When is a stimulus bill not a stimulus bill? When its a $789 billion airmark, pork barrel Democratic spending plan that provides tax breaks to workers of $13 a week. Obama, the House and the Senate had an opportunity to provide a real jolt and “stimulus” to the American economy and instead they rammed a spending bill down the throats of American who’s great, great grand children will be paying off. Such an important piece of legislation that affects all Americans and the GOP was shut out of the discussion.
Take a good look at what this bill actually offers as a stimulus to our economy and don’t miss your $13 increase.
Q: What are some of the tax breaks in the bill?
A: It includes Obama’s signature “Making Work Pay” tax credit for 95 percent of workers, though negotiators agreed to trim the credit to $400 a year instead of $500 — or $800 for married couples, cut from Obama’s original proposal of $1,000. It would begin showing up in most workers’ paychecks in June as an extra $13 a week in take-home pay, falling to about $8 a week next January.
There is also a $70 billion, one-year fix for the alternative minimum tax. The fix would save some 20 million mainly upper-middle-income taxpayers about $2,000 in taxes for 2009.