Tuesday, February 24, 2009
spending, spending, spending -- what did you get?
The $13 a week Joke
The $500-per-worker credit for lower- and middle-income taxpayers that Obama outlined during his presidential campaign was scaled back to $400 during bargaining by the Democratic-controlled Congress and White House. Couples would receive $800 instead of $1,000. Over a period of two years.
Officials estimated it would mean about $13 a week more in people’s paychecks this year when withholding tables are adjusted in late spring. Next year, the measure could yield workers about $8 a week. Critics say that’s unlikely to do much to boost consumption.
“The most highly touted tax cut in the original proposal now translates into $7.70 a week for middle-class workers,” said Senate GOP Leader Mitch McConnell of Kentucky.
Millions of people receiving Social Security benefits would get a one-time payment of $250 under the agreement, along with veterans receiving pensions, and poor people receiving Supplemental Security Income payments. - Associated Press