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.