The Obamalites are working on an economic stimulus package that would include $300-billion in tax cuts, and $100-billion in business incentives—the package expected to swell to $775 billion before the dust settles.
All of these numbers being bandied about represent tax credits: meaning, first you’ll pay taxes up front, and then the government will give you credit on your tax returns the following year. It’s too little too late.
Personally, I think it’s all just so much smoke and mirrors, and in reality, you’re not going to see much benefit by the time the “credits” are applied—in a couple of years??
Here's what needs to happen for instant impact: How about an income tax moratoium for a month or a quarter? You want to inject money into the economy? Take less of it away from us at the point of excision—on our pay stubs.
That would create an instant windfall for workers--an instant cash injection to the real, Main Street economy--without writing IOU’s to the public that would actually be more expensive to fulfill in a couple of years than with immediate dollars today.