The Big Tax Break: Workers Get $13 More A Week; $8 A Week Next Year...

[JBond]

http://www.breitbart.com/article.php?id=D96A51G80&show_article=1

WASHINGTON (AP) - Economic stimulus legislation at the heart of President Barack Obama's recovery plan is on track for final votes Friday in the House and Senate after a dizzying final round of bargaining that yielded agreement on tax cuts and spending totaling $789 billion.
Obama, who has campaigned energetically for the legislation, welcomed the agreement, saying it would "save or create more than 3.5 million jobs and get our economy back on track."

The $500-per-worker credit for lower- and middle-income taxpayers that Obama outlined during his presidential campaign was scaled back to $400 during bargaining by the Democratic-controlled Congress and White House. Couples would receive $800 instead of $1,000. Over two years, that move would pump about $25 billion less into the economy than had been previously planned.

Officials estimated it would mean about $13 a week more in people's paychecks this year when withholding tables are adjusted in late spring. Next year, the measure could yield workers about $8 a week. Critics say that's unlikely to do much to boost consumption.

"The most highly touted tax cut in the original proposal now translates into $7.70 a week for middle-class workers," said Senate GOP Leader Mitch McConnell of Kentucky.

Millions of people receiving Social Security benefits would get a one-time payment of $250 under the agreement, along with veterans receiving pensions, and poor people receiving Supplemental Security Income payments.

An additional $46 billion would go to transportation projects such as highway, bridge and mass transit construction; many lawmakers wanted more.

Brendan Daly, spokesman for Speaker Nancy Pelosi, D-Calif., and Don Stewart, an aide to McConnell, said final votes are likely in the House and Senate on Friday.

The Obama plan offers a 60 percent subsidy to help unemployed people pay health insurance premiums under the COBRA program and divvies up $87 billion among the states to help them with their Medicaid costs for the next two years. It provides $19 billion to modernize health information technology systems, even though such funding will create few jobs right away.

To tamp down costs, several tax provisions were dropped or sharply cut back. A provision popular with Republicans and the big business lobby that would have awarded about $54 billion to money-losing businesses over the next two years was instead limited to small businesses, greatly reducing its cost.

A $15,000 tax credit for anybody buying a home over the next year was dropped; instead, first-time homebuyers could claim an $8,000 credit for homes bought by the end of August. Car buyers could deduct the sales tax they paid on a new car but not the interest on their car loans.

But nothing could shake negotiators from insisting on including $70 billion to shelter middle- to upper-income taxpayers from the alternative minimum tax, originally passed a generation ago to make sure the super-rich didn't avoid taxes.

The move is aimed at easing political and logistical headaches for lawmakers who wanted to do the so-called AMT "patch" now rather than later. The Congressional Budget Office estimates that provision will have relatively little impact on the economy.

In late-stage talks, Obama and Senate Majority Leader Harry Reid, D-Nev., pressed for $8 billion to construct high-speed rail lines, quadrupling the amount in the bill that passed the Senate on Tuesday.

Reid's office issued a statement noting that a proposed Los Angeles-to-Las Vegas rail might get a big chunk of the money.

Scaling back the bill to levels lower than either the $838 billion Senate measure or the original $820 billion House-passed measure caused grumbling among liberal Democrats, who described the cutbacks as a concession to the moderates, particularly Sen. Arlen Specter, R-Pa., who are feeling heat from constituents for supporting the bill.

Specter played an active role, however, in making sure $10 billion for the National Institutes of Health, a pet priority, wasn't cut back.

After final agreements were sealed Wednesday afternoon, staff aides worked into the night drafting and double-checking in hopes of officially unveiling the measure Thursday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

[ABQCOWBOY]

I know it sounds crazy but I just can't help that little feeling at the back of my head that makes me wonder if all of this wasn't stagged. The economy was relatively good for most of the Bush Presidency. 6 months prior to elections, everything tanks, the Government rushes 700 Billion through, against a 70% popular opinion that it shouldn't happen, nobody knows where the money goes and now we are being forced to accept this stinking pile of crap, all the while, the President continues to try to use fear to make us accept it.

It's like pitching dimes at the state fair. You just know your being cheated.

