket will be picked out of the other pocket by our local government.
I plan to use the few extra bucks to donate to a food bank or kitchen...
During these tough times, every penny counts. $20 buys 2 days worth of groceries, or (almost) a tank of gas. I'm thankful for the help when we need it most.
It won't help me at all, nor will it help stimulate the economy. What a joke.
It doesn't sound like the stimulus will affect me at all since I am self-employed. It wouldn't hurt since my revenue is down more than 65% from July of last year.
Not much at all Jack, but it's better than a sharp stick in the eye!
I comes in from one end and out the other....literally. Whatever I will get from the stimulus check will be eaten-up by the California sales tax increase that starts at the stroke of midnight. So esentially, California is double-ending the stimulus money. They are getting billions from the Feds as it is, then they are getting our money too everytime we buy something. We can't catch a break!
In these dismal times any type of extra income is good news. Too bad my wife and I can't find jobs to take advantage of it.
I plan to spend ours at local family owned and operated businesses. Especially restaurants! A good meal at the same time I help neighbors. What better way to help stimulate the economy, preserve jobs and save myself a sink full of dirty dishes?
Not really Jack. It is not significant enough to change anyones life style but in this economy anything counts. April 1 they raise our sales tax by 1% here in California, guess its going to pay for that !
It will help me make my student loan payment every month.
I'll be able to get a double whopper with cheese now instead of a P&J sandwich
Are you kidding me jack ! Wall street, & Auto companies get Billions and as usuall we get a beggars bonus. Please thank the Politicians, big bankers, and auto industry for me here in Wausau WI.
great! now i am gonna have to check that little box on my w-4 and have an additional 15-20 dollars deducted every week for my income tax. i already do an additional $10 now just so we can get a return every year. oh what a great stimulus!
What good is $15 to a pay check that no longer exists? Isn't this just padding the pockets of those who already have employment? The problem is UNEMPLOYMENT not MORE FOR EMPLOYED! Come on...Create jobs! Where are they?
It may help me alot if I wasn't unemployed. I have been laid off since late november with no end in site.
The question as posed will not impact my life in any significant way. The real question of significance is that this money will help many people who are just short of meeting their mortgage. For those of us in less stringent situations, it allows us the opportunity to spend the money which can only help our retail environment and create some jobs in the process
I will be donating my tax credit to the RNC. At least when Republicans were in charge of everything we had a record 52 month unemployment low.
I'm pretty sure, Jack, that the state of Illinois has already claimed my portion with their tax increase so I will be on the losing end of this deal either way you slice it.
Jack – you are out of touch with reality! $10-15 a week will not begin to make up for the 15% salary cut my company has recently implemented. And still my senior management takes hefty bonuses. Try a better question next time Jack.
Unfortunately it won't affect us at all because my husband and I are both retired and receive state pensions, not Social Security. As I understand it, people in our shoes won't get a penny.
I am retired on a fixed income from a 403(b) plan consisting entirely of my own contributions. Will I be eligible for for the Obama plan ($400/yr)like working folks?
I think the roll back on tax credit will help struggling. How ever how is he going to help those that are retired living on fixed incomes and also paying taxes? I have not heard any thing here to help make ends meet. Thank Jack for your interest
great! now i am gonna have to check that little box on my w-4 and have an additional 15-20 dollars deducted every week for my income tax. i already do an additional $10 now just so we can get a return every year. oh what a great stimulus!
i knew i should have taken that AIG job!
Every little bit helps and I appreciate it a great deal. However, right now with gas prices on the way up again, this extra money is probably going to go into the gas tank.
I don't think this particular part of the stimulus was meant to help the recipient as much as it was meant to add dollars to the economy in an immediate fashion. The accumulative effect in the overall economy will be more felt than the individual.
Pennington Gap, VA
I believe that any little bit helps in this economy. However, I would like to know if they are also looking at the Federal Income Tax; will we have to pay all the money we receive in our paychecks back to the government when we file our taxes.
Thanks for staying on top of things and helping the general public understand what is going on. Alot of us don't have the time to read all of the legislature or bills that are making there way through congress.
Does anyone really think they will end up with more money at the end of next year? This is the old bait-and-switch written new. Whatever is given, will be taken away, and more.
