Speaking from behind a new seal of “The Office of the President Elect” (what the heck is that?), BHO proclaimed:
The No. 1 priority, Obama said, is to get Congress to approve an economic stimulus plan that would extend jobless benefits, send food aid to the poor, dispatch Medicaid funds to states and spend tens of billions of dollars on public works projects. If the plan is not approved this month, in a special session of Congress, Obama said that “it will be the first thing I get done as president of the United States.”
Hold on. Is this the same two-step stimulus package being promoted by Nancy Pelosi?
The big question is what kind of a tax cut is it? Is it an actual broad cut in income tax rates? Or is it an Obama-style “tax cut” that’s really a tax hike on Americans already paying the most taxes and a check in the mail for those already paying nothing?
House Speaker Nancy Pelosi says she wants to hurry up and enact a stimulus package of between $60 billion and $100 billion, and then establish a permanent, direct tax cut early next year to help the flailing U.S. economy.
“Let’s see if we can’t do something, working together now, that gives us a two month jump,” she told The Wall Street Journal on Thursday.
The tax cut would not include a capital-gains cut and Pelosi doesn’t want a tax rebate like before. Instead, she favors an adjustment to tax withholding tables that would put more money in workers’ pockets immediately.
Pelosi’s aides later said any decision would be linked to both payroll and incomes taxes.
I don’t think the federal government can afford to be sending out any more checks, and certainly the economic impact of the last round of stimulus checks was short-lived. At best.
The tax cuts interest me though. Could tax rate cuts be in the works? And if so, how do Democrats plan on cutting tax rates without *gasp* giving tax cuts for the rich? The people who pay the highest rates and the most taxes?
The only way you can give the people Democrats define as not being rich a tax cut is by eliminating their tax burden altogether or sending them a check in the mail. Which isn’t so much a tax cut as welfare.
This middle class American says “no, thanks.” We’ve had enough stimulus …. The checks we received earlier this year didn’t work. Let the first bailout package work itself out and give Wall Street an opportunity to heal itself.
Meanwhile … it appears that we may have the beginnings of a power struggle between the Office of the President Elect and the Office of the Speaker of the House Elect!!!