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The Stimulus Package: What's In It For Me?

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Feb 16, 2009 11:21 pm US/Eastern

The Stimulus Package: What's In It For Me?

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Reporting
Karen Anderson
BOSTON (WBZ) ― Under the President's stimulus plan, millions of workers will receive about $13 extra in their weekly paychecks as part of the up to $400 tax credit per worker, and $800 for married couples filing taxes jointly.

The money will not come in a check, like last year, but instead it will be distributed weekly in paychecks.

What does $13 extra a week mean to people? Here's what some had to say in Watertown today. "Nothing at all. I can get my nails done and tip her $1."

"It really doesn't mean too much when everything is still so expensive," a resident told WBZ's Karen Anderson.

What should you do with the money? Author of "Safe Money in Tough Times" Jonathan Pond says, "Just going out and spending it that may be what everyone in Washington wants us to do, but they're not always right."

Pond says let other people spend the money to help the economy, but his advice is to save. "Pay down some credit cards create an emergency fund, we're not over this tough economy."

The stimulus plan also includes a $2,500 college tax credit, a sales and excise tax deduction on a new car, and first time home buyers are eligible for $8,000 in tax credits.

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