The Chinese food store I order from will be happy to receive a bi-weekly call from me again. An extra $40 bucks a month may not be a lot to some folks, but to many it means an extra pack of chicken, gallon of milk, loaf of bread or order of my favorite...general tso's chicken, pork fried rice and an egg roll with extra fortune cookies. Yum!
If Obama would let me invest that little extra bit of my paycheck into U.S. Savings Bonds, as we could in the days of yore, I'd be a little extra bit happy. Why should China be the only one allowed to invest in the U. S. Treasury?
That 10 0r 15 dollars a week is a joke! are we supposed to feel good about that? It's a ridiculous, half-hearted gesture, when trillions of tax dollars are going out to all these rip-off experts in the big business world, and the government thinks that, what amounts to buying me a meal at McDonald's once a week, should help me out. Get real.
Just great, by the time you add all the other taxes these clowns have added and will add, I might be lucky if I can reach up and touch bottom.
Jack, The business we are in is funding small business.
While we can still get deals done, the funding ( I don't mean banks) companies have tightened their belts, and while we got 8 out of 10 deals done 6 months ago, now we get 2 out of 10. Money is tighter, we are making less, meaning we spend less. Oh yes my son lost his job at a home construction sector business. Good news is he found a new job, making more money.
Give me more back on my return at the end of the year, dont give it to me now and make me pay taxes on it at the end of the year.
Money is money but i would still of liked to have it in a lump sum that would allow you to go buy a tv or whatever to help get the econmy going faster
Please sir,may we have another?
Iam on social security disability, I guess iam supposed to tread water .tomorrow is the first of April i can no longer afford my Internet cost, so i guess this is my last hora see ya in the funny 's Jack...
The extra will not really affect me Jack. I do not have credit card bills, I live in in between my means. If I can not pay for it in 30 days I will not but it. So I will put it into my saving account. Tell Wolfe I said hi....
From South Orange, New Jersey
The stimulus won't help us at all because our property taxes, now at $14,000 per year, are going up yet again. Any money we get inone pocket will be picked out of the other by our local government.
What if you are unemployed, don't have a paycheck, can't find a job, and are not covered under unemployment benefits? Where is our stimulus package? Forty dollars a month sure could help.
Susie in Maryland
Even as much as $20 per week is not going to help a majority of Americans. I think people who smoke a pack of cigarettes per day should quit. At least that will put an extra $40 in their pockets per week.
Too little, too late, as usual.
My husban's weekly pay check went from $522 to $533. From Feb. to March our Sears card intrest rate more than doubled and the minimum payment went from $75 monthly to $147 monthly. We had made no new purchases and have never made a late payment. Please explain to me how we are doing better.
I may not pull down the big coin like you do, Jack but even for me $50 a month is really just a little more beer money.
Everything helps, Jack, and although I understand that many people will be disappointed with their piece of the pie, I think we have to defer to the resulting benefit to our economy. The U.S. Government will see a 100% return, because most of us will not save the 15 dollars, but spend it immediately. I could use 15 bucks worth of gas right now, or maybe a couple of cheeseburgers...
I don't qualify and am not being allowed to refuse this money!!!
This stimulus money is being given to me despite me telling my employer that I am not eligible to receive it! All the employer is looking at is the amount earned on this job. They clearly have no knowledge of other income that I have. I called the payroll office and tried to "opt out" of receiving this money and was told there is no provision for that. It was suggested that I increase my withholding to compensate for the income. The payroll supervisor had no answer when I tried to explain that I did not want to receive what I was not eligible to receive and did not want the IRS coming after me. What to do?
I really don't know how it is going to effect me and it really doesn't matter. I don't live an expensive lifestyle so an extra $15-$20 per paycheck will effect me some but very little. We aren't talking about an extra $1000 dollars here. Although it might get me an extra 9 holes of golf a month, so that is king of cool. Grip it and Rip it!
Jack, it will have about the same affect as a six pack of beer. Short lived and a headache at the end.
I've been unemployed since before the meltdown, and haven't made enough to file tax returns for the past 2 years. Can I still get the weekly check? For me, at those $4 generic prescription rates, it would mean 'free' asthma meds for allergy season, and over the year, ability to pay for industry-society dues so I can use their job search resources. It means a slightly better chance of getting out of the hole I'm in, which job-wise is deeper than most since being unemployed so long is a major hit toward even getting an interview.
