April 7, 2009 8:00 am
Well, the “middle class tax cut for 95% of workers” has officially started hitting paychecks.
So, if you work but earn less than a couple of hundred grand per year, your paycheck is now about a buck-a-day higher — the $400 tax rebate spread across 365 days.
For perspective, the total stimulus bill was about $800 billion. The Congressional Budget office estimates that about 1/4 of it (~ $200 billion) will hit in the first year. The $400 program is about 1/2 of the $200 billion.
In other words, about half of this year’s stimulus is in place. Yipes.
I hope you’re feeling better about this plan than I am.
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Posted by Ken Homa
Categories: Financial Crisis, Gov't Spending, Obama Administration
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