President Barack Obama signed the stimulus package into law today and readied a new $50 billion foreclosure rescue for legions of Americans who are in danger of losing their homes. Obama focused on the $787 billion stimulus plan, an ambitious package of federal spending and tax cuts designed to revive the economy and save millions of jobs. Most wage-earners will soon see the first paycheck evidence of tax breaks that will total $400 for individuals and $800 for couples.
Unemployed people will find their first $2,400 of benefits is untaxed, and they may qualify for reduced health-insurance premiums through their former employer's group plan, or Cobra.
There's the $8,000 tax credit for first-time home buyers who buy between Jan. 1 and Dec. 1, 2009 -- this credit doesn't have to be paid back, unlike the $7,500 perk available in 2008. I think that this could either be a very good thing or a very bad one, but I'm not seeing a medium coming into play, though I do support Obama and am hoping for the best. We're just going to have to sit back and see how things play out, don't you think?
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