NEW YORK (CNNMoney.com) - For many cash-strapped workers, Barack Obama's plan to stimulate the economy could mean more take-home money in their paychecks.
While details remain unclear, the president-elect's recovery proposal is likely to include a tax cut to boost spending. Exactly how much of a break that could mean for workers depends on how the tax cut is structured.
But back-of-the-envelope calculations suggest in some scenarios it could be anywhere from an extra $83 to $166 per paycheck during the first quarter of the year.
David Axelrod, a top adviser to Obama speaking Sunday on NBC's "Meet the Press," said Obama had promised a middle class tax cut and that his economic recovery package will include "a portion of a tax cut that will become part of the permanent tax cut he'll have in his upcoming budget."
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From CNN Politics
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Liberals hate tax cuts when a Reagan or Bush puts them through. They LOVE them if they're done by a Kennedy or Obama, of course.
how can a stimulus check give relief to people who are in debt up to their eyeballs and sinking real fast . as in the past this crap won't work. a tax break won't do it . the GOP has robbed and gutted the american people for 8 yrs. and now they want to get fiscally conservtive after they have looted the bank...................... the bottom will fall out in march.
Hey wait a minute....I thought McCain, Palin and Joe the Plumber said that Obama was going to RAISE our taxes??? There's something screwy going on here if you ask me!
Joe the plumber is still in the news?? Such a non-entity, his 15 minutes of fame has long expired.
As far as that extra money in your paycheck, don't hold your breath. Remember - don't count your chickens before they're hatched.
Don't some of you get it? You whined about the corporate bailouts, bemoaning "where's my bailout?" Well, this is it. President-elect Obama is trying to help us.
If you had a job you shouldn't need my money.
George Washington once said that party loyalty would someday destroy this country. As I read posts here and elsewhere, I can see it... So much opportunity, and yet so much bickering.
Who gets elected? People with enough money to get their name in lights. Some desire authority so that they can have a chance to do good. Some just desire power. I am exhausted from trying to figure out who is who. But I refuse to be so paranoid that I trust no one.
The people of this country are hurting. People all over this this world are hurting. It's time to look at each other as human beings and spend some of this energy thinking of solutions to problems, not just constantly attacking anyone who has a slightly different viewpoint.
Debby:
First of all, this article is refering to tax cuts, not increases.
Secondly, prices are determined mostly by what people are willing to pay (supply and demand), which is why there are such incredible deals out there right now. By the way, I own a small business and pay more for my products than the big box retailers; if my business profits go up to the point where I am going to pay higher taxes, do you think I can just raise prices and compete in this Walmart-mentality world? The market and manufacturers set the prices I charge; not my tax rate.
Why is Joe the Plumber; excuse me, I just gagged again mentioning that name, is the main photo photo for this story?
During the campaign I thought that it was patriotic to pay more in taxes.
McCain already paid Joe the plumber's taxes....Probably bought him new underwear too....
Tom in Fl December 30th, 2008 3:13 pm ET
It really makes me wonder why so many people doubt the PE. He will go up against a lot off oppostition to help this country recover from Mr. Bush. I say let the man get in office and see what happens . Then we as VOTERS (because it seems a big portion of comments made are by people who didn't exercise that right) can voice opinions. Like it or not, he will be President for the next 4 – 8 years. I for one am behind him 100%. I am a realist and these are not going to be easy times ahead but I am willing to go with it.
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Yes because the left from day one was respectful and gave Bush a chance. Its partisian politics, both sides do it.
Just more voodoo financial juggling. How about if we stop bailing out every Tom, Dick and Harry and cut the government in half. How about if we actually create a climate in which industry can thrive instead of being treated like a redheaded stepchild and then cursed when they move to friendlier climes. How about these idiots in Washington start behaving like adults instead of kids in a candy store ....with OUR money! How about if we stop letting millions of illegals sneak into the country and importing foreign workers when our unemployment rolls are increasing? How long before the American public has had enough?
Now if he was talking "tax free" money, it would sound a lot better and not just slight of hand tricks. Get it now in your paycheck, but tax refund at end of year is less. Sounds like he might be just giving you your tax refund early. Doesn't anybody realize you were going to get your tax refund anyway and he's "giving" you nothing!!!!
VOTED! OBAMA!!! VOTED! OBAMA!! VOTED!
You made LOL and end in a giggle.
Thanks... I needed that.