Feb 11, 2009 6:17 am US/Eastern
Stimulus Package Has Something For Everyone
New Yorkers, New Jerseyans Should Be Encouraged To Go Out And Buy Homes; Tax Breaks Are Many
NEW YORK (CBS) ―
-
-
The Senate passed President Barack Obama's $838 billion economic stimulus bill in a 61-37 vote Feb. 10, 2009. Obama spoke at a town hall meeting in Ft. Myers, Fla. on Tuesday.
CBS
There are big breaks for local residents in the economic stimulus package, putting money in people's pockets to help the New York and New Jersey economies.
If you're young or old, employed or unemployed, or just struggling to make it the Senate's stimulus bill has something for you.
"Every family whose income is below $150,000 will get $1,000 off on their taxes," Sen. Charles Schumer, D-New York, said.
The middle class tax cut means $500 for singles and $1,000 for people filing jointly. There will be fewer taxes taken out of your check every week.
If you make $54,000 a year, it's an extra $70 a week.
"It's good news because the tax bill will be a little lighter after this stimulus bill," Schumer said.
Senior citizens will get a one-time $300 payment, the unemployed will get an extra $25 a week and students and their parents paying college tuition with get a $2,500 tax credit.
"That's great. I mean obviously education is an investment it's hard to pay for because it's usually expensive," said Gabrielle Segal of Harlem.
"That's extra money to go around for us but I'll kind of believe it when I see it," added Jessica Labus of SoHo.
With the local real estate market in free fall and consumer confidence falling with it one of the big breaks is a $15,000 homeownership tax credit for anyone who wants to buy a house or apartment.
"People will be able to realize their dream of home ownership but at the same time will create a ripple effect for everybody whose involved in the transaction of selling and buying a home," Sen. Robert Menendez, D-New Jersey, said.
Hastings resident Bruce Dale said area residents should be encouraged.
"I think it's a good thing," Dale said. "It will encourage people to buy homes. I don't think the stimulus goes far enough in its spending."
There are big differences between the House and Senate versions of the bill which will have to be worked out before President Barack Obama can sign the stimulus package into law.
There is also money in the stimulus package for mass transit and to pay for teachers and cops. There are also funds to help people save by weatherizing their homes.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
World's Most Useless Facts
Timeline: U.S. Credit Crunch & Financial Failures
Click to enlarge
BLIZZARD WARNING IN EFFECT 5 mins ago 
Stumble It!
Reporting
Comments