Promised Tax Cuts for US Citizens On Horizon

December 2, 2008

New York (Chattahbox) – During the months following the election President-Elect Barack Obama focused heavily on the promise of tax breaks for the Middle Class, stating that it was the best way to stimulate the economy by increasing disposable income. Now, a month before he is to be inaugurated, those plans are slowly unveiling. Rather then a general principle that may or may not actually occur, he has decided to make it a part of the stimulus plan to save our economy, creating more spending, more demand, and so, hopefully, more jobs.

When will this change likely occur? It seems as though current plans have this action set to be taken as early as next year. But while this campaign promise is looking as though it will be fulfilled, there is another that will, for the time being, be ignored: decreasing tax cuts for people who make over $250,000 a year. However, given the fact that we have officially recorded the country as being in a recession, this is a good move on Obama’s part, and it isn’t surprising that current news has changed his tune.

But not everybody is happy about the possibility of tax cuts.

Chairman of Morgan Stanley Asia, Stephen Roach wrote into the New York Times last week, stating, “It would be a serious mistake to enact tax cuts aimed at increasing already excessive consumption. The Obama administration needs to encourage the sort of saving that will put consumers on sounder financial footing and free up resources.”

But whether everyone agrees with it or not, change is certainly coming, and with so many Americans losing their jobs, companies going bankrupt, and prices higher then ever, it can’t come too soon.


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