The extra $10-$15? It will go directly to paying up the bump in my health and dental plans. They are just being readjusted right now, so in one pocket out the other.
Stimulus check? What a joke, my husband and I are one of the ones paying for the stimulus checks everyone is receiving and the one of the ones who have been busting their butts for 30 years to get to this stage in our lives and now get hit with even more taxes, less deductions. Getting to the point where there is no incentive to work for the big bucks only to have it given away to others. Change, yeah right, changing into a socialist country with less freedom every single day.
Not a bit, Jack. I'm self employed, and business got so bad last year that I had a big loss. I won't have to pay taxes on the money I borrowed in lieu of income, so no stimulus money for me. Also no unemployment when I have to shut my doors. Tax credits only help those who pay taxes, and to do that, you have to actually make money.
Hi jack its will mean little for me but goverment loans.For small business to help me pay.For up keep with wire and up other needs I cannot file unemployment.
Jack, that's an easy one. I already went to the credit union to increase my payroll deduction to encorporate the additional rebate. I will now have my car payed off by the end of the summer. I wonder how much lower those hybreds are going to go and I wonder what other new ones will come off the line by next year. I'm in no hurry.
I'm 61 yrs old, retired, not receiving a paycheck or social security, basically living off my savings....This "Stimulus" means nothing to me and my wife. At least the $1200 we received last year from the Bush Administration provided us with a very nice vacation.
The beauty of giving everyone a small amount of money spaced out at intervals is that it is too little to save or pay off bills. Millions of people spending a little more each week adds up to a lot of money dumped into our economy at intervals. This helps all of us by doing what its meant to do, stimulate the economy.
It isn't going to make one iota to us (my wife and I). I will be more than happy to contribute our portion to someone who is in need of it. I pay that much for a haircut.
What concerns me most is how much are we going to have to pay for all of this spending that has been going on between the last two administrations and the last two congresses.
That's a good question Jack. We are retired and get pension checks. Will they be affected or stay the same?
With this stimulus bonus I will finally be able to buy one of your books and have a nice weekend reading it, without thinking about anything else. PS: You were great on the Jon Stewart's show last night !!! I didn't know you were a very good comedian !!!
If you live in the state of new york ,all that money plus will go to. new taxes & fees that the state just passed
The bonus puts my family into a hole at the end of the year because my wife and I both work. Therefore since we both get this bonus we have to make sure there's an additional $800 to pay back with our taxes. Thanks, as if I didn't have enough stress in my life.
It will not make a bit of difference. If you REALLY want to stimulate the economy, give the middle class $10,000 each to buy the things we WANT but don't NEED. (new energy efficient appliances, newer cars, vacation, new carpets, exercise equipment, new furniture and decorations, etc....)
Well Jack, with 2 growing boys & groceries more expensive than ever my guess is the grocery store will get an exta $20.00 a week from our household.
Port St. Lucie, Florida
Jack, $10 to $20 a week will not help anyone. Prices are still going UP UP UP.!!!
how come these people do not qualify?
Nor will it affect millions of lives of disabled and elderly Americas who do not qualify for it and will not receive a dime
Jack ireally don't think that the 800. per couple will do a whole lot.In some case it is to little to late.If the goverment want' to stimulate the econmeny give all tax payers 400000. and see how much the econmeny would pick up.
I'm on Social security so I won't see any benefit.
Yesterday my wife was given 2 choices. Take a $20K cut in salary or take a hike. Given the current jobs market guess which one she choose.
I'm hoping her $10-$15 less in taxes will offset the loss.
20$ a week pays for two canvas!
My wife is the sole bread winner in our house. I took a buyout from the auto industry a year ago,as a stay home grand-dad,with an adult son out of work,and a grandaughter who was drop off at our door step, every little penney helps.
well jack now it means I can pay rent and have $25 left over for something else till next pay day. So it isn't making much of a difference. Damn! I should have married rich, then I wouldn't be home waiting for my comments to show up, I'd be out spending money!
At best, an increase in a little discretionary spending.
PS–$20 a week, for folk using generic $4 prescriptions, could mean the difference for some older folk not having to choose between their prescriptions and food.