[sbark]

I know it sounds crazy but I just can't help that little feeling at the back of my head that makes me wonder if all of this wasn't stagged. The economy was relatively good for most of the Bush Presidency. 6 months prior to elections, everything tanks, the Government rushes 700 Billion through, against a 70% popular opinion that it shouldn't happen, nobody knows where the money goes and now we are being forced to accept this stinking pile of crap, all the while, the President continues to try to use fear to make us accept it.

It's like pitching dimes at the state fair. You just know your being cheated.

Conspiracy anyone?........Who engineered the 5.5 MM meltdown....

http://zerohedge.blogspot.com/2009/02/how-world-almost-came-to-end-... (http://zerohedge.blogspot.com/2009/02/how-world-almost-came-to-end-at-2pm-on.html)

YouTube: CSPAN Rep Paul Kanjorski Reviews the Bailout Situation
http://www.youtube.com/watch?v=pD8viQ_DhS4 (http://www.youtube.com/watch?v=pD8viQ_DhS4)

How The World Almost Came To An End At 2PM On September 18

Posted by Tyler Durden at 12:56 PM

LiveLeak has caught a scary moment of previously undisclosed insight by Paul Kanjorski where he reveals some facts that have not been captured by the media previously. At 2 minutes and 20 seconds in the video below, Democratic Representative Kanjorski explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occurred over the period of an hour or two. And it gets worse. Kanjorski paraphrases the following disclosure by Bernanke and Paulson:

On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.

We are no better off today than we were 3 months ago because we have a decrease in the equity positions of banks because other assets are going sour by the moment.

Interestingly, Kanjorski, and likely more and more Democrats, are starting to shift to the camp that more time is needed to make a correct decision this time (which may explain Geithner's decision to postpone the "bank-rescue" announcement by one day to Tuesday), instead of rushing into another half-baked plan. Very scary stuff.

http://www.rushlimbaugh.com/home/daily/site_021009/content/01125106... (http://www.rushlimbaugh.com/home/daily/site_021009/content/01125106.member.html)

.......Rush wont touch the Birth Cert. conspriacy..........but he has hit on this concept several times...........in addition to accusing Chuckie Schumer of kickstarting IndyBank meltdown for political reasons.....and it turned into something the democrats couldnt control.......

....then there is the "Uptick" rules just relaxed in 2007 at the pressure of "heavy lobbying".....

.........complete coincedence....or just the perfect storm.....

[Bob Sacamano]

I've heard that before every election, one of the main campaign issues is that the economy is worse than it actually is

I think this one is pretty bad though, I mean Circuit City had to declare bankruptcy

[ChldsPlay]

A $15,000 tax credit for anybody buying a home over the next year was dropped; instead, first-time homebuyers could claim an $8,000 credit for homes bought by the end of August. Car buyers could deduct the sales tax they paid on a new car but not the interest on their car loans.


I'm in the first house I bought....in 2003. That's before August, so I should get $8,000 right.....RIGHT?!?! No, no, silly me, I already own a home and pay my mortgage on time like clockwork, I obviously couldn't use $8,000. I certainly don't deserve it like these other people.....

[Bizwah]

I'm in the first house I bought....in 2003. That's before August, so I should get $8,000 right.....RIGHT?!?! No, no, silly me, I already own a home and pay my mortgage on time like clockwork, I obviously couldn't use $8,000. I certainly don't deserve it like these other people.....

It's like having DirecTv.

I get so sick and tired of them advertising free stuff for new subscribers. I've been a customer for eight years...all I've received is a bigger bill each year.

[DIAF]

I've heard that before every election, one of the main campaign issues is that the economy is worse than it actually is

I think this one is pretty bad though, I mean Circuit City had to declare bankruptcy

I dont know if that was supposed to be a joke or not, but I'm assuming that it's not.

Circuit City has been in trouble for a long, long, long time. Even if this were the dot-com bubble days of the late 90s, circuit city would still be headed to the crapper.

[MetalHead]

George Soros..look no further...And China.

[MetalHead]

I'm in the first house I bought....in 2003. That's before August, so I should get $8,000 right.....RIGHT?!?! No, no, silly me, I already own a home and pay my mortgage on time like clockwork, I obviously couldn't use $8,000. I certainly don't deserve it like these other people.....

I bought mine in '06...so do I get 4k?..never missed a payment.

[burmafrd]

I bought my new truck in October so I was never going to get anything anyway. Would have been nice to deduct that $3000.

[ChldsPlay]

It's like having DirecTv.

