The Stimulus Package: What's in It For Me? (updated)

President Obama is likely to sign the $789 billion stimulus package by Tuesday.

So, what can the average citizen expect from this? Here is a short breakdown:

  • Most individuals will receive a $400 tax credit starting in June
  • Most couples will receive an $800 tax credit starting in June

Those tax breaks will amount to an extra $13 in your paycheck each week.

  • College students will receive a $2,500 tax credit for 2009 and 2010 -  if costs are more than $4,000.
  • First-time home buyers can qualify for up to $8,000 in refundable tax credits.
  • Those who receive Social Security will receive a one-time payment of $250.
  • Upper income taxpayers will receive a one-year fix for the alternative minimum tax, which will translate to about a $2,000 tax credit.
  • Those who have lost their jobs after Sept. 1, 2008, will have up to 65 percent of their insurance premiums subsidized through COBRA.
  • The $1,000 child tax credit will be extended.
  • No taxes will be tallied on the first $2,400 received in unemployment checks in 2009
  • Those who receive food stamps will recieve more.
  • State and local taxes on new cars, trucks, motorcycles and SUVs can be deducted in 2009.
  • Pell Grants will offer more money.
  • Pre-tax income up to $230 can be set aside through your employer for public transit.

Those tax cuts make up about 1/3 of the package, with the rest going to spending initiatives such as infrastructure rebuilding, new federal programs and aid for state programs like Medicaid and "shovel-ready" projects.

$3.7 billion will go to local police programs to hire new officers.

Federal initiatives include bringing broadband Internet access to rural areas, construction of roads and bridges, environmental cleanup and others. Those projects are expected to provide 3.5 million new jobs.