Can the Obama Economic Stimulus Package Help You?

Now it's official, the Obama economic stimulus package passed by Congress recently. This package will be, with a value of $ 787 billion, covering $ 185 billion of newly created budget in 2009 spent.

The President has the goal with the adoption of the package to create two million additional jobs for Americans and to see a rise in GDP growth of almost 3.8% is. Promote the economy and the provision of assistance to those most affected by the crisis are also part of the plan. FrustratedAmericans will be glad to note there is a bonus cap for senior executives of corporations included.

The Obama economic stimulus package includes seven sections: Aid to Small Business, Relief for Families, Education Improvement, Federal Infrastructure, Alternative Energy Production, Science Research and Technology Investments, and Healthcare Reform.

You can review the details of each below and decide how the Obama economic stimulus package may help you.

Aid to Small Business

• Small business tax write-offs and tax incentives at a cost of $54 billion

Relief for Families

• $260 billion to be paid out over a period of ten years

• Extended benefits for the unemployed and year 2009 tax relief on benefits

• Family tax cuts of $800 and individual tax cuts of $400

• Sales tax deduction on purchase of a new car

• Social security, SSI, and veteran's pension recipients get $250 each

• $8,000 credit in taxes For the year 2009 for the first time home buyers
• Additional children and earned income tax credits for families

Education Improvement

• $ 54 billion on school districts at the state level
• 21 billion U.S. dollars for the modernization of existing schools
• 17 billion U.S. dollars in addition to Pell Grants
• 13 billion U.S. dollars to boost Head Start curriculum
• 12 billion U.S. dollars to the aid of specialized training programs

Federal Infrastructure

• 46 billion U.S. dollars spent on transportation and mass transitProjects
• 31 billion U.S. dollars for the modernization of federal allocation
• $ 6 billion for waterways and water supply projects

Alternative energy production

• 17 billion U.S. dollars in renewable energy tax cuts
• 5 billion U.S. dollars back home weatherization tax cuts

Science Research and Technology Investments

• 10 billion U.S. dollars for new scientific facilities
• 4 billion U.S. dollars for upgrades to broadband infrastructure
• 4 billion U.S. dollars for advanced physics and scienceresearch

Healthcare Reform

• $24 billion for unemployed persons receiving COBRA benefits

• $87 billion for state Medicaid recipients

• $10 billion to aid state Medicaid programs

• $17 billion for IT systems modernization at the healthcare provider levels

Already instituted as part of the package are a freeze on foreclosures due to default on home loans and several different ways for homeowners to find relief from mortgage payments they can no longer make. These are on the mortgage lender holding the loan, evidence of loss of income and other factors.

The Obama-approved economic stimulus package to fight for these benefits for American citizens spend in the current economic recession. You still learn today whether it is for one of these components and how you can support them financially.