Obama Tax Cuts Coming April 1, 2009, Aims to Cut Deficit in Half by 2013

President Obama has now directed his U.S. Treasury Timothy Geithner to begin implementing tax cuts that will benefit 95% of all Americans by April 1st. The tax cuts come part of the recently passed $787 billion stimulus package, of which $282 billion has been earmarked for tax cuts. Obama just said in his weekly presidential radio address that “a typical family will begin taking home at least $65 more every month,” and went on to say, “Never before in our history has a tax cut…gone to so many hard-working Americans,”

Fixing the economy remains Obama’s top priority, which will be a very tuff task given he inherited a $1.3 trillion deficit from the Bush Administration and of course, the Afghanistan and Iraq wars. Obama recently pledged thousands of more troops to be assigned to Afghanistan to fight alongside the Canadians.

Obama also aims to cut the current $1.3 trillion (9.2% of GDP) U.S. deficit by half by 2013 as his administration is set to reduce spending on the Iraq war, cut unneeded public programs, and by increasing taxes on wealthier people.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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  • pam123

    I don’t think it is as easy as it sounds…
    In the mean time, I just came across two helpful articles on 2008 taxes.



  • Anonymous

    I donu2019t think it is as easy as it soundsu2026 rnIn the mean time, I just came across two helpful articles on 2008 taxes. rnrnhttp://www.recessioninfocenter.com/2008_tax_tips_for_recession.htmlrnrnhttp://www.recessioninfocenter.com/Taxes_in_recession.htmlrn

  • http://www.researchtermpapers.com Term papers .com

    First of all, I agree with you. But there are also other people who have a different point of view to this, but on the contrary; point well written and geat article.

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