Tag Archives: recovery

Vice-President Joe Biden: Recovery Act Tax Benefits

Posted by: Audiegrl

With the 2010 tax filing season underway, Vice President Joe Biden, Treasury Secretary Tim Geithner and IRS Commissioner Doug Shulman today announced that that average tax refunds are up nearly 10 percent this year, due in large part to the significant new tax benefits available under the American Recovery and Reinvestment Act (Recovery Act), and reminded taxpayers that they can collect on those benefits this year as they file their 2009 tax returns. To help taxpayers see for themselves exactly how they can benefit from Recovery Act tax credits and collect every dollar owed when they file this tax season, the White House today launched a new interactive Tax Savings Tool available at www.WhiteHouse.gov/Recovery.

Here is a quick run-down of some key tax benefits available thanks to the Recovery Act:

  • Making Work Pay: 95 percent of working families are receiving the Work Pay tax credit of $400 for an individual or $800 for married couples filing jointly in their paychecks in 2009.
  • College Expenses: Families and students are eligible for up to $2500 in tax savings under the American Opportunity Credit.
  • Purchase of First Home: Homebuyers can get a credit of up to $8000 for first homes purchased by April 30, 2010 under the First Time homebuyer tax credit.
  • Energy Efficiency and Renewable Energy Incentives: Taxpayers are eligible for up to $1500 in tax credits for making some energy-efficiency improvements to their homes.
  • New Vehicle Purchases: Taxpayers can deduct state and local sales taxes or fees for vehicle purchases under the vehicle sales tax deduction.
  • Expanded Family Credits: Moderate income families with children may be eligible for an increase under the Earned Income Tax Credit and the additional Child Tax Credit.
  • Unemployment Benefits Tax Free in 2009: the Recovery Act made the first $2400 of unemployment benefits received in 2009 tax free.

The Recovery Act’s tax benefits of nearly $300 billion are not only providing some relief for middle class families, but also helping to jumpstart the economy and create more clean-energy, manufacturing, and construction jobs.

To learn more, visit Recovery.gov.

Read the Transcript

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Filed under Economy, Money, Obama Administration, Stimulus, Timothy F. Geithner (Sec of Treasury), Uncategorized, Vice-President Joe Biden

Obama outlines new limits on bank risk-taking

posted by GeoT
Obama’s plan is broad, recalls Depression-era curbs


“If these folks want a fight, it’s a fight I’m ready to have.”



Full replay of announcement:
The “Volcker Rule” for Financial Institutions
President Obama calls for new restrictions on the size and scope of financial institutions to rein in excessive risk-taking and protect taxpayers. The proposed legislation is called the “Volcker Rule” in recognition of the efforts of former Federal Reserve Chairman and current President’s Economic Recovery Advisory Board Chairman Paul Volcker.
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President Obama’s Saturday Address + Ben Nelson “Yes Man”

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WhiteHouse.govThe Patient’s Bill of Rights and Health Reform

December 19, 2009

The President looks back to the bipartisan Patient’s Bill of Rights, a bill that was defeated in Congress at the hands of special interests and their supporters, and notes that health insurance reform covers the same ground and much more in terms of giving the consumers the upper hand over their insurance companies. He calls on the Senate to allow an up-or-down vote, and for those opposing reform to stop using parliamentary maneuvers to drag it out.
Read the Transcript

December 19, 2009.

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Related Story: AP sources: Sen. Nelson to support health bill

WASHINGTON (AP) — Democratic officials say Sen. Ben Nelson intends to support health care legislation backed by President Barack Obama, giving the measure a 60th and decisive vote.

These officials say the Nebraska Democrat will make an announcement later Saturday. Marathon negotiations with the White House and Senate Democratic leaders produced fresh concessions that will mean additional abortion restrictions in the legislation.

source:

Budget office: Democrats’ bill covers 94 percent of population

WASHINGTON (AP) — Congressional budget scorekeepers say the latest Democratic health care bill would cover 94 percent of eligible Americans while reducing the federal deficit.

The Congressional Budget Office said Saturday the changes announced by Senate Majority Leader Harry Reid would cut the deficit by an additional $2 billion, bringing the 10-year total reduction to $132 billion.

The nearly $900 billion bill would be paid for by $483 billion in cuts to Medicare and other federal health programs, as well as tax increases.

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Federal Stimulus Program is Not Working… Except That It Is

Posted by LibbyShaw

VP Joseph Biden greets construction workers after delivering a speech in Kalamazoo, Michigan

The Republicans and their water carrying blustering blowhards in the conventional wisdom alternative universe bubble have been frantically working 24/7 to fabricate the perception that the federal stimulus program is not working.

Those Americans who reside outside the Republican and conventional “wisdom” bubble, i.e. Joe, Jose, Jane, Yolanda, Chen, Hui, Omar and Laqueesha (to name a handful) have a far different view of the federal stimulus program.

It seems that Republicans and the Party’s blowhards ignored the recently released Congressional Budget Office report. Or perhaps the Republicans and its tools did not like what they read. Yikes, this stimulus can’t work or we are dead. Change the message! If the government works we lose! No matter what, kill off any good news about the stimulus program! Who cares what happens to the average Jane and Joe Americans? WTF are they?! This is all about us and our ability to stockpile as much money for ourselves as we can! Heaven help us! Change the bleeping bleepity bleep message! Jeeze oh Pete – gin up a freaking war if need be!

