My wallet is a little heavier this year…

As the New York Times points out, thanks to President Obama and the successful stimulus bill, 95% of all Americans received a tax cut this year. Unfortunately the republicans who have been campaigning hard against the stimulus bill, and are set to take Congress back over, apparently do not think its a good idea for you to keep your money.

In a New York Times/CBS News Poll last month, fewer than one in 10 respondents knew that the Obama administration had lowered taxes for most Americans. Half of those polled said they thought that their taxes had stayed the same, a third thought that their taxes had gone up, and about a tenth said they did not know.

Actually, the tax cut was, by design, hard to notice. Faced with evidence that people were more likely to save than spend the tax rebate checks they received during the Bush administration, the Obama administration decided to take a different tack: it arranged for less tax money to be withheld from people’s paychecks.

They reasoned that people would be more likely to spend a small, recurring extra bit of money that they might not even notice, and that the quicker the money was spent, the faster it would cycle through the economy.

Its obvious to see who the party of lower taxes for the middle class is. Its too bad the ‘tea party” did not appreciate their tax cuts!


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1 thought on “My wallet is a little heavier this year…

  1. Democrats have done a terrible job of articulating the fact that most Americans actually did get a tax cut this year…..

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