I get so sick and tired of them advertising free stuff for new subscribers. I've been a customer for eight years...all I've received is a bigger bill each year.

Well with Directv if I see a deal I want I call them and complain that I as a long time customer should get something too, and they'll usually oblige with some incentive. I doubt I can call up Obama and ask for some of that $8,000. Maybe if I suggest he spread his wealth.

[iceberg]

I know it sounds crazy but I just can't help that little feeling at the back of my head that makes me wonder if all of this wasn't stagged. The economy was relatively good for most of the Bush Presidency. 6 months prior to elections, everything tanks, the Government rushes 700 Billion through, against a 70% popular opinion that it shouldn't happen, nobody knows where the money goes and now we are being forced to accept this stinking pile of crap, all the while, the President continues to try to use fear to make us accept it.

It's like pitching dimes at the state fair. You just know your being cheated.

bush used fear too. seems to be a popular tactic, unfortunately.

[JBond]

bush used fear too. seems to be a popular tactic, unfortunately.

How so? Are you referring to when he said he abandoned his conservative principles and pushed for the TARP giveaway after the run on the banks, or something else?

[TheCount]

I know it sounds crazy but I just can't help that little feeling at the back of my head that makes me wonder if all of this wasn't stagged. The economy was relatively good for most of the Bush Presidency. 6 months prior to elections, everything tanks, the Government rushes 700 Billion through, against a 70% popular opinion that it shouldn't happen, nobody knows where the money goes and now we are being forced to accept this stinking pile of crap, all the while, the President continues to try to use fear to make us accept it.

It's like pitching dimes at the state fair. You just know your being cheated.

You're right, that does sound crazy. Especially since it would require democrats and republican's working together, and that never happens.

[iceberg]

How so? Are you referring to when he said he abandoned his conservative principles and pushed for the TARP giveaway after the run on the banks, or something else?

going to iraq. it's not like he did it w/o the fear of the moment to help him through. albiet i do believe it was more in tune with the times of being attacked and saddam whipping his skippy around at how tough he was.

obama however, is just pushing pork w/fear.

so while their goals may have been different, both used fear to garner support.

[JBond]

going to iraq. it's not like he did it w/o the fear of the moment to help him through. albiet i do believe it was more in tune with the times of being attacked and saddam whipping his skippy around at how tough he was.

obama however, is just pushing pork w/fear.

so while their goals may have been different, both used fear to garner support.

If every major world leader and including his predecessor and every major intelligence group told him Saddam has these weapons and believed he will transfer them to the type of people responsible for 911, what exactly would you recommended he have done?

I don't blame Bush for acting on best information at his disposal. My problem with Bush and Iraq was the lack of planning on how to deal with the populace. He should have never fired everyone ever remotely associated with the Baathist party. The vast majority of the people were members of that party in name only in order to have a job and feed their family.

He did not learn from history. Just as Obama has failed to learn the lessons history has taught us about economics.

[iceberg]

If every major world leader and including his predecessor and every major intelligence group told him Saddam has these weapons and believed he will transfer them to the type of people responsible for 911, what exactly would you recommended he have done?

I don't blame Bush for acting on best information at his disposal. My problem with Bush and Iraq was the lack of planning on how to deal with the populace. He should have never fired everyone ever remotely associated with the Baathist party. The vast majority of the people were members of that party in name only in order to have a job and feed their family.

He did not learn from history. Just as Obama has failed to learn the lessons history has taught us about economics.

did you miss "it was more in tune with the times" of a global problem?

then again, isn't the current problem, a "global problem"?

i don't blame bush either. i just don't want to be what i hated in others and quick to judge obama either.

[TheCount]

i don't blame bush either. i just don't want to be what i hated in others and quick to judge obama either.

Which is why you'll never come to an understanding with him, JBond his mind up the moment it was announced a Demoncrat would be running against a Republican for the Presidency.

[ABQCOWBOY]

You're right, that does sound crazy. Especially since it would require democrats and republican's working together, and that never happens.


Your own Democratic Leadership said, just this morning, that they are going to be forced to vote on this Bill and it was only presented in it's entirety at 10PM last night. Essentially, they have less then 24 hours to vote on the largest spending legislation ever presented in the history of the world. Over a thousand pages long but yeah, it's all about Republican's and Democrats not working together. Why let a little commen sense stop a good story ?

This is madness.

