Log in

View Full Version : Obama Eyes $300 Billion Tax Cut



red states rule
01-06-2009, 01:13 PM
OK libs, and Obama supporters - are you for this?

All I have heard is how tax cuts are bad for the economy. How the government can't "afford" tax cuts.

Has Harry Reid, Nancy Pelosi, NY Times, Washington Post, or LA Times asked on the front page "how are we going to pay for these tax cuts"?


WASHINGTON -- President-elect Barack Obama and congressional Democrats are crafting a plan to offer about $300 billion of tax cuts to individuals and businesses, a move aimed at attracting Republican support for an economic-stimulus package and prodding companies to create jobs.

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. It may make it easier to win over Republicans who have stressed that any initiative should rely more 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 in 2003 -- contained $231 billion in 2004 and 2005.

Republicans and business leaders hadn't seen specifics of the proposals Sunday night, but welcomed the idea of basing a bigger proportion of the stimulus plan on tax cuts. Their response suggests the legislation could attract relatively broad support, and it highlighted the Obama team's determination to win backing from varied interests.

Some Republicans, including Senate Minority Leader Mitch McConnell (R., Ky.), have warned against a careless stimulus plan that enables unfettered spending.

http://online.wsj.com/article/SB123111279694652423.html

Hobbit
01-06-2009, 01:18 PM
It's a sham. These so-called 'tax cuts' will involve sending checks to people who pay no taxes, supposedly to offset Social Security and Medicaid (which Democrats have been calling 'contributions' for years, but I digress). But wait, these 'offsets' will be going to people who don't work, and thus don't pay those either.

Long story short, it's a socialist style welfare payout disguised as a stimulus package disguised as a tax cut and is scheduled to hit over a trillion dollars before all is said and done, and seeing as how the government always spends more than it originally states on everything, well, all I have to say is BOHICA.

red states rule
01-06-2009, 01:20 PM
It's a sham. These so-called 'tax cuts' will involve sending checks to people who pay no taxes, supposedly to offset Social Security and Medicaid (which Democrats have been calling 'contributions' for years, but I digress). But wait, these 'offsets' will be going to people who don't work, and thus don't pay those either.

Long story short, it's a socialist style welfare payout disguised as a stimulus package disguised as a tax cut and is scheduled to hit over a trillion dollars before all is said and done, and seeing as how the government always spends more than it originally states on everything, well, all I have to say is BOHICA.

I know. I was waiting for a lib to say how Obama is helping the middle calss

It is another huge welfare program

With the top 1% paying 40% of all federal income taxes - and the top 50% paying 97%. there is no way he can cut taxes for 95% of people

red states rule
01-06-2009, 01:50 PM
http://i92.photobucket.com/albums/l29/drive-bymedia/Politics/BARACK-OBAMA-ROBIN-HOOD-NFH.jpg