FOREX-Dollar boosted by Obama stimulus, ECB rate cut view
“U.S. President-elect Barack Obama, seeking as much as $310 billion in tax cuts, is proposing that about 40 percent of the package worth up to $775 billion be in the form of tax breaks.”
Barack Obama is looking to give the American people another stimulus package but not the way Bush did in 2008. Instead this will be in the form of a tax break. How does this work exactly? If you are a regular low/middle class citizen working in fast food, grocery, retail, furniture sales etc. and you already have money taken out of your checks every week to pay taxes, how will this work? Especially if every year you get money back from your taxes.
I can remember when I turned 18 I had to start filing my taxes and at tax season my sister took me to H&R Block and they did my taxes with my pay stubs and I usually got a few hundred dollars back. This was in the 80’s though. I can remember when I was 23 and went to H&R Block they said I owed $50. I was really looking forward to getting some money because I was broke by that point. I asked why I owed because they took taxes out of EVERY paycheck and they said it had to do with George Bush Sr., whatever he did to taxes in the early 90’s. Although, I seem to recall that Clinton was president when this happened in 1994.
Anyway, if someone is on SSI, do they get a check at tax season or do they just have to deal with getting nothing? I guess we will all find out in a few months.