Obama has pledged to keep the tax cuts in place for everyone except those making roughly $250,000 and up. He has also made proposals to cut taxes further for the middle class, some of which he reiterated in his speech: exempt seniors making less than $50,000 from having to pay income tax; give a tax credit worth up to $500 per working person ($1,000 per family) to offset the Social Security tax on the first $8,100 of earnings; and expand the earned income tax credit.
To boost retirement savings, he has also proposed a 50% federal match on the first $1,000 of savings for families that earn under $75,000.
Is that 50% matching funds on the first $1,000 per year? Or overall? Because if the federal government is only going to give an extra $500 in retirement funds, then it may as well keep the money, but an extra $500 per year might be effective. This article doesn’t really let us know what Obama is considering. Is it really so hard to be a reporter? In the article she fails to offer any real analysis or facts: “The jury is still out on how successful those rebates will be stimulating the economy.” The jury is still out? How about you give us some objective analysis on this, Ms. Sahadi? Tell us how it might help, or might not be enough? Anything to demonstrate you have the first notion of the workings of the economy.
Absolutely pathetic reporting by Jeanne Sahadi. She gets the dumbard of the day award. If anyone knows exactly what Obama is proposing here, leave it in the comments. And then email Sahadi to let her know what an idiot she is.
