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| Topic: Oama orders tax cuts | |
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Are you one of the 95%?
WASHINGTON (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. Obama campaigned for the White House last year on a pledge to roll back his predecessor George W. Bush's tax cuts on the wealthy few and implement a cut for 95 percent of Americans. His announcement came a day after one of his top economic advisers, former Federal Reserve Chairman Paul Volcker, said the global economy may be deteriorating even faster than during the Great Depression of the 1930s. Since being sworn into office on January 20, Obama has sought to reassure Americans that his government is tackling the economic crisis boldly and swiftly -- holding near-daily events to announce measures to stem mortgage foreclosures, prop up failing banks, rescue the ailing auto industry and drive his stimulus package through Congress. The measures have received a mixed early reaction from gloomy financial markets uncertain whether they will succeed in arresting the downward economic spiral. The package includes $282 billion in tax cuts -- the Republicans pushed unsuccessfully for more -- and $120 billion for public works projects including highway and rail projects. 'HAZARDOUS ROAD AHEAD' "But as important as it was that I was able to sign this plan into law, it is only a first step on the road to economic recovery," Obama said in his address. "None of this will be easy. The road ahead will be long and full of hazards. But I'm confident that we, as a people, have the strength and wisdom to carry out this strategy and overcome this crisis," he said. His announcement on the tax cuts capped a week that saw him sign the stimulus package into law and announce new measures to help families facing foreclosure and those struggling to make mortgage payments. He will step up the pace next week when he holds a summit at the White House on Monday to look at how to rein in the country's ballooning deficit and bring government spending under control as the economy starts to recover. Lawmakers, academics and business leaders have been invited to share their ideas on how to cut the $1 trillion deficit that Obama inherited along with two costly wars in Iraq and Afghanistan. Obama will follow the summit with a major speech on Tuesday to a joint session of Congress in which he will lay out his domestic and foreign policy agenda. Inevitably, the economic crisis will loom large. After a short breather on Wednesday to host a concert honoring Stevie Wonder, Obama on Thursday will unveil his proposed budget for the 2010 fiscal year, which will reflect the big increases in public spending as part of the economic recovery plan. (Editing by Peter Cooney) |
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The funny thing is the tax cuts are countered by states raising all of their taxes like California!
Also the tax cuts only are a small and I mean VERY small concession to the overall financial damage America is suffering. Obama has not ordered a investigation into the overall flow of money ion the government itself. This is a taste of NWO. Get ready to become peasantry again! |
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Tax Cuts=$13 a Week! WOO HOO I AM RICH 
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Edited by
Fanta46
on
Sat 02/21/09 08:43 AM
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$676 a year.
Offset by the fact that the Republicans insisted on cutting the funds to help bankrupt states and cities, and adding in legislation to insure the super rich could continue to pay zero taxes before even three would sign it, that's still better than nothing. The only ones I can see *****ing about it are those making more than $250k a year. |
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Edited by
SweetRay
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Sat 02/21/09 08:41 AM
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Tax Cuts=$13 a Week! WOO HOO I AM RICH 
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It only applies to people making under 75K(25% tax bracket) and below.
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I don't know about any of you, but...I could actually use that 13.00 a week more. I'm not the greedy type....being grateful for anything that helps.
Kat |
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Edited by
adj4u
on
Sat 02/21/09 09:17 AM
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I don't know about any of you, but...I could actually use that 13.00 a week more. I'm not the greedy type....being grateful for anything that helps. Kat it is the govt that is greedy if your state has income tax and sales tax that is double dipping, let a citizen try that they tax the money when you make it; then tax it when you spend it and they wonder why the economy is screwed up not to mention all the other taxes you have to pay |
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Edited by
Ruth34611
on
Sat 02/21/09 09:21 AM
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The funny thing is the tax cuts are countered by states raising all of their taxes like California! NO KIDDING! The State is raping Californians. Any money I get from the Feds is going to go right back to the State. Between vehicle registration fees being almost doubled, income tax raised, sales tax raised and the fact that they have taken all the money from the cities (I work for the city I live in) so we are all getting laid off, a mere $65 a month is going to do nothing for me. Oh yeah, and my medical benefits being cut to hardly anything and now they are going to drastically cut the pension contributions. All because the state is demanding $2 million dollars from the city in addition to all the other money they took. |
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I don't know about any of you, but...I could actually use that 13.00 a week more. I'm not the greedy type....being grateful for anything that helps. Kat Yep! Many people working for min wage will be grateful too! |
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Calif. fukd their self.
You cant please all the people all the time, and that is just what Calif has been trying to do for years. Elect a few more actors and non-born Americans as Gov, and you'll be in the same boat for years to come. Oh, and Please,,,,, take Pelosi out of Wash. |
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Calif. fukd their self. You cant please all the people all the time, and that is just what Calif has been trying to do for years. Elect a few more actors and non-born Americans as Gov, and you'll be in the same boat for years to come. Oh, and Please,,,,, take Pelosi out of Wash. But Arnold is not the one screwing everything up in Cali... Harmon, Feinstein, Brathwait Burrk, just to mention a few of the people who keep approving and voting in all this ridiculous spending and amnesty for illegal immigrants and free social give aways and all for them to get votes! I still am suspicious of Obama's heritage and citizenship! he was a great actor and bullsh*t artist and he is (suspiciously) foreign born! No "Copy" of an "official" document without the state seal means squat to me! Our governments answer to everything is RAISE TAXES! SHOOOOOOOOOOOOOOOOOOOOOOO.... 
