Today Mr. President has signed $787 Billion (a much debated, talked about) stimulus plan i.e. American Recovery and Reinvestment Act is in effect from today.
As a part of this initiative an unprecedented move has been made by Mr. President to make this process of recovery transparent to everyone who has access to web. Recovery.gov is live from today and it has very neat and clean interface.
The details of the bill can be read from here.
This bill includes spending money in almost every sector and it is shown on the home page
The allocation of fund in other form as shown below
I liked the milestone part the most which is shown on the home page of Recovery.gov – all major dates when a particular action will be taken/occur is plotted on a draggable calendar
As Mr. President has said today, this plan is the “Beginning of an End” and we can’t expect it to change the situation instantly, it will take time to solve problems( housing problem, financial market to solve credit crisis, creating jobs, innovations in science and technology). The purpose of this site is to show where and how the government is spending Tax payer’s money.
Dipesh Khakhkhar US Government - Federal $787 Billion, American Recovery and Reinvestment Act, Recovery.gov, Stimulus Bill, Tax Payer's Money
As tax season (Tax 2008) have arrived and people have started getting W-2 forms I came to know about Recovery Rebate Credit.
Who is eligible and who will get this Recovery Rebate Credit?
As you read in the above link, you can get this money ($600 for person filing as a single or $1200 for married person filing jointly and $300 for each child) if you have not received economic stimulus package last year. There were many case like mentioned below where tax payer didn’t get this money last year
1) Entered incorrect SSN number
2) Entered ITIN number instead of SSN number
3) Not eligible since not falling under that particular income bracket who were receiving this package
4) Not eligible because of filing status
5) Received partially
and so on.
I fall under no. 4 as my status have been changed from single to married last year and in year 2007 I was single and I didn’t receive economic stimulus package.
This is same as last year’s (tax 2007) economic stimulus package with only difference that it will be decided on the basis of current income/status of filing and last year’s tax data (whether you have already received it or not).
Dipesh Khakhkhar US Government - Federal Eligibility, Recovery Rebate Credit, Tax 2008
