The projected $825 billion stimulus is leading many people to ask the question, “How will this affect me?” CNNMoney provides a glimpse into how the government plans to use the money, including specifics on how much will directly affect American lives and how much is intended to produce future, less-tangible benefits.
One direct benefit will be seen on paychecks, due to $145 billion in tax cuts for working individuals. That would translate to $500 per person ($1,000 for a couple) and would phase out for people making more than $75,000 a year ($150,000 for couples). The money could either be claimed on your tax return, or used to reduce the taxes that are taken out of your paycheck.
One indirect benefit will affect education, as $79 billion would be used to help states offset education costs—which will likely mean that services won't have to be cut and taxes won't have to be raised.
For more information on the direct and indirect benefits, click here.
Source:
CNNMoney: How Stimulus Affects You
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