Methinks all that anger about being overtaxed yesterday is a wee bit misplaced (unless you just happen to be cashing a bonus check from a Wall Street Firm). From President Obama’s speech yesterday:
First, we passed a broad and sweeping tax cut for 95 percent of American workers. This tax cut was a core focus of my campaign, it was a core component of the American Recovery and Reinvestment Act, and it is the most progressive tax cut in American history. And starting April 1st, Americans saw this tax cut in the extra money that they took home with each paycheck.
Make no mistake: This tax cut will reach 120 million families and put $120 billion directly into their pockets, and it includes the most American workers ever to get a tax cut. This is going to boost demand and it will save or create over half a million jobs.
And the Congressional Budget Office has found that tax cuts like these for American workers are more than three times more effective in stimulating recovery than tax breaks for the very wealthiest Americans.
This tax cut also keeps a fundamental promise: that Americans who work hard should be able to make a decent living. It lifts more than 2 million Americans out of poverty, and together with the child tax credit, it ensures that a working parent will be able to support their family.
Second, we are helping small businesses keep their doors open so they can weather this economic storm and create good jobs. Instead of the normal two years, small businesses are now allowed to offset their losses during this downturn against the income they’ve earned over the last five years. This could provide a record number of refunds for small businesses, which will provide them with the lifeline they need to maintain inventory and pay their workers.
But, hey, what do I know? I’m a filthy lieberal fascist. I’m sure all those tea-bagging patriots yesterday understand this stuff so much better than I do. They watch Fox News, after all, and I don’t.