Their taking no federal taxes out of my paycheck, and I want to know how it's going to effect us come tax time next year???
It won't at all because that ten bucks will go right towards my student loan payment that is 264 bucks a month. Which is a government student loan and they are charging me 6.3%. Finished last spring no jobs out there so my ten bucks will go right back to our lovely government. Why doesn't the government suspend student loan payments or just pay them off with the 165 million AIG bonuses!!!!!!!!!!!!!!!!
I havent had to file in 10 yrs since i lost my husband. My income is really low and i live on just Soc Sec. only. Is this something i should check out? I am almost 76 and trying to keep a home going . Every little bit would help. I still fill out the forms to make sure for myself and to get the Star benefits. Just wondering Thank-you
Monica in Muncie,
Jack I thought you said bonus. That chump change is a joke, I will not spend pennies I will lose in tax deductions. I want AIG bonus and then I will use the money to buy a house, car, pay college tuition for three kids and pay medical bills. I might be able to get out of debt. Tell government to give the American people the bonus we deserves and say no to Wall Street. Better yet give them the $10 to $20 dollar bonus and give Americans the money.
You've got to be kidding – $15. California is taxing us blind already and I'm sure they'll manage to tax that too. It won't change anything or help anything. More nonsense.
800.00 will help to offset the predicted 2400.00 tax and fee increase in new york..be thankful you dont live here.god help the usa
I would like to know about the Retired community regarding the sstimulus bonus. I am a Retired Military VEt, and recently I ws laid off from my job and elected to draw my social security in order to make it because unemployment was not enough for me to continue to make it, I would to say that I was sforced into social security. What about people that are on a fixed income, unless i have missed something i have not seen any provisions for us. I am woundering if we will even see any cola this year. I know there are a lot of people out there that don't have any source of income and are in worse shape than I am, I was just woundering. Thanks
How will it affect my life? What life? This economy has pretty much assured that neither I nor my children will have lives! And it certainly won't be enough for me to award myself a nice little bonus like the financial executives got! Looks like us ordinary tax-paying citizens got the shaft!
Jack, We'll take it. We need it and have been cutting back in everyway we can. If counting pennies at the grocery store is worth it. We certainly appreciate every dime the government gives us no matter how meager. Living in California everything is going up from registrations doubling and taxes skyrocketing. How we get through this mess will be a miracle! Wish us luck!
I am retired. I make less than $50,000/yr. Will the tax bonus affect me?
The stimulus will not my family at all! I did not even adjust my pay deduction so i will not be stimulating any part of the economy! If gas prices should rise the monthly amount would be enough for one tank of gas! This is poor for this administration to offer such an amount when we are ask to give up so much! We get $40-$60 per month and watch Congres spend trillions. $800.00 per month would not even cover my mortgage or health insurance for one month! My health insurance for my family is $2115.00 per month for my family, maybe we should bailout this insurance company?Maybe we should have not asked for change!!
I fill out 8 family members unemployment vouchers every week, and I can tell you 7 out of 8 think of unemployment and lay off as a vacation. They are not looking for work just sitting home collecting a check. Yet they all got a $25 a week increase. We work everyday haven't done anything stupid like get in a bad mortgage or rack up credit card debt and we only get rewarded with 10-15 dollars a week. That is disgraceful and tempts me to go in and volunteer for a layoff.
We downsized before all this mess...no mortgage no car payment. But when I see the look on my grown kids' families and just the little bit of help, just knowing people are being helped makes me more confident and happier. I am happy with the stimulus and indirectly I DO benefit from it.
It will help the economy...the only people NOT helping are CEOs and Wall Street...and they got us in this mess anyway...oh yeah, and Bush.
I am not sure I will have more money to spend. My property tax went up 34 percent, my water bill went up by 35 percent and my salary is not going up this year.
I'm 78, total income from Social Security. Do I even get a shot at a few extra bucks. I know my liquor dealer would be pleased.
Jack, they are just giving me back the money I already gave them. What's the big deal?
