2009 Stimulus Bill and What it Means to Me

How This New Bill Will Affect Americans

Feb 25, 2009 Shelby Winchell

The government will not be issuing stimulus checks like it did last year under George W. Bush's administration.

President Barack Obama signed the Economic Stimulus Bill on February 17, 2009, worth $787 billion. Mr. Obama called it "a balanced plan with a mix of tax cuts and investments." But what does it mean to working Americans?

More Money in Your Paychecks

Here's the bottom line. You won't be receiving a check in the mail like you did before. With this stimulus bill, most Americans will notice a difference in their paychecks. The bill calls for the federal government to take a little less out of taxes out of your paychecks from work. All in all, you'll notice about $13 more in your paycheck each week. The Treasury Department is directing employers to make changes as soon as possible. This must be no later than April 1st. People who are unemployed will get an extra $25 a week in benefits.

People on Social Security

The only people who will be mailed some form of a check are those who receive Social Security. Americans receiving monthly Social Security checks or deposits will get a one-time check of $250. Those checks will be mailed out sometime this spring, and should be received no later than June 2009.

Benefits for New Car Owners

The 2009 Economic Stimulus Bill also includes perks for new car owners. People who buy a new vehicle from January 1, 2009 to December 31, 2009 can write off the sales tax they paid or will pay when they file your income tax returns. This perk isn't just for those who purchased new wheels this year. It also applies to those new car owners who purchased a new vehicle on or after November 12, 2008. There are just a few restrictions in order to get this credit. The new vehicle, whether it be a new car, truck, or SUV, must be less than $50,000. This perk has the potential of saving new car owners more than a thousand dollars.

Bonus for New Homeowners

First-time home buyers are also going to be rewarded. Obama's stimulus bill says first-time home buyers who buy their first home between January 1st through December 1st of this year will receive an $8,000 credit. You can make the claim either on this year's income tax return (2009) or next year's (2010). The only rule is you must stay in the home for at least three years. If you sell before the three-year mark, you must pay back the money.

More Jobs, Better Infrastructure

Obama says his bill will create more than 3-million jobs nationwide over the next two years, and improve the nation's roads, bridges, and rail system.

The copyright of the article 2009 Stimulus Bill and What it Means to Me in Personal Budgeting/Finance is owned by Shelby Winchell. Permission to republish 2009 Stimulus Bill and What it Means to Me in print or online must be granted by the author in writing.

Stimulus Bill