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 Hey, guy in graphic on this CNN story, why the long face? Haven’t you heard Barack Obama is going to give us all a $500 tax credit! Why, I’ll be able to buy a new Nissan Hyundai or whatever with it, and then when I lose my job, I can return it! (This is really a promotion. I saw it on the teevee during the Eagles game yesterday.)
Obama would offer a tax cut equal to $500 a year for individuals and $1,000 for couples. The credit would work essentially as a payroll tax credit, meaning the money could be delivered fairly quickly. Companies could simply reduce the tax they withhold from employees’ paychecks.
The tax credit is likely to be offered only to those below a certain income level, but the Obama team hasn’t specified where the cut-off point would be. The credit also would be refundable, meaning that even tax filers without any tax liability — typically very low-income workers — would receive one.
Hooray! A free $500 to spend on bills or Nintendo Wii games! Thanks, President Obama, I feel better already.
Obama readies push for recovery plan [CNN Money]
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