Jack, the bonus will come to me as a check for $250 for persons on social securty, since we all ready paid taxes and do not have to pay taxes on the small sum we get, i live i kentucky and i was very up set to get a letter from our state senator last weekwho's name i will not mention but he is the republican majority leader of the senate ,that should help, he had the nerve to send seniors in Kentucky a letter on how he helped us get this money by him working so hard to get it approved, he must think that becuase we live in Kentucky we would not know any better, yes mitch i seen hard you worked to keep anyone who din't pay taxes not to get a dime, poeple on social security and alot of very poor poeple do not pay taxes becuase we are the poorest of the poor in the country, but unless you are middle class struggling being poor is just a four letter word no one wants to deal with.
For someone who needs to borrow $10 or $20 until payday, usually to buy gas, the stimulous should help them out a lot unless they find another excuse to borrow $10 or $20.
Jack-odd you ask, as my wife's "stimulus came in her retirement check today. After she gets home from her baby sitting job(one of our private stimulus moves), we are going in to a family "Board Meeting" to decide how much to , spend, and save, and donate the extra $16 a month. Good gosh, we are less than stimulated!
Jack, I live in rural Oregon and have, for the last 10 years, worked part time for a community college teaching GED classes to minimum-security inmates. Due to state budget shortfalls, I will be laid off in June, and there is a real possibility that all eight minimum-security prisons will be shut down, and all inmates housed therein will be released. Given that there are no jobs available for the general public, let alone felons, I believe that I will spend my stimulus money buying ammunition for my home-defense weapon.
Jack, I'm retired, so I can only answer your question about the tax reduction for working people from my point of view. In California, the increase in sales tax will more than eat up any tax cut provided to working people by the stimulus. With inflationary prices, the sales tax increase looms even larger as a drain on income. The stimulus seems less stimulating than a spit in the ocean.
Their taking no federal taxes out of my bi-weekly check and I want to know how it's going to effect us come tax time next year. Jim Thorpe, Pa.
If this is what Obama meant by spreading the wealth as he told 'Joe the Plumber' then he is a comedian. Tax tables aren't changing so what you get extra this year, you will pay back next year.
WOW!!!! Fifteen dollars a week??? Thank you Mr.President!!!! Piece meal me $400.00 over the period of 1 year. How can we ever thank you! Why don't you take that for your next raise!!! What about the millions of us who have paid in to the system, but have recently lost our jobs? (Yeah, the millions of us!) Guess we don't get our crumb!!! Enjoy your new Cadillac and helicopter we bought for you though!!!
Getting and extra $800 a year would make a big difference but, unfortunately, my wife and I make too much money so we won't see any of the stimulus. The gov't. considers us rich (just above 250k/year) but we aren't even close to being rich. Should one of us lose our job, we would be in big trouble. Sure we are saving for retirement but we have mortgage living in a 50 year old house, 2 car payments, a new baby, etc. We don't live beyond our means but it seems like our government penalizes us for trying to live a normal life. Being RICH needs to be redefined (over 500k/year?).
I am a federal retiree with way less than $75000 in income- but no SSA,SSI,VA or RRB check..I guess I "fall through the cracks" and will not even get the $250.Go figure!
Jack, it doesn't mean squat to me. Don't have a job & haven't been able to find one for the last 20 months. Spent a career of over thirty years in the domestic steel industry but went LTV Steel didn't get bailed out a few years ago I lost it all. It appears to meno one wants to hire a person of vast experience who is over fifty but less than sixty. It's not for lack of trying. Go figure!
Have a nice Great American Dream day.
Jim – Willowick OH
I'm on a early pension and not qualified for Social Security still paying taxes and trying to make ends meet. This helps those that working but not those on a fixed income.
My state is raising sales taxes, car registration fees, gas taxes. After that everyone with a business will raise prices so they don't have to absorb the latest Governor Armold Snotmakers tax increases. So California is just going to be that more expsensive to reside in. I just hope I have something left soon to move or I'll just have to catch a tramp train out of here. So no matter what bump people will have in extra money, the state is taking it away.
I have had one rise since 911 of 3%. March 15th I took a permanent 5% cut in pay and an additional 10% cut in pay in April, so this amount of money will not even be noticed, as all I will see is a decrease in pay.
Stop the wasteful stimulus packages and bailouts, make everyone pay it back immediately and cut government spending to get this country out of debt. Once the country is out of debt, confidence will grow and the economy will grow astronomically and everyone will feel less stressed.
