Thanks For Nothing, Mr. Presidentby Doug Mataconis
Remember Barack Obama’s promise to cut taxes for 95% of American workers ?
Well, it’s in the stimulus bill, but it doesn’t amount to much of anything:
Q: What are some of the tax breaks in the bill?
A: It includes Obama’s signature “Making Work Pay” tax credit for 95 percent of workers, though negotiators agreed to trim the credit to $400 a year instead of $500 — or $800 for married couples, cut from Obama’s original proposal of $1,000. It would begin showing up in most workers’ paychecks in June as an extra $13 a week in take-home pay, falling to about $8 a week next January.
Let’s be generous and say its $ 13 a week for the entire year.
Over a 52 week year, that amounts to $ 676.00 .
Barely enough to make a car payment for some people.
Not enough to cover rent for most.
And the mortgage ? Forget about it.
There is, however, one thing you’ll be able to buy with that $ 13 per week:
Actually since, the shirt is $ 15.99 plus shipping and tax, you’ll need to use about two weeks worth of your tax cut to buy it.
But it’s worth it to make a point.