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Thread: Obama Eyes $300 Billion Tax Cut

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    Obama Eyes $300 Billion Tax Cut

    Obama Eyes $300 Billion Tax Cut - WSJ.com

    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.

    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.
    To put that in scope:

    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.
    Details:

    The largest piece of the overall tax relief would involve cuts for people who pay income taxes or who claim the earned-income credit. It would serve as a down payment on the "Making Work Pay" proposal Mr. Obama outlined during his election campaign, providing a credit to offset Social Security and Medicare payroll taxes of $500 per individual or $1,000 per family.
    So the main thrust of Obama's plan is a slightly bigger version of the $600 checks that Bush sent out earlier this year.

    This part sounds a bit strange:

    As for the business tax package, a key provision would allow companies to write off huge losses incurred last year, as well as any losses from 2009, to retroactively reduce tax bills dating back five years. In effect, this would entitle companies to receive cash from the government that they otherwise couldn't have claimed.
    So companies that lost money are rewarded, while companies that were prudential aren't? This is getting to be something of a theme.

    But Republicans are already criticizing parts of the package. Senate Minority Leader Mitch McConnell (R., Ky.), speaking Sunday on ABC's "This Week," questioned one of the biggest pieces of the plan, which would send as much as $200 billion to state governments largely to expand the federal share of Medicaid, the health program for the poor.

    Mr. McConnell suggested structuring that aid as a loan, saying this would encourage the states to "spend it more wisely."
    $200b for Medicaid? Brilliant.
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    Re: Obama Eyes $300 Billion Tax Cut

    Lolz, we elected another Bush! : We really had no choice after all.....

    *craps drawz*

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    Re: Obama Eyes $300 Billion Tax Cut

    wait, so he is going to now out bush, bush?


    bring it on OH great Obama! I welcome this!
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    Re: Obama Eyes $300 Billion Tax Cut

    Quote Originally Posted by Reverend_Hellh0und View Post
    wait, so he is going to now out bush, bush?


    bring it on OH great Obama! I welcome this!
    I say his approval ratings will be in single digits before he leaves office.

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    Re: Obama Eyes $300 Billion Tax Cut

    What does 'eyes' mean? Is this really part of the stimulous or just something they're tossing around.

    I always thought it was idiotic for Obama and McCain to be playing the "who can cut taxes the most" game during the election. It didn't exactly work out the last two times and I don't see it working out a third. At least we can be reasonably sure that massive tax cuts won't be followed by a couple of very expensive wars. Not much of a comfort though

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    Re: Obama Eyes $300 Billion Tax Cut

    Quote Originally Posted by RightinNYC View Post
    He doesn't need to take our money through taxes when he can take it through the printing press. Inflation is just a stealth tax that hits the middle class and those on fixed income the most.

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    Re: Obama Eyes $300 Billion Tax Cut

    Well DUH!!
    We ALL know that when a -Democrat- proposes a tax cut, it -never- causes a deficit and -always- helps the economy.

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    Re: Obama Eyes $300 Billion Tax Cut

    Quote Originally Posted by Kernel Sanders View Post
    What does 'eyes' mean? Is this really part of the stimulous or just something they're tossing around.
    It's the new administration's economic stimulus ceterpiece proposal.

    I always thought it was idiotic for Obama and McCain to be playing the "who can cut taxes the most" game during the election. It didn't exactly work out the last two times and I don't see it working out a third. At least we can be reasonably sure that massive tax cuts won't be followed by a couple of very expensive wars. Not much of a comfort though
    Bush's two tax proposals did precisely what they were intended to do - a) return taxpayer dollars to taxpayers (refund); and b) reduce the tax burden (reduced the burden for all brackets except the ultra-rich).

    Now perhaps you thought that tax plans were attempting to do something else, but that doesn't mean Bush's tax plans ever intended to address your priorities.

    Just sayin'.

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