Monday, December 29, 2008

Obama's tax cut plan is a good one

Hope is on the way if today's Washington Post article on how the Obama administration plans to give U.S. taxpayers an immediate tax cut is any indication. What is good to see is that it looks like a very efficient means to get money into the wallets of us taxpayers. Here is the money quote:

"Obama, in the second week of a vacation in Hawaii, continues to work on his economic plan, aides said. He is considering immediate tax cuts of $1,000 for couples and $500 for individuals, which would be delivered through reduced tax withholding from paychecks, a transition aide said. That plan could cost about $140 billion over the next two years, the aide said."

I think this plan is good for a number of reasons because it:

1)Can be implemented fast and with immediate results.

2)Can be implemented multiple times (if needed) without delay.

3)Would eliminate “pork” and costly bureaucratic delivery of checks (from the IRS) since the money will go directly and immediately to U.S. taxpayer’s wallets.

4)Would encourage people to be legally employed and not work “off the books”. Increasing tax revenues that would otherwise be lost.


It's this kind of thinking from the Obama administration that may help the middle class more than any Bush Administration or Pelosi/Reid left leaning Democratic proposals ever did. I say Obama should go for it.

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