On February 17, 2009, H.R.1, or the American Recovery and Reinvestment Act, was signed into law. This massive Act, a $787 billion economic stimulus package, will now become one of the largest economic rescue packages since the New Deal Administration of Franklin Roosevelt.
The full-text of the bill can be found via the Library of Congress. You can also visit the government's site Recovery.gov to find out "how taxpayer dollars are being spent to rejuvinate our economy." Make sure you visit the FAQ on that site for concise bits of information.
Very shortly, employees should start seeing a larger paycheck because of more lenient tax witholding tables. Visit the IRS to find out about how the Recovery Act will effect tax-related issues. You can find the tax witholding tables here.
Additionally, the new Act includes many tax provisions that apply to Americans on Social Security. Visit the Social Security Administration's Economic Recovery page for more information.
And finally, if you would like to communicate your thoughts on the new recovery plan with the White House, do so here.
LN and BES