[JBond]

did you miss "it was more in tune with the times" of a global problem?

then again, isn't the current problem, a "global problem"?

i don't blame bush either. i just don't want to be what i hated in others and quick to judge obama either.

How much more of Obama do you need to see? What exactly are you up in the air about? We know the quality of people Obama surrounds himself with. He has made his intentions frighteningly clear. He has told anyone that listens what he intends to remake our country into.

What exactly should I be looking for in Obama? I gave him a chance and he failed. He has lied over and over to the American people but I should just give him a chance? How many times do you have to be deliberately lied to for you to loose trust in that person? I'm not talking about slips of the tongue that could be twisted, but great big giant whopper lies.

Have you read HR 45 yet? That is going to be a fun one.

[JBond]

Which is why you'll never come to an understanding with him, JBond his mind up the moment it was announced a Demoncrat would be running against a Republican for the Presidency.

The "R" or "D" next to the name has no meaning for me. Politicians are politicians and if have read my posts about Bush and other Republicans you would not be so quick to shoot off you mouth.

I hate socialist\fascist policies that restrict freedom. Bush had many liberal views and expanded government at an unprecedented rate. For that he gets a "F" in my book.

Obama is a far left nut job. Of course I am not going to support a man that has promised to tax the hell out me and saddle my children with massive debt.

Why would I support a man that wants to have direct talks with Muslim nut jobs leaders who are actively engaging our troops in battle as we sit here in front of our comfy little computers?

Why would I support a man feels our constitution is based on negative liberties? Why would I support a man that intends to ban self defense weapons (HR45). Why would I support a man that wants to eliminate free speech?

Why in world anyone supports a neophyte community organizer, that has morphed into a Fascist because he drunk on power is beyond me.

Go ahead and worship at the Obama alter if you wish, just don't ask me to follow.

[iceberg]

How much more of Obama do you need to see? What exactly are you up in the air about? We know the quality of people Obama surrounds himself with. He has made his intentions frighteningly clear. He has told anyone that listens what he intends to remake our country into.

What exactly should I be looking for in Obama? I gave him a chance and he failed. He has lied over and over to the American people but I should just give him a chance? How many times do you have to be deliberately lied to for you to loose trust in that person? I'm not talking about slips of the tongue that could be twisted, but great big giant whopper lies.

Have you read HR 45 yet? That is going to be a fun one.

fine. but "the other side" said bush lied all the time. i don't agree, but it was their hellbent perception.

i don't discount that i feel obama is lying - but again, i'm not going to be in an all fired hurry to be exactly what i hated in those who just railed bush time and time again.

they had their reasons too. pretty good ones at times. darn right stupid ones at others.

sooner or later we gotta quit being mad at the other side for the very simple reason they're the other side.

[JBond]

fine. but "the other side" said bush lied all the time. i don't agree, but it was their hellbent perception.

i don't discount that i feel obama is lying - but again, i'm not going to be in an all fired hurry to be exactly what i hated in those who just railed bush time and time again.

they had their reasons too. pretty good ones at times. darn right stupid ones at others.

sooner or later we gotta quit being mad at the other side for the very simple reason they're the other side.

Many people felt betrayed by Bush. Many felt betrayed by Bush senior and his "no new taxes" pledge. Well Obama has made a couple of dozen "no new taxes" style of pledges and so far he has betrayed them all. from appointing tax cheats to his cabinet (particularly the treasury) to his claim of no pork the guy is an out and out liar.

The media carries his agenda for him and there is little to counter it.

I feel no need to be lenient or to give him a break as he sells us down the river.

He is an anti-capitalist that wants free speech eliminated. I am going to speak up while I am still allowed too.

Capitalism and free speech have combined to give Americans the highest standard of living in the world. In our short time as a Republic we have freed more people from fascism and socialism then any nation ever in history. I will be vocal against fools like Obama who stand against everything that has made this country great.

It has nothing to do with the party he happens to be using to carry out his agenda. God knows there have been too many jerks in both parties for one to claim they are pure while the other is evil.

For me it has to do with freedom versus socialism wrapped in fascism. I use both terms because Obama is a hybrid. He is a bit of both. Neither philosophy is good for economic or personal freedom.

Edit: As soon as he does something that promotes personal and economic freedom, I will be the first one here to post a thank you. Do you really believe he will all of a sudden change his ways?