‘historic tax relief for average americans’

The Atlantic (Derek Thompson): The White House and Republicans have reached an agreement on the Bush tax cuts, and it’s a whopper. Republicans get their tax cuts. Democrats get their second stimulus…

Let’s think about what this means from both a short-term stimulus perspective and a long-term deficit perspective. In the near future, this means significant help for American families and businesses that seemed out of reach just a few days ago. Unemployment benefits are considered the most effective form of stimulus. The payroll tax holiday will double the relief from the Making Work Pay tax credit, giving average worker thousands — yes, thousands — of dollars in additional after-tax income. The extensions to the refundable portions of the Child Tax Credit and EITC will also target low income families hit hardest in the downturn.

In short, a $60 billion tax cut for the richest will be unsavory to some people, but it’s become a vehicle for historic tax relief for average Americans. Of the six stimulus ideas analyzed by the CBO in the summer, this deal has four, including the two most stimulative: jobless benefits and a payroll tax cut, both of which target the middle- and low-income Americans.

…..Today, Americans at every income level got a major stimulus. But tomorrow’s deficit debate just got louder and more urgent.

Full article here

9 Responses to “‘historic tax relief for average americans’”

  1. December 7, 2010 at 11:32 am

    Thanks again Chip. I’m a little out of touch this week and I’m so happy that people can get to see all this here.

  2. 2 Kelly
    December 7, 2010 at 11:33 am

    Well, I think this is the first day I have ever seen so many nonconcern trolling articles associated with something POTUS has done. I am in shock this morning. Thanks for all the updates CS. You are absolutely the best. I hope you guys are commenting at the sources of these articles. Let them see that us in the middle politically are interested even though we don’t scream like the far left and right. or we won’t be seeing much of these sort of articles in the future. The haters on the left and right are out in full as usual, even though I know many of them get paid to spew their hate on newspaper comments sections.

  3. 3 Jessica
    December 7, 2010 at 11:44 am

    I’m over this already. It’s so easy for liberals to criticize when they aren’t about to lose their house. All they care about is a civil war instead of the American people (especially the poor and now middle class). I don’t even want to call myself a liberal anymore.

    When’s the Christmas tree lighting.

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