February 16th, 2009 by Reed Allmand 
According to an article in the Star-Telegram, legislators passed the $790 billion stimulus package last week which includes:
- A $400 tax credit for single workers and an $800 tax credit for couples.
- A $1000 child tax credit which will be extended to some low-income families who don’t make enough money to pay income taxes and poor families with 3 or more children will receive an “expanded Earned Income Tax Credit.
- Middle-income and wealthy taxpayers will not have to pay the Alternative Minimum Tax.
- First-time homebuyers, who purchase a home before December 2009, will receive an $8,000 tax credit.
- Consumers who purchase new cars by the end of 2009 will be able to write off the sales taxes.
- The government will pay 65% of Cobra for unemployed workers.
- The stimulus also will fund public works programs, education and the expansion of the police force amongst other things.
The stimulus package has a lot of incentives for the taxpayer but will it create jobs? As the unemployment rate increases and the number of foreclosures rise will Americans feel secure enough to purchase a new home, buy a new car or buy anything for that matter? Right now, everyone in on edge as more employers go bankrupt, shut their doors, implement job losses and/or slash salaries. Unfortunately, we may have reached the tipping point because even with these additional benefits, many ordinary Americans will succumb to foreclosure and other financial disasters.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
View all posts by Reed AllmandSubscribe
Subscribe to our e-mail newsletter to receive updates.
