Obama's New Economic Stimulus Package for 2009, 2010
66Our new president elect is hoping to put a new stimulus package together shortly after he takes office. His team is already working on a new economic plan. There are hoping to send out another round of stimulus checks to Americans as well as many tax breaks, and many other changes that will help those on unemployment. It will also provide some assistance to those looking to cash in on some of their retirement savings.
Stimulus Checks
Barack Obama has proposed a new tax credit. This new credit could allow for up to $1,000.00 per family to help ease income taxes. This will kind of work like a stimulus check but will need to be facilitated through employers. The employer will be required to not charge income tax for the first $8,100.00 of an employeeʼs wages.
Retirement Accounts
Another section of the economic plan would include a break for individuals looking to cash out some of their retirement savings early. Obama is hoping to allow those having financial troubles be allowed to access some of their retirement savings without penalty. The plan would allow for up to a $10,000.00 withdraw without penalty at any time during 2009. These withdrawals would still be subject to state and federal taxes.
Income Tax
We could see a large tax rate decrease for the middle class. This would be able to happen with the proposed tax increase for those who earn more than$250,000.00 annually. The new tax rate for those with high income could be as much 36%-39%.
TurboTax Online has the answers to all of your stimulus payment questions. Please visit TurboTax Online to learn more!
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Comments
you can not compare Obama to Bush, THE MAN JUST GOT INTO THE PRES. SEAT GIVE THE MAN A CHANCE . And Bush plan did not work so why would he follow that same route!!!
If the clinton administion had not forced direg. maybe bush wouldnt be getting all the rap for the libs stupid mistakes. This mess started before bush got into office.
I would like to see something for the small business owners. The more we can save them to keep them afloat the more they can give to help with America's problems
Where have you people been living? In a cave? Pres. Obama has at least tried to get some money to the people who really need it. Not to the highest bidder!! He stands for change, and that change is for the good not the greedy. If Bush was so great why did almost EVERY American go and vote to make sure that the same thing does not happen again. The middle class is now $250,000. a year? I have 2 jobs and so does my husband and together we don't even get close to that. So I guess we are lower class and proud of it. At least we get our money that we earn not given.
thank you Obama you are doing a good job. Keep up the good work. And God Bless you and Wife and kids.
Present & past presidents are gouging retires for taxes on their 401k's and pensions.
I think washington with all its politicians should just dissapear altogether. Not one of them have a clue as to what there doing.We are in serious trouble and electing one of those people isnt going to help US in the least.And maybe washington should keep their noses home and help our own rather than bail out everybody else. They certainly don't help us.
I think that Obama is doing very well compared to what we had before and I personally think that he also deserves and fair chance we gave Bush 8 years to try to correct things and he didn't. He only made things worse to me. Therefore you can't expect this man to do everything over night or within a few months,nor a year. Mr. Preident keep doing what you are doing and keep up the good work. And God Bless you, your wife and kids.
I am upset with our president before he got in the chair he promised another round of stimulus checks now hes in the chair and he's helping those who gets to sit at home and collect a social security check once a month and those who depend on pubic assistance to provide for them and don't want to work or do anything with themselves just depend on the state while US the hard workers have to get up 5am and sometimes earlier just hypothetically speaking and get ready to go work and bust our behind on a job and work CHECK to CHECK and struggle to get by in this economy i think its EXTREMELY wrong of him not to do another round of stimulus checks!!!! WE NEED ANOTHER ROUND OF CHECKS OBAMA!!!
Jerry says:
10 months ago
If i am reading this rite. We have another PRESIDENT that speeks with fork tounge. He should follow through with a stimulas check as he asked President Bush to do! Not put a bunch of alternitives in a package like all other DEMOCRATS like to do.