Recovery?

[Clodfobble]

Originally Posted by classicman

$1.7 billion: for deduction of sales tax from car purchases,

Originally Posted by TheMercenary

Even the last one, which I would guess is the cash for clunkers was got a huge F.

It's not the cash for clunkers program, it is a tax deduction. You have always been able to deduct your state income taxes from your federal taxes. But recently two changes went into effect:

1.) you can also deduct your state sales tax paid (either an IRS-calculated estimate based on your disposable income and the sales tax rate in your area, or the actual amount you spent if you're neurotic and have saved every receipt for everything you bought all year long.)

2.) On top of that estimate, you can also add the sales tax for any big-ticket items you have a receipt for, not just new/used cars but boats, motorcycles, home renovation--anything you spent over a few thousand bucks on.

We have benefitted greatly from #1 for several years now, since Texas doesn't have an income tax but instead has a very high sales tax rate, and we benefitted from #2 a couple years ago when we traded in the ancient truck for a slightly-less-ancient Corolla.

In addition, we have also personally benefitted directly from (as in, measurable money in our bank account that wouldn't be there otherwise):

$116 billion: New payroll tax credit of $400 per worker and $800 per couple in 2009 and 2010.
$14 billion: Expanded college credit
$4.3 billion: Home energy credit