"There are no earmarks in this package."
This is too much. Catch the eighth paragraph of the Executive Summary: (Here’s the 21-page “full text of the stimulus plan.”)
“There are no earmarks in this package.”
Oh my gosh, it’s absolutely full of them! And what the “full text” is almost completely devoid of is tax cuts.
The only detail I’ve seen about the “tax cut” aspects of the plan come from the “full text”:
Tax Cuts to Make Work Pay and Create Jobs: We will provide direct tax relief to 95 percent of American workers, and spur investment and job growth for American Businesses. [marked up by the Ways and Means Committee] From House Minority Leader John Boehner:
Small Business Credit: $430 million for new direct lending and loan guarantee authorities to make loans more attractive to lenders and free up capital. The number of loans guaranteed under the SBA's 7(a) business loan program was down 57% in the first quarter of this year compared to last.
And there's over a half-a-trillion dollars worth of spending. And it looks like 14 years worth of liberal Democrat ideas that were stuck in the back of a cabinet somewhere. And from the New York Times:
It's just more of the same kind of wasteful spending that we have seen in the past. I was really -- I was shocked.
[The tax plan] It hasn't been outlined yet. And we're going to have to wait and see what the Ways and Means Committee decides to do.
There's just a big blank spot in this plan, in terms of how they're going to do that. There are some small-business tax credits in here, quicker depreciation, things to spur investment by small businesses. But, on the individual side, we have not seen any details as yet.
The stimulus plan, which House Democrats have called the “American Recovery and Reinvestment Bill of 2009,” is the centerpiece of Mr. Obama’s early agenda, and it also seeks to make good on some of his signature campaign promises, including an income tax cut for most Americans earning less than $200,000 a year. Here’s one thing (of many!) that I don’t get. We’re trillions short of needs project for the Social Security fund, right? And so now we’re going to cut people’s taxes by cutting their payroll taxes and concomitantly (I have to suppose…?), decreasing dollars going to Social Security. Does that make sense?
Under the plan, individuals would receive up to $500 and families up to $1,000 through a cut in payroll taxes on the first $8,100 in income. The money would be delivered through paychecks as a reduction in Social Security withholdings, and is intended to bolster consumer spending by giving a small lift to household pocketbooks.
The GOP is supposed to be coming out with its own plan; they can’t get something to us fast enough.
Jo Egelhoff, FoxPolitics.net