To be honest, I still can’t believe it...Tomorrow, Barack Obama will take the highest office-and arguably, the most difficult job-in the country. No matter what side of the fence you were on at election time, it’s hard to deny the incredible excitement and energy surrounding this week’s inauguration. As soon as this week’s festivities are over, however, the pressure is on! The economy has taken center stage for obvious reasons and Obama has made it clear that getting his $825 billion stimulus package passed through Congress is his top priority.
So how will this economic stimulus plan directly affect you? To start, here’s a summary of the impact of Obama’s tax cut plan:
If you don’t see your specific filing status here, you can also calculate our tax cut here. With more detailed filing information, you can really get a good idea of what you can expect here.
Given the state of unemployment, shaky credit and real estate markets, and the closing of major businesses in almost every industry, it seems impossible that the end of this recession could happen anytime soon. But aren’t unbelievable and impossible things happening almost daily? Last week, a plane crashed into the Hudson River with zero fatalities. As of Sunday, the notoriously awful Arizona Cardinals are headed to the Superbowl. On Tuesday, the most unlikely election candidate at one point will be our President. Perhaps… just perhaps… the impossible is possible.