The next meeting of the San Saba Property Owners Association will be held at 7:00 PM on Tuesday, February 24, 2009 in the Rylander Library on the east side of the Courthouse Square. The featured speaker will be Mr. Ricky Wright, District Director for Congressman Mike Connaway. Mr. Wright will discuss the current economic outlook and how provisions of massive federal government spending will impact rural Texans.
Congress has recently passed a $789 Billion Stimulus Spending Bill in response to current economic conditions. Provisions of this bill are in addition to a previously enacted $700 Billon Stimulus Spending Bill in 2008 that was targeted at providing government funding for financial institutions, automobile companies and the housing market. Together, the 2008-09 Stimulus Bills account for over $5,000 in debt for each of the nation’s 280 million Americans. This money will eventually have to be paid back via the national debt, increased taxes or inflation. There are no public government projections for how much additional government stimulus spending will be enacted beyond the two Bills.
About 35% of the 2009 Bill’s stimulus spending is dedicated to tax cuts for business and individuals. Some tax reduction provisions include payroll tax credits of $400 to $800 for couples, tax credits for first time homebuyers and tax breaks of loan interest and sales taxes to purchase new vehicles.
Mr. Wright will also answer questions about services provided and how to obtain assistance through the Congressman’s Office. All interested city and county property owners plus students of government are invited to attend.