It wont help me till I get income tax refund because i pay $500 amonth Federal income tax. $400 nex year when i get refund will help a lots. middle class Tax payer will not get verry little from republicans except uour making Millions income, Thank god for Obama who is helping Midedle class % poor tax Payers. Obama ROCKS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! My e mail will not be read
Here's my question to you Jack: Why does big business get billions of dollars and the Americans bailing them out only get 10 bucks?
C'mon Jack! 400.00/52=7.69231 no matter how you slice it! how can you (or they) say if you are single you will get about 10 or 15 dollars a week when the bottom line is 400 a year? Its FALSE ADVERTISING as usuall.
Our family falls in the category of those who will be taxed at a higher rate when Bush's tax cuts expire in 2010. However, we do not mind, since we believe that as Jesus said "to whom much is given much is asked."
I pray that President Obama will be able to set in motion healthcare,etc. because it will benefit some of our family members and neighbors that need healthcare.
"Great" With that additional $10 or $20 dollars a week I can start invest ing in the the stock market . Any stock recommendations Jack.?
Bill in Florida
Hey, it's gas money that will get our son back and forth to his college classes. I'll take it.
Jack, It doe's not do jack for us, I'm just glad those poor executives at AIG and Wall street got their millions in bonus payments. Ever feel remorse after buying something. I got it now The price of electricity just went up 50.00 per month. But we get 13.00 aweek to help pay for it. Its not what we voted for. Jerry /Iowa
Well Jack, I received my Emergency Unemployment check after I ran out my 23 weeks of unemployment benefit by march 15 this year, I has been given another 18 weeks to help me while wait for a job, and realized that Obama added $25 dollars per a week base on what he promise to American people during campaign. It really helping me fill up my car fuel tank.
Joseph Makuach, Grand Rapids MI
About the same as the one last year- already committed to paying utility bills, groceries, gas and medical expenses. Don't count on it being used any time soon to 'stimulate" the economy with the purchase of a new car, tv, or other non necessity.
Ralph- Corpus Christi, Texas
Unless you have never had your lights turned off imagine receiving $35 a month extra to help pay the electric bill each month. Now that's what I'm talking about. Thank you stimulus package.
Just apply it to bills and stave the debt collectors off a bit longer. "Down Boy."
I am retired. I own my home, car, property and no credit card bills. It is not going to help me one bit. It is causing me to lose about 4 hours of sleep a night thinking where we will be a year from now and what language we will be required to speak in this country.
I am a Vietnam combat veteran, and I did not put my life on the line back then for these idiots to lose our country today !!!!!!
Lake Charles, Louisiana
Jack, my husband is a partner/owner of a small business. Funny thing, we employ 30+ people full-time, year round. Employing 30+ people at well-paying jobs stimulates the economy. The partners are taking every possible action, including profit reductions to themselves, to make sure no one loses their job. However, my family has not in the last year received one penny of stimulus money, nor will we receive any this time around. In our ongoing efforts to try and save the jobs of my husband's employees, we have cut our spending down to the absolute bare minimum (no eating out, no movies, no clothes, no Christmas gifts - nothing but the necessities of life), and that does NOT stimulate the economy.
I continue to be amazed that a family making $195,000 or $250,000 per year (or whatever the going rate for "rich" seems to be) is coupled with people such as these AIG executives in the category of "rich" - and that we are going to be more heavily taxed. Warren Buffet is rich. Bill Gates is rich. These executives making high-end six figure salaries with multi-million dollar bonuses are rich. A family making $195,000 or $250,000 is very blessed and does very well, but coupling those two groups together under the term "rich" is absolutely ludicrous.
So, my family (who provides jobs for 30+ people) will continue to live on necessities only, and we will continue to strive to make sure our employees don't lose their jobs, and the government will take more and more from us. Sounds like a plan for stimulus to me.
My options are few, A Pizza with one topping ( i may still need their coupon), five gallons of gas, or the lotto and a six pack. The $800 would have helped with my auto insuranse, house payment or car payment that would have stimulated me.
I apologize for sending another comment, but if you figure between Bush and Obama, they have taken 2 trillion dollars for their stimulus packages. Had they taken that money and applied it toward mortgages for American Citizens, they could have contributed $50,000 to 40 million households. That would put money back into the banks, and I'm sure that would have stimulated the economy more that fifteen dollars a week in our paychecks!
