It’s not quite official, but it’s close. The highly sought after (and highly Googled) portion of the economic stimulus plan, the second stimulus check (or credit, this time), is almost official. Will it be another one-time $600 check like President Bush gave? No. Will it be a $10,000 check as some have suggested in past comments on this blog? No.
It will *likely* be $13 more, per week in your paycheck. If approved in its current form, the economic stimulus plan will give a tax credit to every worker of $400, split up and credited, over the balance of one year, via your paycheck. Which, according to the AP, works out to $13 per week. The math seems off to me, but oh well.
Jim Abrams of the AP did a Q&A on the stimulus and here’s what he had to say…
Q: What are some of the tax breaks in the bill?
A: It includes Obama’s signature “Making Work Pay” tax credit for 95 percent of workers, though negotiators agreed to trim the credit to $400 a yearinstead of $500 — or $800 for married couples, cut from Obama’s original proposal of $1,000. It would begin showing up in most workers’ paychecks in June as an extra $13 a week in take-home pay, falling to about $8 a week next January.
So what do you think? Is $13 more dollars a week going to make people go out and stimulate this economy by buying more? That is, after all the intent of the plan.
I think I’d rather see them put that money to better use. Although, I suspect for some, the extra $50 a month could make the difference. What do you think?