Sunday, February 15, 2009

PostHeaderIcon Obama to sign largest tax cut in history...

This coming Tuesday, President Obama -- fulfilling a campaign promise to cut taxes for the middle class -- will sign into law the largest tax cut in history.

As the WSJ notes:
The Obama tax-cut proposals, if enacted, could pack more punch in two years than either of President George W. Bush's tax cuts did in their first two years. Mr. Bush's 10-year, $1.35 trillion tax cut of 2001, considered the largest in history, contained $174 billion of cuts during its first two full years, according to Congress's Joint Committee on Taxation. The second-largest tax cut -- the 10-year, $350 billion package engineered by Mr. Bush in 2003 -- contained $231 billion in 2004 and 2005.

Virtually the entire GOP conference refused to sign on to one of the largest, if not the largest, tax cut ever proposed by a president. Why? It seems that because it just so happens to be targeted at the working and middle class, rather than the wealthy (although, the rich got the AMT resolved).

The other GOP talking point -- waaahh, we lost the election and no one is including our worn-out ideas.

My only question at this point: Why are these people still being given airtime on television?


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