An extra $80 a month doesn't seem like very much to some but for us, it will mean a few more groceries & a little less worry about gas to get to work.
Every litle bit helps, but gas prices here, as in the rest of the country are on the way up again, so the extra few dollars will probably go right into the gas tank. I have to use my car to get to my office (not much public transportation in my area), to keep my job. I know this is off topic a bit, but do the oil companies really think we are all too stupid to see that when the economy improves a little, the gas prices go up a little. I still can't figure out why the prices at the pump don't go down as fast when the price of oil goes down. They say there is no manipulation - BULL!
As soon as my husband finds a JOB we'll let you know how it will affect us!
At this point just getting the job (after being unemployed for nearly a year) would be nice!
My husband went through a medical treatment that cost us thousands a couple of years ago. Just when we were seeing light at the end of the medical tunnel, last month he was laid off. That $20, along with the extended unemployment benefits, might just save our butts. On a side note, I noticed a lot of people on your blog don't seem to want or need the money. They can forward theirs to me.
I live in NY State. As I write this response, the NY Legislature is voting on and will likely pass the Governor's Budget which contains hidden taxes, surcharges and new or increased fees on just about everything we New Yorkers do. This includes things like a surcharge on our already sky high electric bills, increased fees to State Parks. In all, about 100 new fees/taxes are included. The Governor expects to suck about 3 Billion dollars out of New Yorkers pockets with his budget.
As I see it, what the left hand giveth, the right hand taketh away and then some. I will clearly end up with less money in my pocket and that doesn't stimulate me very much.
I will spend the extra money on your new book, hoping that will be a life changing experience
More money In income tax cuts, More money for social security, More money for food stamps Yet America grips about Obama is improving America income. America dont deserve Obama. America shoud be Asame of theirself Thank god for Obama Obamka Rocks everytime Republicans open their lying Mouth thy put their foot in Their mouth
Anything that we can see on our paycheck will be better than we have seen in the last 8 years. Thank you President Obama for living up to your promise to give to the middle class. My husband keeps telling his republican "friends" he is still waiting for the "raise" that Bush promised years ago!
A lot of people don't seem to understand how this works. As an employer, I am simply using a new table and deducting less income tax from the total wage. I'd like to have the "refundable" part explained, however.
Being retired I will get nothing. Come on Jack wake up, how can you say it might help with the mortgage. If a person smokes [ I don't ] it won't even cover the cigarette tax Obama just imposed on all those Americans that don't make 250k.
WOW $10-15 a week... Bush had a stimulus than that last year and look how that did. What a JOKE!!
Jack, my wife and I are retired on Social Security plus pensions from our former work, and we're still having trouble getting by. We'll gladly accept the $250 for each of us for this one time. It's better than nothing, so I guess we should count our blessings, as insignificant as they are. The stimulus is at least is better than the "trickle-down" philosophy of another time and administration. That trickle was caught somewhere before it got to us at all.
I read a lot of negative reactions to this stimulus bonus, and lots of people are saying it is not enough to make a difference. To all of you I say Ok, take that extra money and give it to your church or charity. I bet they will be grateful and not act like this is not enough to impress someone. Give it to someone who might be grateful and appreciate it.
In the big picture, it's millions of people receiving these extra dollars that will likely be spent at the grocery store or getting pizza and the overall effect on the economy will be spending. Business has been lagging because no one is spending. Maybe this will help.
I was injured working on an oil rig. My workers comp. cut my benefits, even though my leg was never fixed. I can't get unemployment because I'm not available for work because I still have a bad leg. My doctor won't clear me to go back to work.I have no income, and now I cant even get my 10.00 a week. Guess this will be my last email to you because my power will be shut off, and I'll be kicked out of my home in a few months. GOD BLESS AMERICA!!!!
I am unemployed wife is working two double shifts during the week to make it and you are asking what I think of the stimulas package, Hire me for a job and I'll send back the money, I can live on what we were making before.
