Obama planning to outBush Bush on tax cuts

[w¡n9Nµ7 §£@¥€r 123]

President-elect Barack Obama and congressional Democrats are crafting a plan to offer about $300 billion in tax cuts to individuals and businesses, a move aimed at attracting Republican support for an economic-stimulus package and prodding companies to create jobs.

...

The Obama tax-cut proposals, if enacted, could pack more punch in two years than either of President George W. Bush's tax cuts did in their first two years. Mr. Bush's 10-year, $1.35 trillion tax cut of 2001, considered the largest in history, contained $174 billion of cuts during its first two full years, according to Congress's Joint Committee on Taxation. The second-largest tax cut -- the 10-year, $350 billion package engineered by Mr. Bush's in 2003 -- contained $231 billion in 2004 and 2005.

http://online.wsj.com/article/SB123111279694652423.html

[spookyturtle 9,466]

President-elect Barack Obama and congressional Democrats are crafting a plan to offer about $300 billion in tax cuts to individuals and businesses, a move aimed at attracting Republican support for an economic-stimulus package and prodding companies to create jobs.

...

The Obama tax-cut proposals, if enacted, could pack more punch in two years than either of President George W. Bush's tax cuts did in their first two years. Mr. Bush's 10-year, $1.35 trillion tax cut of 2001, considered the largest in history, contained $174 billion of cuts during its first two full years, according to Congress's Joint Committee on Taxation. The second-largest tax cut -- the 10-year, $350 billion package engineered by Mr. Bush's in 2003 -- contained $231 billion in 2004 and 2005.

http://online.wsj.com/article/SB123111279694652423.html

Where does the money come from to continue the bailout and jump start the economy?

[Ban Hammer 13,352]

Where does the money come from to continue the bailout and jump start the economy?

your wallet, my wallet, etc.

[w¡n9Nµ7 §£@¥€r 123]

Where does the money come from to continue the bailout and jump start the economy?

your wallet, my wallet, etc.

unless either of you make a quarter mill or mroe a year, i doubt it

[Ban Hammer 13,352]

Where does the money come from to continue the bailout and jump start the economy?

your wallet, my wallet, etc.

unless either of you make a quarter mill or mroe a year, i doubt it

you keep on thinking that. higher taxes are on the way for all of us.

[w¡n9Nµ7 §£@¥€r 123]

Where does the money come from to continue the bailout and jump start the economy?

your wallet, my wallet, etc.

unless either of you make a quarter mill or mroe a year, i doubt it

you keep on thinking that. higher taxes are on the way for all of us.

your federal taxes won't go up.

[Ban Hammer 13,352]

Where does the money come from to continue the bailout and jump start the economy?

your wallet, my wallet, etc.

unless either of you make a quarter mill or mroe a year, i doubt it

you keep on thinking that. higher taxes are on the way for all of us.

your federal taxes won't go up.

ok george bush.

[w¡n9Nµ7 §£@¥€r 123]

Where does the money come from to continue the bailout and jump start the economy?

your wallet, my wallet, etc.

unless either of you make a quarter mill or mroe a year, i doubt it

you keep on thinking that. higher taxes are on the way for all of us.

your federal taxes won't go up.

ok george bush.

read my pixels, b1tch!

[Ban Hammer 13,352]

Where does the money come from to continue the bailout and jump start the economy?

your wallet, my wallet, etc.

unless either of you make a quarter mill or mroe a year, i doubt it

you keep on thinking that. higher taxes are on the way for all of us.

your federal taxes won't go up.

ok george bush.

read my pixels, b1tch!

hold that etch a sketch closer will ya?

[mawilson 2,133]

Where does the money come from to continue the bailout and jump start the economy?

your wallet, my wallet, etc.

unless either of you make a quarter mill or mroe a year, i doubt it

you keep on thinking that. higher taxes are on the way for all of us.

your federal taxes won't go up.

Chill, people. No-one's taxes are going up - not while we're in recession, anyway.

[w¡n9Nµ7 §£@¥€r 123]

Is Obama relying too much on tax cuts?

I don’t know yet. But news reports this morning certainly raise questions.

Let’s lay out the basics here. 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 bang for the buck. Second, public investment leaves something of value behind when the stimulus is over.

That said, there’s a problem with a public-investment-only stimulus plan, namely timing. We need stimulus fast, and there’s a limited supply of "shovel-ready" projects that can be started soon enough to deliver an economic boost any time soon. You can bulk up stimulus through other forms of spending, mainly aid to Americans in distress — unemployment benefits, food stamps, etc.. And you can also provide aid to state and local governments so that they don’t have to cut spending — avoiding anti-stimulus is a fast way to achieve net stimulus. But everything I’ve heard says that even with all these things it’s hard to come up with enough spending to provide all the aid the economy needs in 2009.

What this says is that there’s a reasonable economic case for including a significant amount of tax cuts in the package, mainly in year one.

But the numbers being reported — 40 percent of the whole, two-year plan — sound high. And all the news reports say that the high tax-cut share is intended to assuage Republicans; what this presumably means is that this was the message the off-the-record Obamanauts were told to convey.

And that’s bad news.

Look, Republicans are not going to come on board. Make 40% of the package tax cuts, they’ll demand 100%. Then they’ll start the thing about how you can’t cut taxes on people who don’t pay taxes (with only income taxes counting, of course) and demand that the plan focus on the affluent. Then they’ll demand cuts in corporate taxes. And Mitch McConnell is already saying that state and local governments should get loans, not aid — which would undermine that part of the plan, too.

OK, maybe this is just a head fake from the Obama people — they think they can win the PR battle by making bipartisan noises, then accusing the GOP of being obstructionist. But I’m really worried that they’re sending off signals of weakness right from the beginning, and that they’re just going to embolden the opposition.

[Chica Yeyé 41]

oh how I missed AJ and his ####### stirring ways

[alienlovechild 75]

That said, there’s a problem with a public-investment-only stimulus plan, namely timing. We need stimulus fast, and there’s a limited supply of "shovel-ready" projects that can be started soon enough to deliver an economic boost any time soon. You can bulk up stimulus through other forms of spending, mainly aid to Americans in distress — unemployment benefits, food stamps, etc.. And you can also provide aid to state and local governments so that they don’t have to cut spending — avoiding anti-stimulus is a fast way to achieve net stimulus. But everything I’ve heard says that even with all these things it’s hard to come up with enough spending to provide all the aid the economy needs in 2009.

Obama and company did very little research on infrastructure spending projects. For road projects he wants projects ready to go in the next 180 days but there aren't enough projects that fit the criteria. The idea that people will save their tax cuts goes against the big spending ways of many Americans who have no savings at all.

[w¡n9Nµ7 §£@¥€r 123]

If Obama can't find any projects anywhere else, I hope he at least decides to back the Access to the Regions Core project here in the NYC area. That would be awesome.

[spookyturtle 9,466]

One way or another, we're all going to pay. How many more trillions will the gov. borrow and go deeper in the hole? Sooner or later, we pay.