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Sarah Palin's presence in the lower 48 means the Arctic ice cap can finally return.

calendar   Friday - January 23, 2009

A Better Plan?

Republicans Unveil Alternative Stimulus Package

WASHINGTON – Top Republican lawmakers on Friday unveiled a plan for tax cuts and other steps meant to pull the battered US economy out of its slump after White House talks with President Barack Obama.

The blueprint, anchored on a series of tax-cut proposals and an effort to prop up sagging US home values, came with the Senate and House of Representatives looking to send Obama a stimulus bill by February 16.

Republicans have fiercely opposed a Democratic bill that comprises 550 billion dollars in spending and 275 billion dollars in tax cuts, charging it is too big, would do little to restore growth, feeds too many pet projects, and kicks in too late.

But “there’s unanimity that our economy needs help,” House Minority Leader John Boehner said at the White House after laying out the Republican initiative before Obama.

The Republican plan relies on cutting lowest individual tax rates from 15 percent to 10 percent and from 10 percent to five percent, tax deductions for small businesses, and a ban on tax increases to pay for new spending -- which they say should be paid for by cutting spending in other areas.

It would also make unemployment benefits tax free, and offer a home-buyers credit for those who make a minimum down payment of five percent, according to a statement from the Republican leadership.

“At the end of the day, government can’t solve this problem. The American people have to solve it. And the way they can solve it is if we allow them to keep more of the money that they earn,” said Boehner.

Republican leaders were expected to meet with Obama next week to discuss the plan, as the House prepares to vote Wednesday on the Democratic plan and any Republican amendments.

For fiscal year 2008, the 15% tax line goes all the way up to a Form 1040 line 43 amount of $73,200 for Married Filing Jointly taxpayers. For Single taxpayers, the 15% line is at $36,600. A 15-goes-to-10-percent rate reduction for married taxpayers at the top of this bracket would be a tax reduction of $3660; for a single taxpayer at the top of her 15% bracket would save $1795. That’s a fair chunk of change either way, and absolutely helps the lower-middle class folks. For the lower income people, their federal income taxes would be halved. Halved. And no taxes at all for those on unemployment. And you pay for it by NOT SPENDING. By CUTTING GOVERNMENT PROGRAMS. By NOT increasing the deficit. Plus, a bit of a tax credit reward for people who bought a home in something like the proper manner (classically a 20% downpayment).

Golly, this sounds like they found some actual Republicans in DC. Where have they been hiding? [notice that McLefty is not in the group] And why did they vote for Hillary for SoS?


MEANWHILE at the other end of reality, The Heritage Foundation points out that the Dem’s package is overflowing with fat, including several HUNDRED BILLION to be spent on education. While that’s all well and good, it doesn’t create one single job, and just permanently grows the size of government. Even the top Dem behind the measure doubts that it will create any jobs, which is directly opposite to Pelosi’s promise of 4 million new jobs.

Speaker of the House, Nancy Pelosi, D-Calif., announced this week 4 million jobs will be created or saved. Yet Joint Tax Committee staffer Thomas Barthold admitted on the hearing record, also this week, that they had no estimates that any jobs or economic growth would be created by this legislation

And, not to make race an issue here, even though it’s all about race, all the time ...
Robert Reich, Obama’s Economic Advisor, doesn’t want all those infrastructure repair jobs going to construction workers ... if they’re white.
And Charley Rangel doesn’t want the States to step in and have a voice in how Federal stimulus money gets spent ... in their own State. Racism and Socialism. Watch and weep:


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Posted by Drew458   United States  on 01/23/2009 at 08:05 PM   
Filed Under: • EconomicsPolitics •  
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