Here are your so called Obama tax cuts?
Obama Tax cuts
Total: $288 billion
Tax cuts for individuals
Total: $237 billion
• $116 billion: New payroll tax credit of $400 per worker and $800 per couple in 2009 and 2010. Phaseout begins at $75,000 for individuals and $150,000 for joint filers.[29]
• $70 billion: Alternative minimum tax: a one year increase in AMT floor to $70,950 for joint filers for 2009.[29]
• $15 billion: Expansion of child tax credit: A $1,000 credit to more families (even those that do not make enough money to pay income taxes).
• $14 billion: Expanded college credit to provide a $2,500 expanded tax credit for college tuition and related expenses for 2009 and 2010. The credit is phased out for couples making more than $160,000.
• $6.6 billion: Homebuyer credit: $8,000 refundable credit for all homes bought between 1/1/2009 and 12/1/2009 and repayment provision repealed for homes purchased in 2009 and held more than three years. This only applies to first-time homebuyers.[41]
• $4.7 billion: Excluding from taxation the first $2,400 a person receives in unemployment compensation benefits in 2009.
• $4.7 billion: Expanded earned income tax credit to increase the earned income tax credit — which provides money to low income workers — for families with at least three children.
• $4.3 billion: Home energy credit to provide an expanded credit to homeowners who make their homes more energy-efficient in 2009 and 2010. Homeowners could recoup 30 percent of the cost up to $1,500 of numerous projects, such as installing energy-efficient windows, doors, furnaces and air conditioners.
• $1.7 billion: for deduction of sales tax from car purchases, not interest payments phased out for incomes above $250,000.
How did any of this help the private sector and why selective tax cuts to individuals who don't pay any taxes? Here is a tax cut that worked
Bush Tax cuts
Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate was lowered from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%.[3] In addition, the child tax credit went from $500 to $1000, and the "marriage penalty" was reduced. Since the cuts were implemented as part of the annual congressional budget resolution, which protected the bill from filibusters, numerous amendments, and more than 20 hours of debate, it had to include a sunset clause. Unless congress passes legislation making the tax cuts permanent, they will expire in 2011.
Receipt 2009 2008 2007 2005 2004 2003 2002
Individual Income tax 915.3 1,145.7 1,043.9 927.2 808.9 793.7 858.3
Corporate Taxes 138.2 304.3 353.9 278.3 189.4 131.8 148.0
Total 1053.5 1,450.0 1,397.8 1205.5 998.3 925.5 1006.3
Did you happen to see the election results on Nov. 2? Doesn't seem that the majority in this country realize how great Obama is.
Obama was left 350 billion of TARP and spent only 150 billion of it, so 842 billion stimulus plus 150 billion in TARP totals right at 1 trillion dollars and what do we have to show for it, 4 million more unemployed since the stimulus was signed and 3 trillion added to the debt. Guess that is a liberal succes story
Employment, Hours, and Earnings from the Current Employment Statistics survey (National)