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Stimulus Package Offers Tax Breaks

Stimulus Package Offers Tax Breaks - Monday, February 9, 2009 at 6:18PM EST

So what does this economic stimulus package mean for you? Consumer reporter Jeff Chirico here to give you some insight. The $820 billion package has a lot of critics who claim there's too much pork and not enough stimulus. But in the bill, there are tax cuts that could mean a larger pay checks for many of us by the summer. One local expert says that's great but not enough to hoist us out of the economic pit.
Stay-at-home mom Lisa Xavier has been looking to get back to work for four months now --with no luck. “There doesn't seem like there's as much as the past." She and the others at Career Link in Wilkes-Barre want lawmakers to do something quick to get the country back on it's feet. As of 5pm on Monday, the Senate is considering a bill that offers 263 billion dollars in tax breaks, including credits of up to 500 dollars for individuals and 1000 for couples. That means most workers would see a 20 dollars a week increase in their take-home pay starting around June.

Parents with kids in college could get expanded tax credits to cover up to 2500 dollars of school costs. The senate also voted on Wednesday to give homebuyers a tax credit of up to 15 thousand dollars. Existing homeowners could get a tax credit of up to 15 hundred dollars by making their homes more energy efficient.

And to help revive the struggling auto industry, the bill would allow people who buy new cars in 2009 to deduct the interest payments and sales taxes. It's good news for the owner of Wyoming Valley Motors in Larksville. Steve Ubaldini says “I don't think it's the solution but it will certainly help. I think it will give us a real shot in the arm this year."

Despite those tax breaks and others, economics professor Tony Liuzzo of Wilkes University doesn't thinks there's too much spending and not enough stimulus. “There's too much spending that won't have a direct and immediate impact on the economy.
 


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