Obama’s Stimulus Package To Include 40% Tax Cuts

January 5, 2009

US (ChattahBox) – Details of President-Elect Barack Obama’s proposed stimulus plan are slowly being leaked to the press, and part of the package is now said to include tax cuts for people and businesses, taking up at least 40% of the entire plan.

The move seems to solidify his intentions to maintain his campaign promises of tax cuts for the middle and lower classes, and upon news of this fact, the dollar rose to it’s highest level against the euro for the last several weeks.

According to the package, $140 billion will go to proposed tax cuts equaling $500 for individuals, and $1000 for couples, as well as various cuts to businesses that would allow them to receive refunds for the past five years of taxes, by proving current losses they have suffered, rather then the current measures that only allow the refund to go back two years.

While Obama has been pushing since the end of the Election to have this bill prepared for when he takes office, it may be at least until mid-February before Congress is able to complete the details, which has been drawing criticism from all corners on their dedication to the economic crisis.

“The urgency of this, everyone knows about — but I’m not going to have some false deadline,” Senate Majority Leader Harry Reid said on Meet The Press. “It’ll take as much time as it needs to get done.”


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