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STIMULUS BILL: What About Me?

Yes, Obama's Stimulus Bill Has Something For Everyone

Courtesy photo

There's a sales tax deduction on auto, SUV and pickup truck purchases up to $49,500.

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By Gary Pinnell | Highlands Today

Published: March 2, 2009

SEBRING - Last week, President Obama signed the biggest government economic rescue plan in history, a $787 billion package of spending, tax cuts and tax credits.

The American Recovery and Reinvestment Act includes money for public housing, roads, energy conservation. The 999-page plan creates and preserves jobs and accelerates key economic sectors.

It's intended to help Americans to promote economic activity nationwide, but every man, woman and child gets something.

Here's what the plan means to you:

Keep More Of Your Paycheck
Most wage earners will receive a $400 tax credit. The credit begins phasing out for individuals earning over $75,000.

Buy A Home, Get A Check
Buy your main home this year, receive an $8,000 tax credit. (Exceptions: Individuals earning over $75,000, married couples over $150,000, anyone who bought a home within the last three years.)

Buy A Car, Get A Deduction
Order that new Toyota Prius. There's a sales tax deduction on auto, SUV and pickup truck purchases up to $49,500. (Except for high-wage earners, those who make more than $125,000, or couples over $250,000.)

How About A Tax Rebate, Like Last Year?
Forgetaboutit. Taxpayers won't get checks this year, but you'll receive about $13 a week more on your paycheck.

What If I'm Self-Employed?
Adjust your quarterly tax filings to capture the credit.

What About Me? I'm A Senior?
The Social Security Administration will send a one-time $250 economic recovery payment within 120 days. No action is required on your part.

I Work, But I Don't Make Much Money
The stimulus plan includes an earned-income tax credit for families with three or more kids. Low-income families get a refundable child tax credit in 2009 and 2010.

I'm On Food Stamps.
Assistance will increase your benefits by 13.6 percent. That's about $29 a month for Florida families, who average $216.

I've Lost My Job
The average weekly benefit has been raised by $25 a week, to about $325. And you won't pay income taxes on the first $2,400 of these benefits.

Sources: U.S. News and World Report, Associated Press, Florida Department of Children and Families, Social Security Administration

Highlands Today senior reporter Gary Pinnell can be reached at 863-386-5828 or gpinnell@highlandstoday.com

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