The Campaign Spot

Obama’s Tax Cut for 95 Percent of Workers: $13 a Week

Remember when Obama was pledging he would cut taxes on 95 percent of working families? That campaign pledge he repeated throughout the closing months of the campaign? Well, take a look . . .

Q: What are some of the tax breaks in the bill?

A: It includes Obama’s signature “Making Work Pay” tax credit for 95 percent of workers, though negotiators agreed to trim the credit to $400 a year instead of $500—or $800 for married couples, cut from Obama’s original proposal of $1,000. It would begin showing up in most workers’ paychecks in June as an extra $13 a week in take-home pay, falling to about $8 a week next January.

There is also a $70 billion, one-year fix for the alternative minimum tax. The fix would save some 20 million mainly upper-middle-income taxpayers about $2,000 in taxes for 2009.

$13 a week! Great, now mom can get that operation!

In other news, Rep. John Culberson (R-Tex.) is asking for 72 hours to review the bill.

UPDATE: Reader Paul writes in:

Re: Tax Cut for 95%

 

Remember when Obama said people who made $250,000 or less would get a tax cut? This is for $70,000 for single filers and $140,000 couples.

 

Way off the mark . . . like many predicted.

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