Stimulus payments may equal a bigger tax bill for millions of Americans.  More than 15 million taxpayers may owe the government $250 or more because of how the IRS organized last spring’s tax breaks which were designed to help lift the economy out of the recession. Due to IRS errors everyone from married couples to struggling students may be forced to fork over up to $400 to Uncle Sam

Who …

Tags: Internal Revenue Service Stimulus tax

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President Barack Obama is proposing a stimulus program that’s designed to combat the high unemployment rate plaguing the nation. But will the new stimulus program help the average American avoid foreclosure and bankruptcy ?

Obama proposed new spending for highway and bridge construction, for small-business tax cuts and for retrofitting millions of homes to make them more energy-efficient. He said he wanted to extend economic …

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… to kill legislation that would allow the state to accept more than a half-billion dollars in stimulus money for unemployment benefits. If the state of Texas accepts the stimulus money for unemployment insurance, they will be required to expand the unemployment benefits program to include people who are seeking part-time work and make changes that would allow the amount of unemployment benefits received to be determined by more recent paychecks possibly increasing the amount of money an …

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… to an article in the Dallas Morning News, Texas Governor Rick Perry is considering not accepting stimulus money that would require him to expand the unemployment insurance program making more unemployed workers eligible for the program benefits. Perry argues that the program would expand unemployment eligibility; but once the stimulus money is exhausted, Texas taxpayers would be left paying the cost of the expanded program. And the stimulus bill forbids states from inserting provisions …

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As much as the recent housing stimulus package has been promoted as a tool that will slash the rate of foreclosures by millions, the reality may be much bleaker. As the current housing stimulus is written, mortgage lenders still have no direct incentive to modify the mortgages of homeowners who are facing foreclosure and there is no punishment if they do nothing. The process to modify a mortgage with the mortgage …

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According to an article in the Star-Telegram, the $787 billion stimulus plan promises to save or create 3.5 million jobs nationwide. Many of those jobs approximately 269,000 could go to Texas. But will it be a long-term fix? Can it offset the large number of job losses that are predicted this year? Many experts think not.

The article quoted Cal Jillson, a political science professor:

“This will provide paychecks to people who otherwise would not have …

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According to an article in the Star-Telegram, legislators passed the $790 billion stimulus package last week which includes:

A $400 tax credit for single workers and an $800 tax credit for couples.

A $1000 child tax credit which will be extended to some low-income families who don’t make enough money to pay income taxes and poor families with 3 or more children will receive an “expanded Earned Income Tax Credit.

Middle-income and wealthy taxpayers will not have to …

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… , the House and Senate are scheduled to vote on the Obama Administration’s $789 billion stimulus plan by Friday. The plan, which is touted by President Obama as a tool that will “save or create more than 3.5 million jobs and get our economy back on track” is filled with tax cuts and incentives to encourage consumer consumption which could prevent some companies from going bankrupt by saddle more Americans with debt.

If passed, the stimulus package would offer a …

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This week the House passed an $819 billion stimulus package in the hope that it will help create more jobs and slow the recession gripping the nation according to an article in the Dallas Morning News . Texas legislator Chet Edwards, who helped write the bill urged officials to pass the stimulus package because Texas is at risk of going bankrupt.

The article said:

"It’s important to pass this bill as soon as possible to …

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… spending, President Obama was criticized for not allocating enough of the $825 billion economic stimulus package for Texas, according to an article in the Dallas Morning News. Texas, which represents 8 percent of the nation’s population according to the latest census bureau figures, will only receive as little as 7 percent of the economic stimulus package.

The article said:

"Fair is fair, and we haven’t been treated fairly," said Rep. Louie Gohmert, R-Tyler. Like …

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… of the improvement that we’ve seen in housing over the past year has been tied to some sort of stimulus program,” said Wells Fargo economist Mark Vitner. “Now that we’re seeing those programs wind down we’re seeing that housing is quite a bit weaker than many people had thought.”

The latest report of sluggish home sales is yet another sign that many buyers are not feeling confident enough to make an investment in a home.  According to many analysts, one of the leading causes …

… economy.

Nancy Pelosi said:

Congress should use leftover money from Obama’s $787 billion stimulus package, passed earlier this year, to pay for road, bridge and other public works projects and to help struggling state and local governments retain firefighters, police officers and teachers. She also promised help for small businesses.

There is approximately $140 billion left in the bailout fund set aside for big banks and financial institutions.  The White House administration …