The President touts the new benefits coming from the tax cut compromise for any business large or small, tens of millions of workers and families, and the economy itself.
In his weekly address, President Obama looked forward to how the tax cut package he signed into law in December will benefit millions of Americans in the new year. For one year, any business, large or small, can write off the full cost of most of their capital investments. The payroll tax cut will mean $1,000 more this year for a typical family – 155 million workers will see larger paychecks because of that tax cut. Twelve million families will benefit from a $1,000 child tax credit and an expanded Earned Income Tax Credit. And eight million students and families will continue to benefit from a $2,500 tuition tax credit. Independent experts have concluded that the tax cut package should significantly accelerate the pace of the recovery.
This is good news about the jobs this week, however we can't depend on the numbers continuing this way. I think that's why the President isn't shouting louder about this. We all know the numbers fluctuate from week to week and month to month. But this is good news. The trend is still upward and that's the main thing. We are making progress and we have to keep the forward momentum going.
Even though the tax cut package was so hated by those on the left, it is a good thing for the middle class and I am sure the President will keep his word on fighting against the upper class cuts in 2 years. We have to work and make sure he has a Congress behind him when he is re-elected. That's our goal for the next 2 years.
I still have faith and confidence in our President and hope that others will see he is the man for the job and is doing the very best he can. Even if we don't always like the process, he is getting things done.