FINAL STIMULUS CONFERENCE BILL
5 Day Public Review & Comment

 Senate - $780 Billion, 42% Tax Cuts, 58% Spending

Senate Spending Cuts From House Version 

• $300 million to modernize USDA  100% cut
• $100 million research USDA  100% cut
• $750 million NASA 50% cut
• $1.4 billion, Nat Science Foundation, 100% cut
• $427 million, NOAA, 35% cut
• $150 million, VAWA, 50% cut
• $450 million, Police wireless radios, 50% cut
  Rural Drug Enforcement, Border gunner program, internet crimes, etc., 50% cut
• $1 billion, Renewable Energy, 40% cut
• $4.5 billion, EISA energy loan guarantees, 50% cut
• $600 million, Utah project, CA Delta project, Uranium decontamination, DoE Off Science, 100% cuts
• Homeland Security, $122, 5 million for icebreakers, $14 million cyber security, 100% cut
• $55 million, Historic Preservation, 100% cut
• $20 million, Interior financial system upgrade, 100% cut
• $150 million, Smithsonian Upgrades, 100% cut
• $140 million, SSA IT upgrade, 100% cut
• $25 billion, state stabilization, 100% cut
• $14 billion, head start, idea, Title I, teaching grants, 50% cut
• $5 billion, Wellness & Prevention, HIV, Diabetes screen, smoking, flu, etc., 90% cut
• $200 million Filipino vets, 100% cut
• $600 million, State Dept, IT upgrades, cyberspace initiative, consular programs, US-Mexico water program, 100% cut
• $5.5 billion, Transportation HUD, 100% cut
• Pell Grants & Child Care were left alone

Tax Cuts Changed In The Senate

Adjusts the alternative minimum tax

Businesses can deduct current losses against past years’ profits

$15,000 tax credit to people who buy homes, $19 billion

Tax deduction for auto sales tax and interest, $11 billion

Exclude $2400 of unemployment from taxation

Make Work Pay and Child Tax Credit were partially cut.

1. Making Work Pay Credit Expanded Earned Income Credit To Offset Payroll Taxes - 6.2 percent of earned income of the taxpayer, $500 ($1,000 in the case of a joint return)  Phased out at $75,000 of individual taxpayer ($70,000 in Senate bill), $150,000 of joint return ($140,000 in Senate bill)
2. Increase in child tax credit, Eliminates earnings threshold ($8100 threshold in Senate), provides credit of 15% on all earnings, up to $1,000