Obama: tax cuts will be felt by April 1

[kwame k]

WASHINGTON – The notoriously slow Congress passed the $787 billion economic stimulus package in a matter of weeks. President Barack Obama signed it into law less than one month into his presidency.

So, just how soon will Americans start reaping the benefits of tax cuts in it?

By April 1, according to the president.

"Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans," Obama said Saturday in his weekly radio and Internet address.

He said the Treasury Department has begun directing employers to reduce the amount of taxes withheld from people's paychecks in accordance with the new law, and that in six weeks, a typical family will start taking home at least $65 more every month.

Obama says his signature "Making Work Pay" tax break will affect 95 percent of working families.

The $400 credit for individuals is to be doled out through the rest of the year. Couples are slated to get up to $800. Most workers are to see about a $13 per week increase in their take-home pay. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year.

People who do not earn enough money to owe income taxes are eligible for the credit, an attempt to offset the payroll taxes they pay.

Obama's expensive and ambitious package of federal spending and tax cuts is designed to revive the economy and save or create 3.5 million or more jobs. It will inject a sudden boost of cash into transportation, education, energy and health care, while aiming to help recession victims through tax cuts, extended unemployment benefits and short-term health insurance assistance. It also will add to a rapidly growing national debt.

The president signed the measure into law Tuesday.

In his weekly address, Obama said he was grateful to Congress, governors, mayors and everyday people who supported the measure.

Still, he added: "It is only a first step on the road to economic recovery. And we cannot fail to complete the journey." He said the country also must stem foreclosures, repair the banking system, get credit flowing again and revamp financial industry regulations.

And, even as he promoted the record-breaking spending plan, he called for doing what's necessary to control "exploding" deficits as the economy begins to improve.

Obama is holding a bipartisan "fiscal responsibility summit" at the White House on Monday to talk about ways to control the trillion-dollar budget deficit. The next day, he is to address a joint session of Congress, a speech expected to focus heavily on the economy. On Thursday, Obama will send a budget request to Congress "that's sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don't and restoring fiscal discipline."

Republicans are certain to hold him to that.

In the GOP's weekly address, Rep. Dave Camp of Michigan, the top Republican on the House Ways and Means Committee, said his party wants to work with Obama to solve the country's economic problems "in a responsible way that does not burden our children and grandchildren with a mountain of debt."

"We can't borrow and spend our way back to prosperity," Camp said. "If he is serious about dealing with the tough issues and getting spending under control, his budget will show it."

___

On the Net: http://www.whitehouse.gov
Link (http://news.yahoo.com/s/ap/20090221/ap_on_go_pr_wh/obama_economy)

[kwame k]

In the GOP's weekly address, Rep. Dave Camp of Michigan, the top Republican on the House Ways and Means Committee, said his party wants to work with Obama to solve the country's economic problems "in a responsible way that does not burden our children and grandchildren with a mountain of debt."

"We can't borrow and spend our way back to prosperity," Camp said. "If he is serious about dealing with the tough issues and getting spending under control, his budget will show it."


Amazing! Fiscal Conservatives are back. I guess getting their asses handed to them has been a wake up call. I still say they are doing this out of spite and not for the good of the American people but..........whatever their motives are, I am all for oversight. The more people looking after our money the better.

[Nickdfresh]

So, where are all the whiny Republi'tards on this?

[Redballjets88]

13.30 a week!! OMFG!!!! Thanks Obama, i was running low on smokes I guess...

[kwame k]

13.30 a week!! OMFG!!!! Thanks Obama, i was running low on smokes I guess...

As opposed to what you got under Bush?

[Redballjets88]

Bush gave 300 or 600 up front, Obama 400 or 800 over time. Which will do a better job of jumping the economy a little, who knows? I doubt either will do much.

[kwame k]

Bush gave 300 or 600 up front, Obama 400 or 800 over time. Which will do a better job of jumping the economy a little, who knows? I doubt either will do much.


