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jasoncalacanis | January 29, 2009 09:06 PM | in Current Events | about 2009 Stimulus Package

What's in the 2009 stimulus package that just passed the U.S. House of Representatives?

What are the top items in the package? Is there a comprehensive list or is it cloudy like the last bail out

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marcel m | January 31, 2009 04:22 AM

Actually This Time Round The Senate Appropriations Committee Spellt Out The $825 Billion Economic Stimulus Plan In A Pretty Straightforward Manner,here is the breakdown of the press report according to the Wall Street Journal.It seems a large chunk of it will be spent on Healthcare and Education a whooping $141 and $153 Billion respectively,with the least going to Science and technology at $16 Billion.

Highlights of Economic Recovery PlanSpendingEnergy $32 billionFunding for "smart electricity grid" to reduce waste$20 billion +Renewable
energy tax cuts and a tax credit for research and development on
energy-related work, and a multiyear extension of renewable energy
production tax credit$6 billionFunding to weatherize modest-income homes

Science and Technology$10 billionScience facilities$6 billionHigh-speed Internet access for rural and underserved areas

Infrastructure$32 billionTransportation projects$31 billionConstruction and repair of federal buildings and other public infrastructure$19 billionWater projects$10 billionRail and mass transit projects

Education$41 billionGrants to local school districts$79 billionState fiscal relief to prevent cuts in state aid$21 billionSchool modernization

Health Care$39 billionSubsidies to health insurance for unemployed; providing coverage through Medicaid$90 billionHelp to states with Medicaid$20 billionModernization of health-information technology systems$4 billionPreventative care

Taxes

Individuals:

$500 per worker, $1,000 per couple tax cut for two years, costing about $140 billion
Greater access to the $1,000-per-child tax credit for the working poor
Expansion of the earned-income tax credit to include families with three children
A $2,500 college tuition tax credit
Repeal of a requirement that a $7,500 first-time homebuyer tax credit be paid back over time

Businesses:

An infusion of cash into money-losing companies by allowing
them to claim tax credits on past profits dating back five years
instead of two
Bonus depreciation for businesses investing in new plants and equipment
Doubling of the amount small businesses can write off for capital investments and new equipment purchases
Allowing businesses to claim a tax credit for hiring disconnected youth and veterans

Source: Associated Press

source(s):
http://online.wsj.com/article/SB123202946622485595.html http://74.125.113.132/search?q=cache:RwqzuShFTFQJ:appropriations.house.gov/...

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