- Aug 21, 2003
- Reaction score
- Chattanooga, TN
Obama tells Treasury to begin cutting taxes
By Ross Colvin Ross Colvin Sat Feb 21, 6:26 am ET
http://news.yahoo.com/s/nm/20090221/ts_nm/us_obamaWASHINGTON (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.
One of those wait and see what happens kind of deal. It is hoped that this will help us in the next several years which is the length of time (or longer) this recovery will take place.
I was watching a program on Discovery Channel just a little while ago. Peter Jennings made trips over to China and North Carolina, Missouri and other states and shown comparison of how since American Businesses, they used Briggs Stratton (small engines) and Walmart as examples are reaping huge profits by outsizing their plants and manufacturing to China because the labor is so cheap and production is more efficient, yet it costs Americans their jobs when plants close to move half way around the world.
Obama has promised to help create millions of new jobs. But question is how? China with it's billion plus population and growing are competing for jobs as well. Their money isn't in the red like the U.S. (see previous thread relating to how much each country has by the CIA), yet they're hurting.
Dunno how this is all going to turn out. Hopefully it'll end well for everyone.