Normally I am ecstatic when I hear of tax cuts. Anything that will reduce the cost we bear to sustain our government is generally good. On the other hand, Obama's "stimulus" tax cuts are just plain stupid. Reuters is reporting that President Obama ordered the Treasury Department to begin implementing the tax cuts to the nation's workers by reducing the amount withheld from paychecks. How much is less will be withheld? About $15 per week.
Barak Obama actually sounded proud of that! What will $15 per week do anyway? How many more big screen TVs will that buy? Let's see, at $15 each week, if saved in our nations insolvent banks (with virtually no interest) after a year, each worker will have about $750. After 2 years they might be able to buy another TV. That is stimulus we can believe in!
Wait - with $15 per week, I can apply for a new mortgage loan. I will just accidentally add 2 more zeros to it and get a huge mortgage to buy a new, larger home with a third bathroom, then default on the mortgage and have the government pay for it!
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