Another example of an idiot that can't defend Obama on his job making promises. Fact is the oil spill has created some jobs, but that's no reason to prolong the leak. Only an idiot such as yourself would suggest such a thing.
House Republicans are offering a better solution: an economic recovery plan that will create 6.2 million new American jobs over the next two years, according to a methodology used by President Obama’s own nominee as Chair of the White House Council of Economic Advisors, Dr. Christina Romer. The Camp-Cantor alternative – crafted by House Ways & Means Committee ranking member Dave Camp (R-MI), Republican Whip Eric Cantor (R-VA), and the members of the House GOP Economic Recovery Working Group – will provide fast-acting tax relief to help the economy create jobs, as opposed to the congressional Democrats’ bill, which is loaded with government spending on programs and projects. Here’s a quick summary of the House GOP’s Economic Recovery alternative:
•Immediate Tax Relief for Working Families: House Republicans propose reducing the lowest individual tax rates from 15 percent to 10 percent and from 10 percent to five percent. Under the proposal, a married couple filing jointly could save up to $3,400 a year in taxes. The alternative also ensures that no additional middle class taxpayers will fall victim to the Alternative Minimum Tax.
•Help for America’s Small Businesses: House Republicans propose to allow small businesses to take a tax deduction equal to 20 percent of their income. This will immediately encourage investment and free up funds for small businesses to hire new employees and create jobs.
•Assistance for the Unemployed: House Republicans propose to make unemployment benefits tax free so that those looking for work can focus on providing for their families.
•Extension of Unemployment Insurance Benefits: The alternative extends through December 2009 the current temporary federal extended unemployment benefits program to help more long-term unemployed workers.
•Stabilizing Home Values: In order to encourage responsible buyers to enter the market and stabilize prices, House Republicans propose a home-buyers credit of $7,500 for those buyers who make a minimum down-payment of five percent.
•Expanded Net Operating Losses (NOLs): The proposal expands the NOL carryback rules, permitting businesses to carry back their NOL deductions for five years, rather than two. This would provide many previously profitable companies the opportunity to seek immediate refunds of past taxes paid, giving them cash infusions that would help them weather the current economic storm.
•Bonus Depreciation / Small Business Expensing: The House GOP alternative extends the favorable depreciation rules contained in the 2008 economic stimulus package, providing businesses, both large and small, enhanced incentives to make critical investments that they might otherwise forgo during these challenging economic times.
•Repeal of Three Percent Withholding Requirement for Government Contractors: The measure repeals the rule requiring three percent withholding on certain payments made to taxpayers under contracts with federal, state, and local governments.
•Health Insurance Deduction: The alternative levels the playing field regarding the tax treatment of health insurance by providing a new above-the-line deduction for those Americans who do not receive tax-preferred, employer-sponsored health coverage. This provision would provide a critical tax benefit to Americans who must purchase insurance on their own, regardless of whether they itemize their taxes or take the standard deduction.
•No Tax Increases to Pay for Spending: House Republicans are concerned that the level of spending in the congressional Democrats’ trillion dollar package could result in near-term tax increases on American families and are insisting that any economic package include a provision precluding any tax increases now or in the future to pay for this new spending. House Republican Leader John Boehner
Some of those were implemented. In any case, all in all 25 tax cuts or incentives were made available as part of the stimulus bill which everyone conveniently forgets.
Individual Tax Cuts:
1. "Making Work Pay" Tax Credit (Sec. 1001, Page 195). In tax years 2009 and 2010, the Making Work Pay provision will provide a refundable tax credit of 6.2 percent of earned income up to $400 for individuals and up to $800 for married taxpayers filing joint returns.
2. Increase in the Earned Income Tax Credit (Sec. 1002, Page 198). Go to the stimulus bill for all the details, but it essentially expands this benefit for the working poor.
3. Increased Eligibility for the Refundable Portion of Child Credit (Sec. 1003, Page 199). In 2009 and 2010, families who donÂ’t earn enough to pay income tax would be eligible to claim the $1,000 child credit.
