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The Obama stimulus Tax cuts are so subtle, that no one has noticed. These tax cuts were distributed with the hope that some measure of relief would be provided to families, and that the additional money would also be used by recipients to help stimulate the economy. Based on evidence from a 2008 survey that people were more likely to save lump sum payments than to spend their rebates, the administration doled out the money incrementally and in the form of tax cuts.
In contrast to the lump sums provided under Bush, Obama arranged for less tax money to be withheld from people's paychecks, effectively giving them a small "rebate" in every paycheck, rather than in a lump sum. Unfortunately, many didn't notice the giveback. As Thom Tillis, a Republican state representative said, "This was the tax cut that fell in the woods - nobody heard it." Yet, taxes had been cut.
The cuts gave typical families an extra $65 per month. Over the past two years the tax cuts decreased income taxes by up to $400 a year for individuals and $800 for married couples. But, recipients of the slightly bigger paychecks may not have noticed this increase in their paychecks. This is because despite their taxes being lower, living expenses may have risen during the same period. Additionally, very few people have fine tuned budgets or pay attention to their paychecks. Otherwise they may have noticed the Obama rebate.
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Sadly, many people having a higher cost of living are of the impression that their taxes had been raised, rather than cut. "And in fact what ended up happening was six months into it, or nine months into it," the President said, "people had thought we had raised their taxes instead of cutting their taxes." In fact, a provision of the stimulus bill had cut taxes for 95 percent of working families by changing withholding rates. While economists are still measuring how stimulative the tax cut was, that perception could hurt the administration. A friendly reminder that a third of the $787 billion was in the form of tax cuts.
Read the rest of this stimulating revelation on The Atlanta Post.
BV -- Talk Back!
Questions:
-Did you know that President Obama lowered your taxes?
-If so, did you consciously spend the extra cash to stimulate the economy, just out of necessity or did you save it?
Leave your comments below!
Comments: (27)
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By: Brady on 10/26/2010 6:32PM
Did you know that President Obama lowered your taxes?
---hahahaha Yes i did (lololol).
If so, did you consciously spend the extra cash to stimulate the economy, out of necessity or did you save it?
---lololol, Yes it was spent out of necessity. I loaned money to my bother who is "UNEMPLOYED"!!!
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By: elvira walker on 10/26/2010 8:29PM
Brady LOL your brother being unemployed is not President Obama's fault LOL. Everyone is using him to escape a multitude of reasons why they are unemployed, including you. Maybe he did not keep up with the changing computerized world. Maybe his job phased him out.......Maybe he should go back to school for more education....Do not put your blame and troubles on Mr. Obama. Tell your brother to stimulate himself, and find a job. LOL
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By: Brady on 10/26/2010 8:53PM
@Ms Walker
Please, ok just stop it, how old are you 13. You come of as a infatuated little girl.
Here is a thought, why don't you just answer the question.
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By: Mimi on 10/26/2010 10:28PM
YOU FIRST!
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By: Richard on 10/30/2010 8:47AM
Ok. I’ll answer, No Haven't noticed a tax cut , but then that wouldn't make any sense, been the Obama care package includes really cutting our tax's like loosing child care credit, home exemption credit, Income tax goes up, corporate tax's goes up, etc, any of these fit in with this tax cut your talking about?
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By: stare k on 10/26/2010 11:21PM
@ tom truthYou all complain about every PRESIDENT we get . Before it was BUSH now it is OBAMA .Who will the next be Palin. You all are never happy.
What you want the man to do .Give you a job tax free .
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By: K Mac on 10/27/2010 9:31AM
Palin, the next president? Oh, please Lord, NO!
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By: mo'man on 10/27/2010 6:50AM
If say He cut taxes then I believe it. Don't matter if you actually see any money or not, if said it then it is helping us to recover from the white Bush's years. YES WE CAN! I will vote for Him again next Tuesday.
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By: mst07!aol.com on 10/27/2010 10:06AM
Tax cut? for the rich/middle class. but there is
no cut for the senior citizens!!
I REST MY CASE.
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By: tlcanimal on 10/27/2010 10:45AM
who ya gonna vote for?
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