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Obama to Unveil $300B Tax Cut

By Polly Davis Doig, Newser Staff

Posted Jan 4, 2009 8:03 PM CST

(Newser) – Moving to get congressional Republicans on board with his economic stimulus plan, Barack Obama is eying a whopping $310 billion in individual and business tax cuts, reports the Wall Street Journal. The cuts, which dwarf both of President Bush's and could have a much more immediate impact, would make up some 40% of Obama's $775 billion stimulus—a sum much greater than expected on either side.

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President-elect Barack Obama walks to his plane at Chicago Midway Airport, Sunday, Jan. 4, 2009 as he prepares to leave for Washington just weeks away from becoming the 44th president. (AP Photo/Lawrence Jackson)

President-elect Barack Obama speaks with reporters on board the plane at Chicago Midway Airport in Chicago, Sunday, Jan. 4, 2009. (AP Photo/Lawrence Jackson)

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We're working to develop a tax-cut package based on a simple principle: What will have the biggest and most immediate impact on creating jobs and strengthening the middle class?
- Obama spokeswoman Stephanie Cutter

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