Just in time, California is raising the state sales tax and vehicle registration fees tomorrow, The people in California are not going to see any difference. Some one is getting the money but its not the people of California.
um, with the increased costs of goods and services the stimulus will have no impact. But government officials already know this. With the rising unemployment rate the only people who are fortunate to see this no impact stimulus are the ones working. Those who have been put out of work and are suffering the most are still going to be left in the cold.
i have a small business. When we got the revised tax deduction scedule i became really worried, after talking to my accountant, i had a chat with my employees(all 5 of them). we all agreed it was better to stay with the old schedule. the deductions have changed and will make sure that everyone has more in their paycheck BUT, our tax liabilities (what we owe at the end of the year) have NOT changed. so while this looks good on paper at the end of the year some people may be left owing the government instead of getting a refund. The TAX CODES have not changed, they have just adjusted the deductions. Many people will be spending this "extra" money not realizing what it will be like at tax time next year. it would be nice if you could let them know. Thank-you, Donna
The Lord giveth and the Lord taketh away. I guess if the Lord can do it, the government figures it's fair to do it, too. The combination of stimulating us and taking it away balance out to nothing. For a moment, though, we can hold that little stimulus check in our sweaty little hands.
What's a paycheck Jack? I've been unemployment for 11mos!
First of all I didn't receive anything for the past 3 stimulus checks the ones from good old uncle Bush and CO. and these ones. I make just enough too much to help me. However that is still not my stuck point. Neil Cavuto (The other guys) made a comment that poor he had a company that "like the Auto workers" lost its retirement funds. I think he still misses the point. If my retirement or wage was $2,000,000.00 and you slashed it in half, it would be $1 Million dollars. If you’re only making $30,000 and you slash that in half you’re loosing your house, car etc. I don't care how you slice that up or try to paint that pig. You cannot EVER make a realistic comparison.
Jack, I think the word, "stimulus", is a bit too strong a word for the amount the working person benefits from it. It may stimulate the overall economy, but for the individual, the word should be tempered to, "tip".
If it puts more groceries in my cart or gas in my car, I'll take it.
Hey I get 34 bucks a month more. I eat on 4 bucks a day i guess i'll be eating better and i'll take it.
I am going to use the extra money in paycheck to give the people who help make our life easier a raise, the woman who helps clean my house and helps me with my kids, and the man and his sons who take care of our yard.
Let's see if I undstand this . . . . IF you have a job and are working you get part of the stimulus package?? And what about retirees, unemployed, disabled, and those we ALWAYS hear about who make OVER $250k per year.
1) I don't want it, I prefer to cut spending AND reduce our debt and NOT depend on help (stimulus money) from other countries. After all we CONSTANTLY complain and grumble about "dependency on foreign countries. Does that only apply to crude oil and NOT money??!!
2) What will $15/week really change?? One meal out per week? A movie and popcorn for one person once a week? Maybe 7 gallons of gas?? Some could save that much if they just stopped smoking or didn't buy soft drinks for a week or have coffee everyday for week. I still see people have coffee in the morning and leave a dollar tip!
Give yourselves a raise and stop spending foolishly so China wouldn't have to continue to support us. Of course that is just a foolish thought, right?
The stimulus bonus frankly makes me angy. I am a student – which means not only do I get no help paying for my every increasing expenses and enlarging loan debt but I will also get to pay higher taxes once I am working to pay for all those people who got the aid even though they aren't paying into the system. It feels good to be an American.
Hey Bob, per my earlier post, even those of us making over $250k a year who won't see the stimulus check cause we're paying for it-we've cut down to nothing but the bare necessities. Hell we haven't been on vacation in 22 years, do not go out to dinner, everything made from scratch by me, no cleaning lady, no gardener, no country club, no nails and hair done I've been doing this for 22 years and still use coupons for everything, kids were never in activities all the while neighbors/husband's coleagues were going on 3-4 vacations, fancy dinners, country club, tennis, 2 activities per kid, private schools, shopping at Nordstroms every week dropping thousands --never did any of this when I could have been. We've cut back even further and I resent paying all the taxes and monies for stimulus so others it's not right! Like I said earlier, ya'll asked for change, you'll be sorry what you asked for.
I will take anything i can get, thanks President Obama.
The whopping $13 a week won't do much, here in California they will be taking that and then some to cover all the overspending the politicians have done. This was only given so Obama could say he gave us a promised tax cut. By his own words this tax cut is TEMPORARY for 2 years.
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