Think about this....you already got your refund from Bush......did that help the economy? Did anything Bush do help the economy?

[Redballjets88]

For about ten minutes, I'm saying that the odds of these 13 extra dollars for a person probably won't do shit. Furthermore, live in the now, we have more to worry about than how Bush did.

If we continue to compare Obama and Bush then Obama won't have to do shit.

[kwame k]

Nice deflection but........we are 1.3 trillion dollars in the hole because of Bush......show me one speech, one public instance of Bush or the Repukes saying anything about the deficit or putting our economy back on track......we are in the mess we are in now because of who? Back up your answers with links or facts.

Oh, and don't use that bullshit that we haven't had a terra-ist attack.....because when you spend 1.3 trillion dollars to fight a war on terra and you can't find/kill the guy who masterminded the whole thing.....we would of been better off offering a 500 billion dollar reward for him.....we'd only be in half the mess we are in now.

[Redballjets88]

Nice deflection but........we are 1.3 trillion dollars in the hole because of Bush......show me one speech, one public instance of Bush or the Repukes saying anything about the deficit or putting our economy back on track......we are in the mess we are in now because of who? Back up your answers with links or facts.

Oh, and don't use that bullshit that we haven't had a terra-ist attack.....because when you spend 1.3 trillion dollars to fight a war on terra and you can't find/kill the guy who masterminded the whole thing.....we would of been better off offering a 500 billion dollar reward for him.....we'd only be in half the mess we are in now.

I wasn't defending Bush. I didn't say he didn't do his fair share to put us here. I said looking back doesn't help us to move forward.

Just because he sucked doesn't mean the bar is any lower than what we should expect from our current President.

It not like the members of congress are going to be able to use the whole Bush sucked ass argument to pass bills, it's all about looking at what is happening here and now and assessing the situation and acting accordingly.

[kwame k]

Yes, it's about the here and now but........we have to do extreme things to fix the damage that was done in the last 8 years.....that's not looking backwards but dealing with reality......tax cuts are only a small part of the massive surgery that we need to do to stop the fucking bleeding......it wasn't started by Obama but it has to be cleaned up by him. Look at what happened to Bush's bail out, where did that money go? It was his pick that doled out the candy and that sure fixed our economy. Had Bush done anything right in the last 8 years we wouldn't have to do extreme measures to save our country. The fucking asshole put us into another Great Depression but we should look forward.......give me a break.

I guess he could do like Bush and start a useless war with the wrong fucking people....that seemed to work out.

[Redballjets88]

So complaining will help? Go do some community service if you want to do your part....And don't trivialize the great depression like that, the great depression was at least twice as bad as our current situation.

[kwame k]

Wrong as usual..........and if you are going to open your mouth back it with facts.

Why isn't it as bad as the Great Depression? Who put those safe guards in place? For extra credit, what safe guards were taken away that allowed the process to get us to where we are now? I'll give you a hint......Repuke, Repuke, Democrat, Repuke.

Do you do public service? I do my part.

[Redballjets88]

Well considering the unemployment rate was at over 16% during the Great Depression, and at the same time the dust bowl had happened, along with far less resources for people to use, it was much worse than this will ever be.

And why are you bringing up safeguards? Do you not read a goddamn word I type? I fucking agree with you on why we are where we are right now. There is no argument, everyone has their hand in the jar when it comes to the blame from reagan on up. and I don't need you to try giving me a pop quiz to act like you are proving a point that we already know.

Quick factors that lead into the war of 1812, and the party affiliation of the presidents before during and 2 terms after!

[kwame k]

The British.......Madison during, Jefferson before and Moore, Quincy Adams after.

[Redballjets88]

see how pointless that was buddy guy? I don't know who Moore is though.

Monroe?

[kwame k]

We've already established how;
A: You don't know much.
B: Most of your posts are pointless.
C: Responding to you is useless.

But since Lounge is sleeping off his B-day hangover and FORD is busy thwarting another plot that the BCE are hatching, alas, the job fell to me to respond to you......notice though, I didn't make any cracks about you living at home or working in a fast food joint......gotta give me bonus points for that.

[kwame k]

it is Monroe, typo. Funny, because the town I come from is Monroe, Michigan and the war of 1812, the massacre of the River Raisin happened here.

[Redballjets88]

I don't see why you are arguing with me, the only point I made was to say that 13.30 per paycheck doesn't seem like a huge difference. We'll see though.

Monrovia is the capital of Liberia, which was set up by Monroe in order to give freed slaves a way to go back to Africa, it didn't work too well though.

Either way I agree with the article you posted and such, I just like to stir the pot, it's funny to me to see such quick and relentless responses.

Plus your name reminds me of the former UT receiver Kwame Kavil.

[kwame k]

Yeah, my point is at least the middle class is getting a tax cut. Kwame K was the mayor of Motown and Lincoln thought the same thing but he was in favor of deporting the slaves back to Africa.........You're welcome for my timely responses.

Now go flip a burger, Junior :biggrin:

[sadaist]

Bush gave 300 or 600 up front, Obama 400 or 800 over time. Which will do a better job of jumping the economy a little, who knows? I doubt either will do much.

True. The $13 a week probably won't even be noticed. Paychecks typically vary by a few dollars anyways from week to week. $300 up front gets noticed and spent on something, $13 puts a couple extra gallons of gas in your car. Which works better in the long run? Only time will tell. Either way, I'm all for taxpayers getting more from their check, so $13 is a lot better than zero or raising it.

[sadaist]

We've already established how;
A: You don't know much.
B: Most of your posts are pointless.
C: Responding to you is useless.


Ah, but by doing step C, you help correct part A.

[GAR]

You guys don't know fuck about fuck-all HAHAHA~!!

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[hideyoursheep]

Someone forgot to take GAR out for his walk again.
:monekyl::shiznit:

[kwame k]

I guess si-gar must think it's some grand insult to be put on his ignore list. How will I survive! What will I tell the children........Think of the Children for Christ's Sake, si-gar!

<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/E32w_8WoonY&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/E32w_8WoonY&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>

Hey, could you remind him that.......Feburary is Black History Month! (http://www.history.com/minisites/blackhistory/)

[hideyoursheep]

Sure!

And with Cinco De Mayo around the corner, he's probably gonna go through a lot more bread bags and Pam than usual.

[kwame k]

hehe:biggrin:

[Nickdfresh]

I wasn't defending Bush. I didn't say he didn't do his fair share to put us here. I said looking back doesn't help us to move forward.

....

No, you're just being the typical hypocrite dickweed with a double standard...

Deficit spending resulting from tax cuts is only good when Republicans do it...

http://www.poster.net/reagan-ronald/reagan-ronald-photo-xl-ronald-reagan-6234801.jpg


You guys can stop pretending that most of your "but...but...but" criticisms aren't almost complete partisan buffoonery...

[Redballjets88]

No, you're just being the typical hypocrite dickweed with a double standard...

Deficit spending resulting from tax cuts is only good when Republicans do it...

http://www.poster.net/reagan-ronald/reagan-ronald-photo-xl-ronald-reagan-6234801.jpg


You guys can stop pretending that most of your "but...but...but" criticisms aren't almost complete partisan buffoonery...

Once again I said nothing on this topic either, you guys love jamming the words in peoples mouths.

[Redballjets88]

It would be nice if either party decided to cut government spending and balance a budget for once.

[hideyoursheep]

It would be nice if either party decided to cut government spending and balance a budget for once.

Once that big slimy leech called Iraq gets cut off, it'll be easier.

[Nickdfresh]

You guys don't know fuck about fuck-all HAHAHA~!!

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http://ihasahotdog.files.wordpress.com/2008/12/funny-dog-pictures-dog-asks-if-you-can-see-him-now.jpg

[Terry]

While this tax cut will be beneficial to me over a period of time (as long as I stay employed), I'd just as soon have the money now in a lump sum.