AARP

AARP - Finance

The US Economic Stimulus plan is still on track to be singed on Monday, providing that the two houses complete final votes this week on the final bill which is expected to include the following:

• A homeowner tax credit significantly reduced from the Senate version of $15,000, double that of the House bill.
• A tax credit, also reduced from the Senate version, for people who buy a car in 2009.
• Funding to patch the alternative minimum tax, originally intended to target the wealthy but now hitting many middle-class families.
• $90 billion of increased Medicaid match to states.
• $150 billion for infrastructure, including $49.6 for transportation infrastructure.

Tax breaks for workers that had been set at $1,000 per family or $500 per individual have been scaled back to $800 per family and $400 per individual.

35% of the bill deals with tax cuts, 65% with spending. The compromise bill has a price tag of $789 billion, less than both the House and Senate versions.

Other news came from Switzerland with the two leading banks US and Credit Suisse, both losing millions, forcing USB to lay off a further 1,600 people. Credit Suisse lost 7,000 jobs last year but hopes to survive with out government intervention.

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