Results 1 to 8 of 8

Thread: President Obama: Tax cuts will be felt by April 1

  1. #1
    Elite Member angelais's Avatar
    Join Date
    Mar 2006
    Location
    Jon Hamm's pants
    Posts
    12,751

    Default President Obama: Tax cuts will be felt by April 1

    Breaking News, Weather, Business, Health, Entertainment, Sports, Politics, Travel, Science, Technology, Local, US & World News- msnbc.com

    WASHINGTON - The notoriously slow Congress passed the $787 billion economic stimulus package in a matter of weeks. President Barack Obama signed it into law less than one month into his presidency.So, just how soon will Americans start reaping the benefits of tax cuts in it?
    By April 1, according to the president.


    "Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans," Obama said Saturday in his weekly radio and Internet address.
    He said the Treasury Department has begun directing employers to reduce the amount of taxes withheld from people's paychecks in accordance with the new law, and that in six weeks, a typical family will start taking home at least $65 more every month.
    Obama says his signature "Making Work Pay" tax break will affect 95 percent of working families.
    The $400 credit for individuals is to be doled out through the rest of the year. Couples are slated to get up to $800. Most workers are to see about a $13 per week increase in their take-home pay. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year.


    People who do not earn enough money to owe income taxes are eligible for the credit, an attempt to offset the payroll taxes they pay.
    High hopes, big cost
    Obama's expensive and ambitious package of federal spending and tax cuts is designed to revive the economy and save or create 3.5 million or more jobs. It will inject a sudden boost of cash into transportation, education, energy and health care, while aiming to help recession victims through tax cuts, extended unemployment benefits and short-term health insurance assistance. It also will add to a rapidly growing national debt.


    The president signed the measure into law Tuesday.In his weekly address, Obama said he was grateful to Congress, governors, mayors and everyday people who supported the measure.


    Still, he added: "It is only a first step on the road to economic recovery. And we cannot fail to complete the journey." He said the country also must stem foreclosures, repair the banking system, get credit flowing again and revamp financial industry regulations.And, even as he promoted the record-breaking spending plan, he called for doing what's necessary to control "exploding" deficits as the economy begins to improve.
    Obama is holding a bipartisan "fiscal responsibility summit" at the White House on Monday to talk about ways to control the trillion-dollar budget deficit. The next day, he is to address a joint session of Congress, a speech expected to focus heavily on the economy. On Thursday, Obama will send a budget request to Congress "that's sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don't and restoring fiscal discipline."
    Republicans are certain to hold him to that.
    In the GOP's weekly address, Rep. Dave Camp of Michigan, the top Republican on the House Ways and Means Committee, said his party wants to work with Obama to solve the country's economic problems "in a responsible way that does not burden our children and grandchildren with a mountain of debt."
    "We can't borrow and spend our way back to prosperity," Camp said. "If he is serious about dealing with the tough issues and getting spending under control, his budget will show it."
    Did you know that an anagram for "Conscious Uncoupling" is "Iconic Uncool Pus Guns"? - MohandasKGanja

  2. #2
    Elite Member
    Join Date
    Oct 2005
    Posts
    4,128

    Default

    I feel they just put in these tax cuts to please the Republicans, but that overall the $288B allocated to tax cuts will have NO impact on the economy. I don't think tax cuts work. People will either save it or use it to pay existing debt. I wish that money would've gone to energy or infrastructure.

  3. #3
    Elite Member bychance's Avatar
    Join Date
    Jul 2007
    Location
    New York
    Posts
    5,294

    Default

    I hope all goes well.

  4. #4
    Silver Member betagrl's Avatar
    Join Date
    Oct 2007
    Posts
    306

    Default

    Of course we all wouldn't mind getting an extra couple hundred dollars in the mail, but it's ridiculous to think it's going to change anyone's life. Give people jobs with living wages and some confidence that they won't go bankrupt if they get sick and people might start spending money again.

  5. #5
    Elite Member witchcurlgirl's Avatar
    Join Date
    Feb 2007
    Location
    Acerbia
    Posts
    33,487

    Default

    Most workers are to see about a $13 per week increase in their take-home pay. In 2010, the credit would be about $7.70 a week

    try not to spend it all in one place
    It's no longer a dog whistle, it's a fucking trombone


    All of God's children are not beautiful. Most of God's children are, in fact, barely presentable.


    If I wanted the government in my womb I'd fuck a Senator

  6. #6
    Gold Member Glitter's Avatar
    Join Date
    Dec 2008
    Location
    Down the rabbit hole.
    Posts
    1,456

    Default

    Quote Originally Posted by witchcurlgirl View Post
    Most workers are to see about a $13 per week increase in their take-home pay. In 2010, the credit would be about $7.70 a week

    try not to spend it all in one place
    First of all let me say I love Obama.

    Ya I guess that amounts to about two coffee's a week?
    Life is what happens to you
    While you're busy making other plans ~ John Lennon

  7. #7
    Elite Member msdeb's Avatar
    Join Date
    Feb 2006
    Location
    in a van down by the river
    Posts
    39,431

    Default

    E for Effort, but i'd still rather have a stimulus check of my own.
    Basic rule of Gossip Rocks: Don't be a dick.Tati
    Lighten Up Francis WCG

  8. #8
    Elite Member Sweetie's Avatar
    Join Date
    Apr 2007
    Location
    Den of the roving cunty bitches
    Posts
    24,533

    Default

    ^ I'd rather Obama not close the damn base down when he's around here. He's the ONLY President to ever close the base down to contractor's and the public. Now my husband's crew will all lose a days pay, just because he will be on base for a total of 15 minutes top.

    Way to stimulate our paychecks and the economy.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Barack Obama [President of the USA]
    By sweetrebel in forum Hot Guys
    Replies: 186
    Last Post: May 9th, 2009, 09:40 PM
  2. Kids' letters to President Obama
    By Honey in forum Laughs and Oddities
    Replies: 9
    Last Post: January 29th, 2009, 01:16 PM
  3. President Bush remains delusional: history will show these tax cuts work
    By buttmunch in forum U.S. Politics and Issues
    Replies: 0
    Last Post: October 23rd, 2008, 08:05 PM
  4. Barack Obama too skinny to be president?
    By Folieadeux in forum U.S. Politics and Issues
    Replies: 8
    Last Post: August 4th, 2008, 08:29 AM
  5. Replies: 11
    Last Post: March 2nd, 2007, 02:56 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •