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Tag: tax cuts included in Obama stimulus package

Working on the stimulus

January 13, 2009 /

The Washington Post reports that the Obama team is back off one of its tax cut proposals, as many Democrats have expressed concern tha the $3,000 jobs tax credit would be difficult to administer and could easily be abused.

I’m not sure this is the case, but it’s refreshing to see flexibility from the Obama team. Even more interesting was this observation in the article:

Even before assuming office, Obama is taking an unusually direct role in legislative efforts to move both bills forward, personally phoning lawmakers and dispatching senior aides to Capitol Hill on a near-daily basis. Today the president-elect will speak to Senate Democrats at their weekly luncheon, and he will soon appear before House Democrats, although a date has not been set, a senior Obama aide said.

Obama expects to meet with Republicans in both chambers, the aide added, although not until after he is inaugurated next Tuesday.

Obama is showing that he’s wlling to mix it up and get his hands dirty. He cares about the details, and he wants to be involved in the details. He expects government to perform well, and he’s setting the standard.

Obviously, this presents a stark contrast to George W. Bush. As I’ve said many times, expect a much different tone and work ethic over the next eight years.

Democrats, Economy, Policy, Politics

Obama’s stimulus will include big tax cuts

January 4, 2009 /

Barack Obama is serious about getting the economy moving again, and the inclusion of tax cuts in the stimulous plan makes sense.

Aiming to foster bipartisan support for his record-setting economic stimulus, President-elect Obama plans to propose huge tax cuts for businesses and middle-class workers that will total about 40 percent of the package, or up to $310 billion, congressional officials said.

The revelation is part of an intricately orchestrated roll-out of the plan that includes an appearance by Obama on Capitol Hill on Monday and a major speech about the economy later in the week.

Obama plans to ask Congress for a stimulus package of $675 billion to $775 billion, so the planned tax cuts will total about $270 billion to $310 billion, the officials said.

Obama strategists say he wants to get 80 or more votes in the 100-member Senate, and the emphasis on tax cuts is a way to defuse conservative criticism and enlist Republican support.

But officials say the tax cuts will be based on historical and empirical evidence of what works, not ideology. Rather, the targeted tax cuts will be designed to stimulate job growth in the private sector and help middle class families, the officials said.

For families, the tax cuts include the $500 “Making Work Pay” payroll tax credit Obama proposed during the campaign.

For businesses, the tax cuts would include breaks for small employers and a “new jobs credit.”

If he can get this through quickly with bi-partisan support, we have a much better chance of avoiding a complete meltdown.

Democrats, Economy, Policy, Politics

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