Good start - PeachParts Mercedes-Benz Forum

Botnst · #1 02-21-2009, 10:29 AM

Obama scores!

B

Obama tells Treasury to begin cutting taxes
By Ross Colvin – Sat Feb 21, 6:26 am ET

WASHINGTON (Reuters) – President Barack Obama ordered the U.S. Treasury on Saturday to implement tax cuts for 95 percent of Americans, fulfilling a campaign pledge he hopes will help jolt the economy out of recession.

The tax cuts are part of a $787 billion economic recovery plan passed by the Democratic-controlled Congress over Republican opposition. The aim is to put more money in the pockets of Americans and stimulate the economy by increasing consumer spending.

"I'm pleased to announce that this morning the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks, meaning that by April 1st, a typical family will begin taking home at least $65 more every month," Obama said in his weekly radio address.

"Never before in our history has a tax cut taken effect faster or gone to so many hard-working Americans," he said.

With tens of thousands of Americans losing their jobs in the midst of a global economic meltdown, Obama has said fixing the U.S. economy is his top priority. He has acknowledged that his success or failure in that will define his presidency. Obama campaigned for the White House last year on a pledge to roll back his predecessor George W. Bush's tax cuts on the wealthy few and implement a cut for 95 percent of Americans.

His announcement came a day after one of his top economic advisers, former Federal Reserve Chairman Paul Volcker, said the global economy may be deteriorating even faster than during the Great Depression of the 1930s.

Since being sworn into office on January 20, Obama has sought to reassure Americans that his government is tackling the economic crisis boldly and swiftly -- holding near-daily events to announce measures to stem mortgage foreclosures, prop up failing banks, rescue the ailing auto industry and drive his stimulus package through Congress.

The measures have received a mixed early reaction from gloomy financial markets uncertain whether they will succeed in arresting the downward economic spiral.

The package includes $282 billion in tax cuts -- the Republicans pushed unsuccessfully for more -- and $120 billion for public works projects including highway and rail projects.

'HAZARDOUS ROAD AHEAD'
"But as important as it was that I was able to sign this plan into law, it is only a first step on the road to economic recovery," Obama said in his address.

"None of this will be easy. The road ahead will be long and full of hazards. But I'm confident that we, as a people, have the strength and wisdom to carry out this strategy and overcome this crisis," he said.

His announcement on the tax cuts capped a week that saw him sign the stimulus package into law and announce new measures to help families facing foreclosure and those struggling to make mortgage payments. He will step up the pace next week when he holds a summit at the White House on Monday to look at how to rein in the country's ballooning deficit and bring government spending under control as the economy starts to recover.

Lawmakers, academics and business leaders have been invited to share their ideas on how to cut the $1 trillion deficit that Obama inherited along with two costly wars in Iraq and Afghanistan.

Obama will follow the summit with a major speech on Tuesday to a joint session of Congress in which he will lay out his domestic and foreign policy agenda. Inevitably, the economic crisis will loom large.

After a short breather on Wednesday to host a concert honoring Stevie Wonder, Obama on Thursday will unveil his proposed budget for the 2010 fiscal year, which will reflect the big increases in public spending as part of the economic recovery plan.

kknudson · #2 02-21-2009, 10:46 AM

Well Botnst, I'll give you a 'Start', the 'Good' part will have to wait till we see the reality of it.

One thing, I haven't verified, is the tax cuts are now to people with < 100k in income. Far from the 250k, oh wait 180k, oh wait 150k as promised during the campaign. And from what I have read it really isn't much, 10 or 15 a week for those at the high end, so if you are making 30k you get 3 or 4 bucks a week.
IMHO "You got the tax cut I promised", but the reality was just enough to say "You got the tax cut I promised".

I still think there is a lot of Pork in the bill, and a lot less stimulus than we would hope.

BUT I am going to give it time.

And as days go by I am more and more AGAINST the mortgage bailout as proposed (see other thread). Mainly as it just gives these people money, people who took risks, and were wrong.
I think they need to be required to payback this money, maybe if they can.
One idea I had was to take away (or at least reduce) the 250k exemption on the sale of a house from THOSE people.

Botnst · #3 02-21-2009, 11:08 AM

I've been looking for a good reason to say something positive about Obama. That was it. Please don't snatch it away!

kknudson · #4 02-21-2009, 11:27 AM

Fair Enough (Me too actually).

Consider me just being over critical !!!!!!!!!!

tankdriver · #5 02-21-2009, 12:14 PM

Quote:

Originally Posted by Botnst

Obama tells Treasury to begin cutting taxes
By Ross Colvin – Sat Feb 21, 6:26 am ET

WASHINGTON (Reuters) – The tax cuts are part of a $787 billion economic recovery plan passed by the Democratic-controlled Congress over Republican opposition.

Strange, I thought that bill was 99% pork.

Chris Bell · #6 02-21-2009, 12:19 PM

Quote:

Originally Posted by tankdriver

Strange, I thought that bill was 99% pork.

Just little porky things that Americans don't care about.

kknudson · #7 02-21-2009, 12:41 PM

Let's not be too critical (Pot to Kettle).

99% is WAY high.
There is a lot of pork in there, but IMHO it 1/3 Pork, 1/3 questionable junk that could go either way and 1/3 constructive.
And I'll say I'm being overly critical there too.