Ready to Spend

Are you ready to spend or planning to pay down debt or even save it in your mattress.

Here are the details of what will stimulate your pockets very soon. Keep in mind that if Congress had taken the total expenditure and divided it by household, your family would receive over $50,000.

But the truth is the plan is "a break for millions of lower- and middle-income taxpayers of $400 per individual and $800 per couple" as reported in the Huffington Post. Your $ will come in the form of an estimated $13 per week extra per paycheck.

That doesn't seem fair. What about a tax cut for all those who do not pay taxes? Like what about a hair cut for the bald? "Wage-earners who don't earn enough to pay income taxes would get a reduction in the Social Security and Medicare taxes they pay" per the Post. This could be a nightmare for payroll departments and the filing of their quarterly 941 returns. In other words, an accounting mess.

Another provision will mean a one-time payment of $250 for millions of beneficiaries who receive Social Security. Would that be enough to pay for their Christmas?

Your $13 more a week will be reduced to about $8 in 2010. So be careful with the stimulus you will be getting. Spend it wisely or save it.

'til later