Tech & Biz

Senate Presents Economic Stimulus Plan

by Jordan Yerman | January 23, 2009 at 12:43 pm

345 views | 12 Recommendations | 4 comments

The economic stimulus plan announced by the US Senate includes $275 billion in tax cuts for small businesses and producers of renewable energy, as well as a payroll tax credit that would equate to a lower monthly withholding per paycheck.

The bill would also allow up to $2,400 in unemployment benefits to be claimed tax-free per applicant.

Also rolled into the package are tax incentives for first-time homebuyers and tax breaks for families paying college tuition.

See the US Economy Channel for ongoing developments.

The Senate plan would give $30 billion in tax incentives to producers of renewable energy, or $10 billion more than was approved yesterday by the House Ways and Means Committee, although it doesn’t include a $7.7 billion program to convert tax credits into grants. It also would allow small-business owners to exclude more of their profits from capital gains taxes and provide tax relief for forgiven corporate debt, provisions not in the House bill.

In addition to the tax cuts, the finance committee’s bill includes $180 billion in health and unemployment benefits and other spending to help states.

This is part of a larger, $825 billion ($825,000,000,000) stimulus package that President Obama says will be approved by mid-February.

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Maireid Sullivan

at 17:23 on January 23rd, 2009

This looks hopeful! ...a step in the right direction would be to further lower income tax and payroll taxes, so that individuals and business can be more productive, and supplement that loss in tax revenue by collecting a higher tax on land and other resources, such as minerals, oil, gas, forestry, and license revenues for electromagnetic sphere, airways, etc. This is known as Resource Rent in classical economics theorem.

The initial limpact would be to remove these from the hands of speculators, and lower the cost of land for everyone.

René

at 18:28 on January 23rd, 2009

The House just voted against it. course that don't count.

Edmund Jenks

at 22:32 on January 23rd, 2009

Love the windmill photos. The Senate can power up these babies with little effort given the activity these next sessions are due to yield.

Guest Photographer

at 07:47 on February 3rd, 2009

This photo was submitted by Eleftherios Plavos in the context of our monthly photo project for which we invite people to send us a photo to illustrate a topic. Here's what the photographer says about this photo :

What can be more promising than a group of teenagers aiming for the sun and befriending it through a photovoltaic element panel. This photograph is taken on a school field trip regarding environmental education. Teenagers are conscious that clear, renewable energy sources, such as solar power, are the ones that can guarantee them a better and more stable future. Time is running out on oil-produced energy. The planet, our habitat, has suffered enough. Let 2009 be a starting point for all of as to Reduce, Reuse and Recycle more.

About the photographer :
I was born in Volos, Greece in 1977 and I studied civil engineering and architecture. I have been working as a professor at high schools since 2003, on lessons I am specialized. I have participated in several cultural programmes within the school. I have been occupied with photography as a leisure activity for the last 8 years. During these years I was awarded in many panhellenic contests and also won a prize from National Geographic magazine.

Guest Photographer has contributed a photo to this story.