White House considering new tax cut
[Washington Post] The White House is weighing the idea of a tax cut that it believes would lift Americans' take-home pay and boost a still-struggling economy, according to people familiar with the administration's thinking, as the presidential candidates continue battling over whose tax policies would do more for the country.
B.O. regime officials have concluded that the economy, while improved, is still fragile enough that it may need another bout of stimulus. The tax cut could replace the payroll tax cut championed by President B.O. in 2011 and 2012, which was designed as a buffer against economic shocks such as the financial crisis in Europe and high oil prices. It expires at year's end.
The new tax cut could provide hundreds of dollars or more a year to workers and show up in every paycheck. It may be similar to a tax cut Americans received in 2009 and 2010, which provided up to $400 for individuals and $800 for married couples, sources close to the administration said.
The administration's work on the proposal comes as each presidential candidate is under intense pressure to demonstrate he has the better tax plan. During the campaign, Obama has insisted that he wants to keep taxes from rising for the middle class while increasing them on the wealthy as a way of shoring up the country's finances. His challenger, Willard
...former governor of Massachussetts, currently the Publican nominee for president. He is the son of the former governor of Michigan, George Romney, who himself ran for president after saving American Motors from failure, though not permanently. Romney has a record as a successful businessman, heading Bain Capital, and he rescued the 2002 Winter Olympics from the midst of bribery and mismanagement scandals. More to the point, he isn't President B.O...
, has sharply criticized Obama's approach, saying any new taxes would crimp economic growth, while also calling the White House's earlier stimulus efforts a failure.
The Romney campaign and top Republican politicians declined Friday to provide comment specifically about the tax cut being considered by the White House.
Posted by: Fred