Congress has finalized the economic recovery plan. Here's a look at some of the provisions geared at financial relief for individuals.
Making Work Pay Credit: The bill provides a $400 credit per worker and a $800 credit per dual-earner couple. The full credit would be paid to people making $75,000 or less ($150,000 per dual-earner couple).
The credit would also be refundable, which means that even very low-income families who don't make enough to owe income tax would be able to claim it.
For most working individuals, the credit will be paid over time at roughly $15 per period, assuming 26 pay periods in a year. Estimated cost: $116 billion.
One-time payments to those who don't work: For retirees, disabled individuals and others who don't work, the bill provides a one-time $250 payment. Estimated cost: $14.2 billion.
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1 comment:
Retirees worked too! We paid our taxes. High taxes. We also greatly contribute to the economy by buying retail and wholsale products.
It seems more consideration could have went into this stupid stimulous bill...some of it is just wasting millions of dollars....again!
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