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Tax Cuts=$13 a Week! WOO HOO I AM RICH
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Technically Obama kept his tax cut pledge, since he never promised to make significant tax cuts.
Unfortunately his economic policies so far have been weak, or even harmful. Hopefully Obama will not make things to much worse than he has already done. |
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Are you one of the 95%? WASHINGTON (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. Obama campaigned for the White House last year on a pledge to roll back his predecessor George W. Bush's tax cuts on the wealthy few and implement a cut for 95 percent of Americans. His announcement came a day after one of his top economic advisers, former Federal Reserve Chairman Paul Volcker, said the global economy may be deteriorating even faster than during the Great Depression of the 1930s. Since being sworn into office on January 20, Obama has sought to reassure Americans that his government is tackling the economic crisis boldly and swiftly -- holding near-daily events to announce measures to stem mortgage foreclosures, prop up failing banks, rescue the ailing auto industry and drive his stimulus package through Congress. The measures have received a mixed early reaction from gloomy financial markets uncertain whether they will succeed in arresting the downward economic spiral. The package includes $282 billion in tax cuts -- the Republicans pushed unsuccessfully for more -- and $120 billion for public works projects including highway and rail projects. 'HAZARDOUS ROAD AHEAD' "But as important as it was that I was able to sign this plan into law, it is only a first step on the road to economic recovery," Obama said in his address. "None of this will be easy. The road ahead will be long and full of hazards. But I'm confident that we, as a people, have the strength and wisdom to carry out this strategy and overcome this crisis," he said. His announcement on the tax cuts capped a week that saw him sign the stimulus package into law and announce new measures to help families facing foreclosure and those struggling to make mortgage payments. He will step up the pace next week when he holds a summit at the White House on Monday to look at how to rein in the country's ballooning deficit and bring government spending under control as the economy starts to recover. Lawmakers, academics and business leaders have been invited to share their ideas on how to cut the $1 trillion deficit that Obama inherited along with two costly wars in Iraq and Afghanistan. Obama will follow the summit with a major speech on Tuesday to a joint session of Congress in which he will lay out his domestic and foreign policy agenda. Inevitably, the economic crisis will loom large. After a short breather on Wednesday to host a concert honoring Stevie Wonder, Obama on Thursday will unveil his proposed budget for the 2010 fiscal year, which will reflect the big increases in public spending as part of the economic recovery plan. (Editing by Peter Cooney)  thanx 4 telling me about that
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I can just see American economy rocketing up as a result of Obama's policies.
DowJ. is below 7500 already... hello...is there anybody at the wheel? |
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I can just see American economy rocketing up as a result of Obama's policies. DowJ. is below 7500 already... hello...is there anybody at the wheel? Not me...they took away my license because I like to chase people 
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i didnt want that tax cut anyhow. obama can take the 7 bucks and shove it wherever he wanna
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Don't be too tough on him. Please understand, in order to steal 7 billion one must have a program that will waste a lot more, like giving everyone 7 bucks every week. You have to have train before you can bite-off one car.
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Edited by
AndrewAV
on
Sat 02/21/09 05:51 PM
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Calif. fukd their self. You cant please all the people all the time, and that is just what Calif has been trying to do for years. Elect a few more actors and non-born Americans as Gov, and you'll be in the same boat for years to come. Oh, and Please,,,,, take Pelosi out of Wash. Reagan did wonders for california. Actors are not a problem if they do their job right. Ahnold did just fine until the last few years. Now he's going back on his promises of no taxes and even the car tax he ran on originally. And, as with bush and congress, you're forgetting again that the assembly and senate are the ones that write the budgets and do the spending. Not to mention that the democrats have a 3 vote miss from a 2/3 majority in both houses here. They're the ones that gave into all the government unions. You see, government has doubled in the last 10 years whereas the population has only risen due to illegals. The general population has actually fallen. that is the root of our problem. We had the dot-com boom where companies like Intel, Oracle, Yahoo, Google and all the other tech companies went big, causing very large revenues. It popped and here we are, broke. Unfortunately, the democrats that controlled the state at the time bent over for the government unions like the teachers, prison guards, and all the other service workers. the new group (still democrat) is no better and even ahnold is screwing us. too many workers are getting asinine pay for what they do - how hard can it be to watch someone who's in a cage? maybe give a little extra for the hazard but not what they get. I know several in the prison system (I do automotive work for the local fed) that make in excess of $100k a year with over half of it being overtime. not to mention the 14 holidays. I can't even name 14 holidays and I've never worked a job that gave me more than 4. You want to create jobs and save revenues? hire few more so we're not paying all that OT. stop letting the teachers' union dip their claws in every education bill that comes along. highest paid in the nation with the 3rd lowest results. We need money for education - the teachers have plenty. we need to stop spending, not tax. why do we need all these new projects like a subway from LA to santa monica? a high speed rail up to san francisco? All these crap projects the voters approve are going to bring our state down. The more we tax, the more we will have everyone leave. |
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