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NEWS ABOUT: tax cuts

Obama: Make Middle-Class Tax Cuts Permanent

Geithner defends Treasury handling of AIG bonuses

(Newser) - President Obama hit the Sunday talk show circuit today, vowing to push Congress for a permanent middle-class tax cut for as long as it takes. “I strongly believe that we should continue those tax cuts,” Obama told CBS’ Face the Nation. “It’s still the right thing... More »

Obama Budget Taxes Wealthy to Expand Health Care

Projects deficit will soar to $1.75T

(Newser) - President Obama's budget plan, which he delivers to Congress today, attempts to balance a broad spending program with a commitment to slash the deficit in half by the end of his first term. It calls for tax increases on the wealthy and spending cuts to fund a "down payment"... More »

Obama: We'll Feel Tax Cuts by April 1

Families to bring home $65 more per month, says prez

(Newser) - Americans will see tangible results from the stimulus—more money in their wallets—by April 1, President Obama said today in his weekly radio address. “Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans,” he said. The Treasury... More »

Don't Like the Stimulus? Don't Take the Cash

Opponents can be 'guinea pigs' for alternate plans: Begala

(Newser) - Here’s a clear way for political leaders to oppose spending in the stimulus package: “refuse to take the money,” Paul Begala writes for CNN. Case in point: South Carolina’s governor, who opposes the plan, shouldn’t help his struggling state with federal cash. Instead, he can... More »

Sarkozy Disses Brown, Vows to Avoid British 'Mistakes'

Paris tries to smooth over diplomatic rift after president's interview

(Newser) - Nicolas Sarkozy used a 90-minute TV interview last night to defend his handling of the global economic downturn—and swore to avoid the "mistakes" of his frequent ally, Gordon Brown. The French president claimed the Brit's decision to cut sales tax had "absolutely not worked." This morning... More »

Senate Backs $15K Tax Break for Homebuyers

(AP) - The Senate voted tonight to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry. The move is a victory for Republicans eager to leave their mark on the mammoth economic stimulus bill. The proposal would allow a tax credit of 10... More »

What the Stimulus Package Would Get Us

$800 billion, $647-page tome means big gov't again

(Newser) - President Obama’s $800 billion stimulus plan—which stood at 647 pages when it passed the House last week—signals a return to “unabashed” big government, the Los Angeles Times reports. Here’s what it means:
  • For the next 2 years, individuals making under $75,000 will get a
... More »

Obama Tells GOP Foes on Stimulus: 'I Won'

(Newser) - President Obama listened to Republican gripes about his stimulus plan today, then calmly reminded them that "I won," Politico reports. The GOP is seeking more middle-class tax cuts, among other things, and says the spending package is too large. Further negotiations are planned, but Dems appear to be... More »

House Dems Debut $825B Stimulus Bill

Public works, education get plenty of attention in measure

(Newser) - House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as... More »

Dems Don't Like Obama Tax Cuts

Hill leaders doubt plan's stimulus power, say prez-elect trying too hard to woo GOP

(Newser) - Barack Obama's proposed tax cuts are opening a rift with his former congressional colleagues, the Hill reports. Democratic lawmakers are skeptical as to whether the cuts—which are 40% of the proposed stimulus package—will give the economy the necessary boost. Some think the president-elect is trying too hard to... More »

Obama to Unveil $300B Tax Cut

(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... More »

Axelrod to Warren Haters: Get Over It

Obama aide says tax cut coming; Laura Bush defends George

(Newser) - To those who object to Rick Warren delivering the invocation at Barack Obama's inauguration, chief adviser David Axelrod has a message: chill out. On today's Meet the Press, he heralded the choice as political bridge-building: A conservative pastor praying for a progressive president "is a healthy thing and... More »

Whom to Thank for This Mess

Bad decisions starting in the '80s triggered the credit crisis

(Newser) - This financial crisis brewed over decades of bad decisions, and, in Vanity Fair, economist Joseph Stiglitz makes sure credit is given where due:
  • In 1987 President Reagan appointed anti-regulation Alan Greenspan to a regulatory post.
  • Greenspan offered the markets a "flood of liquidity" that boosted inflation and caused
... More »

Obama's Agenda Tilts Left—If He Can Pay for It

Tax-cut fight may define his first year

(Newser) - Will Obama be a progressive president or more of a centrist? Stop looking at Cabinet picks, suggests Nate Silver of FiveThirtyEight.com, and look instead to the president-elect's website. Silver went through Obama's policies and charted them on the political spectrum. The result tilts strongly left on domestic policy, less... More »

Obama Follows Path Laid Out by Reagan

Similarities helped in victory; challenge now is governing: pollster

(Newser) - Barack Obama's election was an affirmation, not a rejection, of Ronald Reagan’s principles, writes pollster Scott Rasmussen in the Wall Street Journal. Both espoused platforms of hope and tax cuts during administrations that disgusted voters with economic mismanagement. Obama's challenge now is "attempting to govern with a message... More »

Pork or Stimulus? Wrangling Sharpens Over 2nd Bailout

Partisan battle lines already being drawn as economic slump appears to worsen

(Newser) - Congress’ partisan battle over the Wall Street bailout could look amateur compared to what lies ahead, the Los Angeles Times reports, as lawmakers consider a second stimulus package to keep the nation out of a steep recession. Republicans want tax cuts, while Democrats are pushing infrastructure projects and other federal... More »

Subprime Bailout Will 'Stifle' Next President

And candidates' own plans will add billions to budget deficit

(Newser) - “Change” may be more than an election-year buzzword: Thanks to record deficits and Wall Street's crisis, it could be the only money the next president has left. Barack Obama and John McCain are vowing ambitious projects, reports McClatchy, but “the next president is just not going to have... More »

Our Economic Cure? Innovation

Innovation, and making it more efficient, can turn gray skies blue

(Newser) - Democrats and Republicans do have something in common: Both parties are wrong on how to resuscitate the flat-lining US economy, Michael Mandel argues in BusinessWeek. Tax cuts or increased government spending aren’t the cure. “Innovation is the best—and maybe the only—way the US can get out... More »

McCain, Aides Often Part Ways on Policy

Politico documents the differences

(Newser) - Much has been made recently of John McCain’s difficulty in driving a message from his “eclectic and occasionally politically inconvenient hodgepodge of policy positions,” Politico says, but little has been said about how often the candidate’s top aides disagree with him. And while fewer public disagreements... More »

Lefty Kinda Still Likes This Guy

Bush has 'lowered my standards'

(Newser) - “What can I say?” writes left-leaning Jonathan Chait in revealing his continued affection for John McCain. “Bush has lowered my standards.” Remember, McCain was once “the country’s foremost progressive champion”—battling the religious right and tax cuts while pushing immigration and anti-global warming advances.... More »

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