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Obama has arrived in DC; 40% of "stimulus package" will be for tax cuts
AMERICAblog News| A great nation deserves the truth —
Your next president arrived in D.C. tonight arriving aboard a government aircraft. He is meeting on Monday with House and Senate leadership, both Democrats and Republicans. He's also meeting with his own economic team in the afternoon. Also, word tonight is that a big chunk of Obama's stimulus package is going to be tax cuts. He wants GOP votes: President-elect Barack Obama plans to include about $300 billion in tax cuts for workers and businesses in his economic recovery program as he seeks to win over Congressional skeptics worried that he was too ...
Nooooo! No More Tax Cuts!
Political Animal —
by hilzoy From the NYT : "President-elect Barack Obama plans to include about $300 billion in tax cuts for workers and businesses in his economic recovery program, advisers said Sunday, as his team seeks to win over Congressional skeptics worried that he was too focused on government spending. The legislation Mr. Obama is developing with Congressional Democrats will devote about 40 percent of the cost to tax cuts, including his centerpiece campaign promise to provide credits up to $500 for most workers, costing roughly $150 billion. The package will also include more than $100 ...
Nooooo! No More Tax Cuts!
Obsidian Wings —
... by hilzoy
From the NYT:
"President-elect Barack Obama plans to include about $300 billion in tax cuts for workers and businesses in his economic recovery program, advisers said Sunday, as his team seeks to win over Congressional skeptics worried that he was too focused on government spending.
The legislation Mr. Obama is developing with Congressional Democrats will devote about 40 percent of the cost to tax cuts, including his centerpiece campaign promise to provide credits up to $500 for most workers, ...
Stimulus Bill May Take Longer Than Expected
The Page by Mark Halperin —
... Plus: Obama proposes that 40% of the stimulus package ...
Obama wants $300 bill. stimulus tax cuts
The Swamp —
... the president-elect's campaign promise of a middle-class tax cut.
As the Tribune's Peter Nicholas reported wrote a week ago:
President-elect Barack Obama's top advisors ... wouldn't back away from a promise to cut taxes on the middle class and raise them for the wealthiest Americans, as they made the case for a massive new stimulus package geared toward reviving the slumping economy.
According to the New York Times:
President-elect Barack Obama plans to include about $300 ...
Three Hundred Billion In Tax-Cuts?
The Agonist - thoughtful, global, timely —
... $300,000,000,000 in tax cuts is not going to put people to work. It's not going to leave anything of value behind once it is spent, saved or whatever. Face it, an extra $500 credit per person isn't going to do squat. ...
Is Obama Overdoing the Tax Cuts?
The Stump —
Today's papers bring word that Obama wants to devote up to 40 percent of the stimulus plan to tax cuts, which seems partly intended to attract Republican support. For what it's worth, I'm not as worried about the idea as Josh Marshall and Paul Krugman, but some of the specifics do make me queasy.
Krugman writes that:
Other things equal, public investment is a much better way to provide economic stimulus than tax cuts, for two reasons. First, if the government spends money, that money is spent, helping support demand, whereas tax cuts may be largely saved. So public investment offers more ...
Obama Courts Conservatives With Large Tax Cuts In Proposed Stimulus Plan
Wonk Room —
... Already, Congressional leaders have conceded that the stimulus package will not be ready until February, instead of being set for Obama’s signature on Jan. 20, which was Rep. Nancy Pelosi’s (D-CA) ...
Stimulating talk
Political Animal —
STIMULATING TALK.... The drive for an economic recovery package begins in earnest this week, and we're starting to get a sense of the particulars. Barack Obama is scheduled to deliver a speech on the subject on Thursday, but in the meantime, there are multiple reports that we're looking at a package totaling as much as $775 billion , with ...
Elizabeth Rigby: Tax Credits vs. Spending: Why Progressives Should Care How the Stimulus is Delivered
Politics on HuffingtonPost.com —
... , automatic policy tools use an existing administrative structure rather than requiring a new administrative agency or infrastructure. As a result, a new tax expenditure policy can more quickly reach their designated target - in this case the American economy. In fact, Obama's advisors have expressed a desire to get the stimulus into Americans' pockets quickly and noted a potential strategy in which they will make the individual-level credit retroactive to the 2008 tax year and adjust withholding formulas so that our paychecks will start reflecting the decrease in ...
Examining the stimulus package
Daily Kos —
The NYT, WSJ, and Paul Krugman take a look at the emerging details surrounding President-elect Obama's stimulus package, particularly the roughly $300 billion in proposed tax cuts. Overall, the package will cover a two-year period with a price-tag of $675 billion to $775 billion, $270 billion to $310 billion of which would be spent on tax cuts. The balance -- $405 billion to $465 billion -- would be spent on infrastracture, health care, and other programs. One thing to keep in mind is that in early 2008 Congress passed a $131 billion tax cut stimulus plan covering one year. Therefore, while $300 billion over two years ...
Public Opinion Still Skeptical About Big Government:
The Volokh Conspiracy —
... and Congress from enacting significant expansions of government over the coming months. However, it could help free market advocates limit the damage. By appealing to the public's still strong suspicion of government, they might be able to force Congress and the administration to expand government somewhat less than they would otherwise. They might also be able to persuade the Democrats to increase the proportion of tax cuts in the stimulus plan and reduce the role of spending - as may already have happened to some extent . To avoid confusion, I should emphasize that I am not ...
President Obama DisOBEYed?
Swampland —
... At the start of the year, Barack Obama's team announced, to some significant fanfare, that the president wanted 40 percent of the stimulus package, or about $300 billion, to come in the form of tax cuts.
On Friday, the Congressional Budget Office scored the bill passed out of the House last week. It contains only $182.3 billion of tax cuts, or about 22 percent of the total cost. A previous CBO review of the bill, when it was introduced days earlier in the House, had a slightly larger figure for tax cuts, $211.8 billion, or about 26 percent. A ...
Uncompromising Conservatives Blast Obama For Failure To Act In Bipartisan Fashion
Think Progress —
... Obama’s actions were more than mere symbolic gestures. He introduced a package with over $300 billion in tax cuts to win conservative support. To win House GOP support, he responded to their concerns by ...
Obama’s Wasted Efforts At Bipartisanship
Think Progress —
... at Commerce.
– What Obama did: Reached out to have dinner with right-wing pundits Bill Kristol, Charles Krauthammer, and David Brooks.
– What Obama got in return: A ripping from his right-wing friends, who called it the worst in “galactic history.”
– What Obama did: Tried to work with the House GOP by preemptively including tax cuts, stripping stimulative spending proposals, and attending their conference ...
