President-elect Barack Obama and congressional Democrats are crafting a plan to offer about $300 billion of tax cuts to individuals and businesses, a move aimed at attracting Republican support for an economic-stimulus package and prodding companies to create jobs.The size of the proposed tax cuts -- which would account for about 40% of a stimulus package that could reach $775 billion over two years -- is greater than many on both sides of the aisle in Congress had anticipated. It may make it easier to win over Republicans who have stressed that any initiative should rely more heavily on tax cuts rather than spending. The Obama tax-cut proposals, if enacted, could pack more punch in two years than either of President George W. Bush's tax cuts did in their first two years.
This is just talk for the nonce, but nonetheless.... Jennifer Rubin comments:
So let’s get this straight: Robert Gates will be the Defense Secretary, we’re ramping up U.S. forces in Afghanistan and providing a reasonable period of time for a hand-off in Iraq, there isn’t going to be a windfall oil profits tax or income tax hike but there is going to be a huge set of business tax cuts – and Rick Warren is giving the invocation at the Inauguration. Who won in November?
Again, this is just talk. But it's going to be sad if it turns out the one area Obama governs differently than Bush is the social issues: the one area Americans didn't want "change."
Update: Powerline not impressed even with the rumors.
