One of the pros according to the stimulus plan is that there will several tax breaks. The recovery package has tax breaks for families that send a child to college, purchase a new car, buy a first home or make the ones they own more energy efficient. Millions of workers can expect to see about $13 extra in their weekly paychecks, starting around June, from a new $400 tax credit to be doled out through the rest of the year. Couples would get up to $800. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year. First-time homebuyers who purchase their homes before Dec. 1 would be eligible for an $8,000 tax credit, and people who buy new cars before the end of the year can write off the sales taxes.
However, one thing about this $790 billion package is that it will jack up the national debt. The 2009 deficit is expected to hit $1.6 trillion. This will certainly effect us in the long run. Sure there will be tax breaks now but we will have to pay for this later on. Our children and possibly their children will be forced to pay higher taxes and have limited government services because of this increasing debt.
So basically our country is in the crapper and there is no easy way out. What are your thoughts?
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