Don’t Spend It All in One Place

Beginning this week, workers’ weekly paychecks will jump by roughly $10 as the tax rebates in the stimulus bill take effect, The Associated Press reminds us today.

Workers earning less than $150,000 a year are eligible for a rebate totaling $400 both this year and next. The AP does the math so we don’t have to.

With 39 weeks left in the year, the credit will increase workers’ take home pay by about $10.25 a week. In 2010, when the credit is spread over the entire year, it will amount to about $7.70 a week.

Not sure if that’s going to save Detroit, but it will get you a cold Bud or two.

Cheers, Congress.