4. "American Opportunity" Education Tax Credit (Sec. 1004, Page 199). Increases the Hope Scholarship Credit to $2,500.
5. Refundable First-time Home Buyer Credit. (Sec. 1006, Page 202). This extended and increased the first-time home buyer tax credit from $7,500 to $8,000.
6. Temporary Suspension of Taxation of Unemployment Benefits (Sec. 1007, Page 203). This exempts from taxable gross income the first $2,400 of unemployment benefits.
7. Tax Credits for Energy-Efficient Improvements to Existing Homes (Sec. 1121, Page 208). This provides up to a $1,500 tax credit for qualified energy efficiency improvements.
8. Sales Tax Deduction for Vehicle Purchases (Sec. 1008, Page 203). This allows people to write off state and local sales taxes related to the purchase of a new vehicle costing up to $49,500.
9. Premium Credits for COBRA Continuation Coverage for Unemployed Workers (Sec. 6432, Page 348)
10. Economic Recovery Credits to Recipients of Social Security, SSI, Railroad Retirement and Veterans Disability Compensation Benefits (Sec. 2201, Page 336). This was a $250 payment for senior citizens, disabled veterans and disabled people living on Social Security benefits.
11. Computers as Qualified Education Expenses in 529 Education Plans (Sec. 1005, Page 202). This allows college students to write off the expense of computers and software, provided it's for educational purpose and not for games.
12. Plug-in Electric Drive Vehicle Credit (Sec. 1141, Page 212). Allows purchasers of plug-in electric vehicles to write off up to $5,000 of their purchase (depending on the power of the battery).
13. Tax Parity for Transit Benefits (sec. 1151, Page 219). This relates to an increased exclusion amount for commuter transit benefits and transit passes.
14. Health Coverage Tax Credit Expansion (Sec. 1899, Page 309).
Small Business Tax Cuts:
1. Extension of Enhanced Small Business Expensing (Sec. 1202, Page 221). This is a temporary increase in limitations on expensing some depreciable business assets.
2. 5-Year Carryback of Net Operating Losses for Small Businesses (Sec. 1211, Page 221).
3. Extension of Bonus Depreciation (Sec. 1201, Page 220). This extends by a year election to accelerate the AMT and Research Credits in lieu of bonus depreciation.
4. Exclusion of 75% of Small Business Capital Gains from Taxes (Sec. 1241, Page 228).
5. Temporary Small Business Estimated Tax Payment Relief (Sec. 1212, Page 222).
6. Temporary Reduction of S Corporation Built-In Gains Holding Period from 10 Years to 7 Years (Sec. 1251, Page 228).
Other Business Tax Cuts:
1. Advanced Energy Investment Credit (Sec. 1302, Page 231). This relates to properties designed to reduce greenhouse gas emissions, such as those that produce
energy from the sun, wind, geothermal deposits, fuel cells, microturbines, or an energy storage system for use with electric or hybrid-electric vehicles.
2. Tax Credits for Alternative Refueling Property (Sec. 1123, Page 211). This is a temporary increase for alternative fuel vehicle refueling businesses.
3. Work Opportunity Tax Credits for Hiring Unemployed Veterans and Disconnected Youth (Sec. 1221, Page 223). This is a tax credit to provide incentive to businesses to hire unemployed veterans and "disconnected youth." That latter term is defined, in part, as young adults "not readily employable by reason of lacking a sufficient number of basic skills."
4. Delayed Recognition of Certain Cancellation of Debt Income (Sec. 1231, Page 224).
5. Election to Accelerate Recognition of Historic AMT/R&D Credits (Sec. 1201, Page 220).
In all, tax cuts amounted to about a third of the cost of the $862 billion stimulus over the next decade. About $40 billion more is remaining also designated for small business tax cuts.
Yeah, that's it. I aspire to be as smart as you and Ribeye.
..Sheez .. impugning my comedy and fairness, then calling me Lumby.. add in that Obama is better on the economy than Bush.... what can I say other than...you're delightfully daffy..
