« Hey, 2008 is Almost Over | Main | Senator Smalley »
January 04, 2009
The Obama Tax Cuts?
Huh. I look forward to seeing how Congressional Democrats explain that these tax cuts are okay, but Bush's were the worst thing ever.
WASHINGTON -- President-elect Barack Obama and congressional Democrats are crafting a plan to offer about $300 billion in tax cuts to individuals and businesses, a move aimed at attracting Republican support for an economic-stimulus package and prodding companies to create jobs.I have no doubt the media will somehow manage to provide Obama cover on this one. Frankly, I don't care as long as the final result is less money out of my paycheck confiscated by the government.The size of the proposed tax cuts -- which would account for about 40% of a stimulus package that could reach $775 billion over two years -- is greater than many on both sides of the aisle in Congress had anticipated, and may make it easier to win over Republicans who have stressed that any initiative should rely relatively heavily on tax cuts rather than spending.
The Obama tax-cut proposals, if enacted, could pack more punch in two years than either of President George W. Bush's tax cuts did in their first two years. Mr. Bush's 10-year, $1.35 trillion tax cut of 2001, considered the largest in history, contained $174 billion of cuts during its first two full years, according to Congress's Joint Committee on Taxation. The second-largest tax cut -- the 10-year, $350 billion package engineered by Mr. Bush's in 2003 -- contained $231 billion in 2004 and 2005.
The entertainment value of watching Democrats defend 'trickle-down' economics is just gravy.
Posted by slublog at January 4, 2009 08:49 PM
Trackback Pings
TrackBack URL for this entry:
http://www.slublog.com/cgi-bin/mt/mt-tb.cgi/4031
Comments
That's a good point you bring up there. Can't wait to share with Obama supporter's who hate everything Bush.
Posted by: CDR M at January 6, 2009 12:05 AM