Senate Democrats to scrap Obama's $400 tax credit
So "cut taxes for 95% of Americans" actually meant "two-time stimulus payments for something more like 80% of Americans before we allow that and the Bush tax cuts to expire, thus raising taxes on the majority of people."A top Democrat in the Senate announced a budget blueprint Tuesday that would scrap Barack Obama's signature tax cut after 2010 and blends sleight of hand with modest restraint on domestic programs to cut the deficit to sustainable levels.
Senate Budget Committee Chairman Kent Conrad, D-N.D., promises to reduce the deficit from a projected $1.7 trillion this year to a still-high $508 billion in 2014. But to do so, he assumes Congress will let Obama's "Making Work Pay" tax credit delivering $400 tax cuts to most workers and $800 to couples will expire at the end of next year. Those tax cuts were included in Obama's stimulus package.