Word: taxed
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...these measures, some of the tax cuts need to go. Both chambers included a tax credit for first-time home buyers, a hair-of-the-dog solution to a crisis that has its roots in an artificially inflated housing market; it wouldn't provide stimulus, and it wouldn't point the country in a new direction. The nonpartisan Tax Policy Center says the Senate's $70 billion patch to the alternative minimum tax is "neither timely nor targeted" and "makes no sense as economic stimulus." But the biggest component--a $145 billion payroll-tax cut--is both good stimulus, because...
Unfortunately, the current plans contain few reforms, and there's just enough lard to provide grist for refuseniks. Criticism of the stimulus measure, along with the withdrawal of two Obama appointees who have had tax problems, has put the White House on the defensive. On Feb. 3, Obama summoned network-television anchors to Washington for prized Oval Office interviews and let it be known that he had hectored Democrats to strip pork out of the package; that sound bite was overshadowed by Obama's concession that he had "screwed up" in the Tom Daschle nomination. By the next...
...Congressional staffers who wrote the legislation reject the criticism, arguing that such projects, and the tax cuts and direct state aid that form the bulk of the bill, are necessary to win votes. "If you're the White House, you have two concerns, just like we do," says the Democratic staffer involved in writing the bill. "I want something that's going to fix the economy and I want something that my chairmen say can pass...
...stone, and Feldstein, who spoke with congressional Republicans on Tuesday, says it may change before it is passed, either before it clears the Senate or when it is in conference with the House thereafter. Indeed, the Senate voted on Wednesday evening to add a home-buying tax credit to the package, and Obama spent part of the day meeting with Senators like Collins and Nebraska Democrat Ben Nelson, who want to cut tens of billions of dollars in spending from...
...this climate, many people resent seeing billions of tax dollars leak outside the country. But if this 'buy American' clause is adopted, it will make it harder for those in Europe in arguing for markets to stay open," says Simon Tilford, chief economist at the London-based Centre for European Reform (CER) think tank. "Also, after Europe's huge expectations for Obama, there is bound to be a huge disillusion with him if the U.S. goes down this road...