Saturday, February 21, 2009

Ka-Ching! Obama Promises $65 a Month in Tax Cuts

Gee, I hardly know what to do with the promised riches King Obama is throwing my way. Granted, it won't do much to offset the thousands a month that are disappearing from my 401K.
It took only a matter of weeks for the notoriously slow Congress to pass the $787 billion economic stimulus package. President Barack Obama signed it into law less than one month into his presidency.

So when should people hope to start seeing 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.
I guess this means he's kept his promise.
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.
Wow, $7.70 a week. That'll go far.

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