The nonpartisan Congressional Budget Office said the $787 billion stimulus package approved in February lowered the nation’s unemployment rate by between 0.3 and 0.9 percentage points while boosting the economy by between 1.2 percent and 3.2 percent. The analysis also found that three-quarters of the money provided in the stimulus had yet to be funneled into the economy by the end of September.

The report is a boost for the administration, which faced renewed questions last month over how many jobs the stimulus has produced after the Government Accountability Office said it found “significant” problems with the White House’s tally. The administration has estimated the stimulus created or saved 640,329 jobs through October.

The report released yesterday “leaves no doubt that the economy would be in much worse shape if the recovery act had not been implemented,” said House Education and Labor Committee Chairman George Miller, a California Democrat. “As the Obama administration and Congress continue to explore additional strategies to create jobs and build a foundation for long-term economic growth, it is critical to acknowledge the progress that has already been made.”

But Republicans, especially Texas Republicans and their propagandists at FOX seem to have a problem with facts that the party and its spin meisters do not manufacture.

Sigh. Oh, how we tragically know all about the GOP and its fiscal irresponsibility with its tax cuts for the 1 or 2% of the wealthy, the deregulation of the financial and energy sectors, while waging war on two fronts. Tell us about a war of choice vs. one of necessity. Tell us why we took our eye off of Afghanistan to go looking for Al-Qaeda and WMD’s that did not exist in Iraq? Thanks, too, Louie and Sean, for leaving both wars on the back of a new Administration. And please do accept our deep and heartfelt thanks for your leaving both wars on the backs of the American people, our children, grandchildren and generations of our great grandchildren to come.

Reality check on the federal stimulus program.

Where Texas is concerned we have been awarded $10,680,470,000 in stimulus funding. So far we have received $1,826,240,000.

Jobs created so far: 19,572.

Check out the facts of the American Recovery and Reinvestment Act.

The so-called conventional wisdom sounds like a bunch of conventional self-serving lying and hysterical stupidity to me.

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President Obama’s Saturday YouTube Address 12/05/09

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WhiteHouse.govPushing Forward on Jobs~~Following the best jobs numbers since 2007, the President recognizes that such trends are cold comfort to those who are struggling and pledges to continue pushing forward towards positive job growth. President Obama looks back at the Jobs Forum he hosted days before and looks ahead to further action. He emphatically restates why he ran for President in the first place: “to fight for a country where responsibility is still rewarded, and hard-working people can get ahead.”

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President Obama’s Saturday YouTube Address 11/28/09

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WhiteHouse.gov—Happy Thanksgiving!

Given the holiday, we are releasing the President’s weekly address today. In this video, President Obama calls to our attention the men and women in uniform who are away from home sacrificing time with family to protect our safety and freedom. He also talks about the progress of health care reform, the Recovery Act, and job creation to ensure that next Thanksgiving will be a brighter day.

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Vice-President Biden Unveils Report Focused on Expanding Green Jobs And Energy Savings For Middle Class Families

Posted by Buellboy

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WhiteHouse.gov—Vice President Biden today unveiled Recovery Through Retrofit, a report that builds on the foundation laid in the Recovery Act to expand green job opportunities and boost energy savings by making homes more energy efficient. Joining the Vice President today were Nancy Sutley, Chair of the White House Council on Environmental Quality; Steven Chu, Secretary of Energy; Hilda Solis, Secretary of Labor; Shaun Donovan, Secretary of Housing and Urban Development; and Karen Mills, Administrator of the Small Business Administration.

At a Middle Class Task Force meeting earlier this year, the Vice President asked the White House Council on Environmental Quality (CEQ) to develop a proposal for Federal action to lay the groundwork for a self-sustaining home energy efficiency retrofit industry. In response, CEQ facilitated a broad interagency process with the Office of the Vice President, eleven Departments and Agencies and six White House Offices to develop recommendations for how to use existing authority and funding to accomplish this goal. These recommendations are described in detail in the Recovery Through Retrofit Report.

Recovery Through Retrofit is a blueprint that will create good green jobs – jobs that can’t be outsourced, and jobs that will be the cornerstones of a 21st-Century economy,” said Vice President Biden. “And, thanks to the Recovery Act’s unprecedented investments in energy efficiency, we are making it easier for American families to retrofit their homes – helping them save money while reducing carbon emissions and creating a healthier environment for our families.”

Vice-President Joe Biden

Vice-President Joe Biden

This report builds on the foundation laid in the Recovery Act to expand green job and business opportunities for the middle class while ensuring that the energy efficiency market will thrive for years to come,” said Nancy Sutley, Chair of the White House Council on Environmental Quality. “An aggressive program to retrofit American homes and businesses will create more work, more savings, and better health for middle class Americans.”

Existing techniques and technologies in energy efficiency retrofitting can reduce energy use by up to 40 percent per home and lower total associated greenhouse gas emissions by up to 160 million metric tons annually. Retrofitting existing homes also has the potential to cut home energy bills by $21 billion annually. Yet, despite the real energy cost savings and environmental benefits associated with improving home energy efficiency, a series of barriers have prevented a self-sustaining retrofit market from forming. These barriers include a lack of access to information, financing and skilled workers.

The recommendations and actions in this Report have been carefully designed to help overcome these barriers and to leverage Recovery Act funding to help ensure that the energy efficiency market will thrive long after the Recovery Act money is fully spent.

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