As a part of Obama's Economic Recovery Package, Middle Class America could be seeing an Increase in their Net Pay as SOON as the first quarter of 2009.While a $750 Billion Stimulus Package is being created to be ready for Obama's signature on January 20, 2009, he and his Economic Team are preparing to issue a Net Tax Cut for 95% of American Workers.
It has already been stated that one way to pull the Economy from the ledge, is to create Tax-Cuts for the Middle-Class. Its a Central Role in the plan and parcel of what is NEEDED when it comes to the Stimulus.
The LONG-TERM BENEFIT is that the Tax Cut will create a sense of fairness in the Tax Code.
The LONG-TERM BACKLASH is that the Tax Cut could increase already excessive consumption amongst the American public.
BASICALLY, We Spend More than We Make, and DONT $ave Enough to fund College Tuition, Mortgage, Computers for our Children, Retirement, or ANY of Life's Other MODERN DAY NECESSITIES.
The Obama Economic Team, in MY OPINION, needs to Encourage the sort of saving that will put the American consumer population on a more stable plateau.
IF Obama's 'MAKING WORK PAY CREDIT' is Approved; one of the centerpiece promises of his campaign, those making $75,000.00 or less, in annual income, will garner a payroll tax credit of $500.00 Individually, and $1,000 for Couples.
Either way, as Ive stated BEFORE, Obama is a bit Afraid to Increase Taxes for those making $250,000.00+. Hes going to wait until the dawn of 2011 to incite any increases...BECAUSE...'It Looks Good'.
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I think this bailout plan needs to be reworked. Last week Goldman Sachs, one of the main Wall Street banks that is benefiting from the bailout decided to take about 14 Billion Dollars and give it to its top executive as year end bonuses. Of the 443 executives, that means they'll get about 3 million a piece. Which isn't bad for someone who OBVIOUSLY isn't doing a good job, otherwise the company wouldn't be in this financial turmoil. This bailout needs guidelines... We handed Secretary Pulson a checkbook with BILLIONS OF DOLLARS IN TAX PAYERS MONEY and said "do what you think is best"... and he promised Goldman 12 Billion dollars, which is what they are financing these "bonuses" with.... Therefore, the rich will keep getting richer and the economy will keep doing the electric slide down towards depression...
Crazy thing is our media isn't even reporting it. Only Europe is, and it makes America look bad. Before Obama signs anything they need to work out every detail, because this is all happening under the Bush administration and I can't help but get the feeling like he is being set up for failure. I don't know much about economics, and I'm all for him helping the middle class (partially because that helps me...), but if we are banking on tax dollars to fund all of these 'bailout' or 'stimulus' packages.... it seems like cutting taxes would be counter-productive...
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