Economic Stimulus Package in Detail

Economic Stimulus Package in Detail

Everyone wants to know, exactly what is the economic stimulus package in detail? The package seems to be all over the news and everywhere else, but no one seems to know exactly what the details are, but here they are.

Immediate Relief for Families

• This will cost $260 billion over 10 years.
• Cut taxes by $400 for individuals and $800 for families.
• A payment of $250 to recipients of Social Security, veterans pension and SSI benefits.
• $70 billion to continue the AMT tax shelter.
• Greater access to child tax credit for working poor and expand earned-income tax credit to families with three children.
• A $2,500 college tuition tax credit.
• $8,000 tax credit for first-time homebuyers in 2009.
• Deduction of sales tax on new car purchases.
• Extension of unemployment benefits and suspension of taxes on those benefits through 2009.

Modernize Federal Infrastructure

• $46 billion for transportation and mass transit projects.
• $31 billion to modernize federal buildings.
• $6 billion in water projects.

Increase Alternative Energy Production

• $17 billion in renewable energy tax cuts.
• $5 billion to weatherize homes.

Expand Health Care

• $24 billion to subsidize COBRA benefits for laid off workers.
• $87 billion to help states with Medicaid.
• $10 billion to National Institute for Health
• $17 billion to modernize health information technology systems.

Improve Education

• $54 billion to school districts and states.
• $21 billion for school modernization.
• $17 billion to boost Pell Grants.
• $13 billion for Head Start.
• $12 billion for special ed programs.

Invest in Science Research and Technology

• $10 billion for science facilities.
• $4 billion to increase broadband infrastructure.
• $4 billion for physics and science research.

Help Small Businesses

• $54 billion to help small businesses through a variety of tax incentives and write-offs.
• Economic Stimulus Package in Detail