.
March 31st, 2009
04:00 PM ET

How will stimulus bonus affect your life?

ALT TEXT

(PHOTO CREDIT: GETTY IMAGES)

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?

FULL POST


Filed under: Stimulus Check
July 16th, 2008
05:53 PM ET

A 2nd stimulus package the answer to economic woes?

ALT TEXT
(PHOTO CREDIT: GETTY IMAGES)

FROM CNN's Jack Cafferty:

The Democrats think it might be time for a second round of rebates to taxpayers, in order to help millions of Americans deal with rising energy prices and unemployment, declining home prices and tight credit.

House Speaker Nancy Pelosi says they'll be working on another stimulus package and hopes it will be a bipartisan effort again.

Democrats say such a package might be about more than just rebate checks, probably including more spending for roads and infrastructure, additional unemployment benefits, help for low-income families to heat their homes and aid for states struggling with deficits.

Former Treasury Secretary Larry Summers calls our current economic situation "serious" and says the government is "in much more danger of responding inefficiently than in responding excessively."

But the Republicans are saying not so fast. President Bush says we should let the first stimulus package run its course. And Federal Reserve chairman Ben Bernanke agrees. Republicans say the best way to boost the economy is to pass legislation to limit home foreclosures and increase production of domestic oil. They would likely push for more tax cuts for businesses if they agree to another stimulus package.

The initial $168 billion package included rebates sent to more than 100 million households, with checks of up to $600 dollars for individuals and $1,200 for couples.

Economists say some stores have seen more business as a result of those checks, but it hasn't meant more hiring by companies or more lending by banks. Some say the only way to solve the financial crisis is by injecting banks with a lot of money.

Here’s my question to you: Is another economic stimulus package the answer to our shaky economy?

Interested to know which ones made it on air?

FULL POST


Filed under: Stimulus Check • US Economy